Bitcoin marketplace BitBuddy launches in India

Bitcoin marketplace BitBuddy has announced the launch of its India operations to allow sellers and shoppers to sell and buy directly on its platform.

Initially, the Ashish Agarwal-led startup will focus on crypto traders across the country and millennials worldwide. The platform, which is aiming to get traction of 100k customers this year, is also offering referral bonus, zero trading fee for two months as an introductory offer and other benefits for its initial customers.

Based out of Jaipur, BitBuddy is a Bitcoin over-the-counter marketplace that provides quick and easy tools to buy and sell Bitcoins. Available on Play Store and App Store, the app offers real-time market orders, open orders and orders history with a chat feature to discuss, negotiate with other bitcoin traders.

Many Bitcoin startups and exchanges had to either shut down or shift their operations from the country in 2019 after the Reserve Bank of India (RBI) had asked all regulated entities including banks not to provide services to businesses dealing in virtual currencies.

The decision of the Supreme Court to lift the ban on cryptocurrency trading in India on 4th March has instilled confidence in cryptocurrency-based companies and exchanges who are now looking for opportunities to do business in the country.

After SC’s decision, it was anticipated that cryptocurrency companies would make a comeback and the country will see a new wave in crypto business. BitBuddy is one such example. However, the move may take some time to gain momentum as the government is yet to formulate any regulation and infrastructure for crypto traders.

Meanwhile, RBI is mulling to file a review petition against the SC’s order.

The banking regulator fears that the ruling could lead to allowing customers to link their bank accounts to cryptocurrency platforms and put the banking system at risk.