Coinsecure, the Indian Bitcoin exchange, merchant services and blockchain developer, announced today the launch of entry level trading for international users as well as for the Indian market.
Last week the Indian Prime Minister Narendra Modi announced without prior warning that high-denomination rupee notes are to be taken out of circulation. After the shocking demonetization announcement, there have been reports of people turning to Bitcoin.
Exchanges across the giant Asian country have reported a jump in their volumes and user base. Liquidity has been a challenge within the Indian market, causing prices of Bitcoin to soar up in India compared to the international markets.
This move from Coinsecure is meant to allow traders to leverage arbitrage across borders and provide an easy entry point for individuals wanting to explore this space within the Indian market as well.
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”This move will definitely increase liquidity in India and will also give international users an opportunity to arbitrage from the Indian market. This is a trend we’ve seen over other global exchanges as well” said Mohit Kalra, CEO and founder of Coinsecure.
New users will now be able to simply sign up, deposit BTC and start trading, without having to complete the verification process unless they need to withdraw or deposit fiat (INR).
CTO and co-founder Benson Samuel said: “This change will be crucial in driving Bitcoin further. Coinsecure has always been committed to providing excellent service and getting more people on board with Bitcoin. This is a decision made to keep moving in that direction.”
Coinsecure also added a new a provision to increase the network fee based on the priority of transactions. Customers will now be able to manually change the default network fee of 0.0001 BTC to anything up to 0.001 BTC.
Last month Coinsecure launched its mobile app for real-time Bitcoin trading on the Android operating system. It aims to target India’s huge and ever growing smartphone user base.