Cryptocurrency investment is at its peak in India. The country has very limited platforms to invest in Cryptocurrency. To avail more options for Cryptocurrency investors in India, INDMoney has started dealing in cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, Ripple, Cardano, and Uniswap.
INDMoney Starts Dealing in Cryptocurrencies!
INDMoney has entered the Cryptocurrency market. The online investment platform has revealed that INDMoney subscribers can now buy cryptocurrencies through virtual holdings of these currencies that can be redeemed for cash. But, you can’t buy it directly from a Cryptocurrency firm. The platform is working to allow users to buy cryptocurrencies directly.
Ashish Kashyap, founder, and CEO of INDMoney said that the platform will be ready to buy crypto assets using fiat currency like INR in the coming four to six weeks.
Current Cryptocurrency operations by INDMoney will be in partnership with TechStars, a virtual exchange platform to invest in virtual fractional holdings of Apple, Amazon, Google, Microsoft, and other tech giants as well as for cryptocurrencies.
Users can also use INDCoin rewards to buy cryptocurrency shares including Bitcoin, Ethereum, Dogecoin, Ripple, Cno, and Uniswap.
Ashish released this information on his Instagram handle. Later, Inc42 contacted him to know further details. He told Inc42:
“Cryptocurrency is the asset of the future. We feel that it will become an important element in the diversification of investment for our customers. And we have had many customers give us feedback about wanting to invest in crypto.”
How INDMoney will Attract Cryptocurrency Investors in the Future?
Kashyap said that in beginning, the platform wants to provide a simple investment experience for crypto investors. Users may not be having that much knowledge about cryptocurrencies in the initial phase. That is why INDMoney wants its users to start crypto investment infractions through TechStars.
INDMoney is a Gurugram based investment firm founded in 2018 by Ibibo cofounder Ashish Kashyap, Pratiksha Dake, and Varun Bhatia. The fintech startup also helps its customers with loans, assets, and tax management. The platform has a unique feature of tracking the whole investment on a single window.
Talking about INDMoney’s Cryptocurrency initiative, Kashyap further added:
“We will be enabling customers to buy crypto assets using fiat currency like INR. This will be going live in four-six weeks. We have taken a scalable approach with the INDCoins, which can be extended as we know more about the regulations.”
He added that INDMoney would also be adding a cryptocurrency wallet so customers can invest in real holdings and not just fractional virtual holdings.
What is virtual holding? How it will benefit the users? Answer these questions and clarifying more doubts about virtual holding, INDMoney said:
“a virtual holding is “a representation of a parallel value of a holding. It is not part of the real holding. A virtual holding, then, is essentially a method for calculating a value that is granted in the form of INDcoins”. It adds that a fractional virtual holding is just a portion of this holding.”
Redemption of Cryptocurrency is a bit complicated but it is possible through a proper channel. Currently, a customer can sell its virtual holdings to TechStars to get INDCoins in an INDMoney account. A user can also transfer its virtual holding to interested buyers like friends and family members. Currently, 10 INDCoins are equal to INR 1.
The recent boom in Dogecoin Cryptocurrency crashed WazirX online platform, one of the largest Cryptocurrency exchange platforms in India. Later, WazirX claimed that it happened due to a system error. CoinSwitch Kuber is another Cryptocurrency investment platform but users avoid it due to more service charges. Now, INDMoney has joined the race to woo Cryptocurrency investors in India.
It is surprising to see a surge in Cryptocurrency investment without strong rules and regulations of such cryptocurrencies in India. The Indian government is already working on a law to ban all cryptocurrency investments in India. But it is not stopping Indian investors to buy virtual currencies.