Malaysian Firm Belfrics Group has come up with a decision of trading back on Indian Cryptocurrency Exchange. The news has come up in times when Reserve Bank of India has imposed the ban on the transaction of virtual coins. However, this latest report is going to encourage investors to maintain their stance on cryptocurrency. It is alleged that the number of crypto companies are getting prepared to launch their operations in India.
According to INC 42, it is mentioned that Belfrics Group suspended its operations in India earlier this year. This happened after the banks blocked the payment solution provisions to them. But, the group is coming up with an introduction of four new digital coins (Litecoin, Bitcoin Cash, Ethereum, Ripple) in Indian Cryptocurrency Exchange. The plans are extended to establish 20 more assets within the span of 6 months. In addition to this, they have come up with a devoted app for the direct order-book trade of altcoins. This is emphasized to hold up
Group COO, Jabeer KM highlighted that India is one of the major players in the field of cryptocurrency. He also noted that the group is targeting about 2,50,000 new traders on their platform by the end of this year. This has been done in order to support emerging aspirations of active traders with a widespread variety of tools and functionalities. This combined launch of coins and app will give a multifaceted trading platform that can connect with other global traders.
What Does The New App Provide?
Chief Innovative Officer of Belfrics, Santhosh Palavesh revealed that investors can link their coins to their wallet more securely with this app. This will provide them a flawless understanding about transfer their digital assets. This app is accessible on both Android and iOS systems.
However, despite all attempts taken by investors and regulators the ban is going to remain there until the next hearing. The Supreme Court has denied putting a stay on the ban of Indian cryptocurrency exchange.
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