Crypto startup – CoinRecoil that challenged RBI Circular goes Live
Aiming to disrupt the crypto trading space in India, CoinRecoil to offer ‘Zero Fees on Coin Withdrawals’ among other features; First & the only Indian exchange to offer this benefit to users aiming significant reduction in transaction charges.
- Launches operations with 14 coins in 3 crypto pairs; Plans to list 50 coins by Oct 2018
- Introducing trading pairs with TrueUSD – a price-stable cryptocurrency backed by US Dollars
- The final hearing in Supreme Court against banking ban on crypto is scheduled on Sep 11, 2018
September 11, 2018: Crypto startup CoinRecoil, that challenged RBI Circular against Banking Ban on ‘Cryptocurrencies’ has launched its operations ahead of the final hearing in the Supreme Court. Headquartered in Ahmedabad, Gujarat (India), CoinRecoil is an initiative of a Blockchain and crypto startup, Kali Digital Eco-Systems Pvt Ltd. The company has launched crypto-to-crypto exchange for Indian users with an aim to address challenges in crypto trading space, offering best trading features ensuring safe, secure, and seamless trading experience for users while plans to support emerging Blockchain and Crypto projects from India.
“As a startup, it was a challenging phase for us as we were still sorting out various technical challenges, the RBI issued this new circular. So we had one more bigger battle to fight. Right now, we have launched Beta Version of our platform, whereby users can get virtual balance of every listed coin, to test our platform. We call it bug bounty. Starting with 14 crypto assets, we plan to increase the number of crypto assets to 50 by Oct 2018. Once everything is stable – on technical as well as regulatory front, we will launch our full-fledge product, which is already ready with us,” said Kunal Barchha, Co-founder & Director, CoinRecoil.
Kali Digital Eco-systems Pvt Ltd is the first company that had filed the writ petition in Delhi High Court in April 2018 against RBI, Central Government and the GST Council challenging the RBI circular prohibiting banks and financial institutions from providing any service in relation to virtual currencies such as cryptocurrencies. This move was followed by other players and the industry body which resulted in the matter getting shifted to the Supreme Court of India. The final hearing of the case is scheduled for September 11.
“Security, speed, and scalability were of top priority to us. At the same time we didn’t want to compromise with the features. As of today, CoinRecoil is the only Indian exchange charging zero withdrawal fees – we charge only fees that are required for the blockchain network. Further, we have introduced TUSD (TrueUSD), a stable virtual currency backed by the actual USD. With this, users can easily move their position to TUSD in case of extreme volatility,” said Gopal Modi, Co-founder & Director, CoinRecoil.
“CoinRecoil is ready with the technical framework to launch Fiat-to-Crypto platform once necessary regulatory approvals are in place. Although we would like to expand our presence overseas, India will remain a key market for our business operations. Blockchain and Crypto are a very dynamic space and we will constantly innovate and better our offerings while we are also open to opportunities that come our way. We are aware of the challenges that cryptocurrenies market space faces, but we are hopeful of getting clarity from regulators, government and policy makers, thus paving the way for growth of Blockchain and crypto space in India,” said Rupesh Panchal, Director, CoinRecoil.
CoinRecoil is a startup initiative of three Blockchain enthusiasts Kunal Barchha, Gopal Modi and Rupesh Panchal from Ahmedabad, Gujarat. CoinRecoil has been set up with a vision of working for the digital eco-system and to bring disruption with an aim to provide the most efficient, user friendly and transparent digital assets exchange.
The global cryptocurrency market is at a nascent stage and is bringing a revolutionary change in the digital transactions space and value of assets across the globe. Crypto market has grown from US$5 billion few years ago to around US$250 billion in Sep 2018 and is expected to cross US$ 1 trillion by 2020. Trading volumes in the crypto space has grown multi-fold to reach US$12-14 billion worth of trades per day. Although growing steadily, crypto space has huge growth potential considering that their trading value is not even 1% of the global trade of other types of investments.
About – CoinRecoil
CoinRecoil is India’s NextGen exchange for buying, selling and storing digital assets. Headquartered in Ahmedabad, Gujarat (India), CoinRecoil.com is an initiative of Blockchain Start-up, Kali Digital Eco-Systems Pvt Ltd aiming to address challenges in crypto trading space by offering fundamentally strong coins and best trading features while also ensuring safe, secure and seamless trading experience for users.
Promising to be innovative in the space, CoinRecoil is launching its operations with ‘Zero Fees on Coin Withdrawals’ (Only mandatory network fee is charged to customer). CoinRecoil is the first and the only Indian exchange offering this benefit along with other unique features aiming at substantial reduction in the charges related to crypto trading.
CoinRecoil is startup initiative of three Blockchain enthusiasts Kunal Barchha, Gopal Modi and Rupesh Panchal from Ahmedabad, Gujarat. Project is entirely funded by promoters and close friends till now. CoinRecoil was incorporated in March 2018 after 2 years of extensive research of the Blockchain technology and cryptocurrencies. CoinRecoil has a vision of working for the digital eco-system of the nation and to bring disruption aiming to provide most efficient, user friendly and transparent digital assets exchange.
Launching with Crypto-to-Crypto trading, CoinRecoil is ready with technical framework to launch Fiat-to-Crypto platform once necessary regulatory approvals are in place. Keeping security, scalability and speed at the forefront, CoinRecoil is developed on Core JAVA technology, using the spring framework. Entire infrastructure is deployed on micro-services, RabbitMQ and Redis.
Launching the exchange with major crypto assets, CoinRecoil is committed to grow from strength-to-strength introducing new trading features, adding more coins through continuous engagement with customers and stakeholders aiming to be the first choice for anyone who thinks of investing in Crypto space.
Going Live in Sep 2018, CoinRecoil aims over 1 million registered users by March 2020 and supporting emerging Blockchain and Crypto projects from India. Starting operations from India, company have plans to expand operations in international markets.
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