Jaipur-based bitcoin marketplace BitBuddy has announced the launch of its operations in India that will allow sellers and buyers to sell and buy directly on its platform. Founded by Ashish Agarwal, the startup will focus on crypto traders across the country. The platform is aiming to get traction of 100,000 customers in its first year by offering referral bonuses, zero trading fees for two months and many other benefits for its initial customers.
BitBuddy is an over-the-counter Bitcoin marketplace that provides an easy interface to quickly buy and sell bitcoins. The app is available on the Play Store for the Android platform and App Store for the iOS platform. The app allows users to place real-time market orders and view order history. The platform also has an integrated chat feature that enables sellers and buyers to discuss and negotiate.
Ashish Agarwal, the CEO, Bitbuddy, said “If an investor would have bought ₹100 Bitcoin in 2010, today it might be valued more than 30 crores for him. That’s the magic of investing and we at Bitbuddy understand this”.
A lot of cryptocurrency startups in India had to either shut shops or shift their operations to other countries in 2019 after the Reserve Bank of India imposed restrictions on providing banking facilities to businesses dealing in virtual currencies.
On the initial plan, Mr. Agarwal said, “India has more than 5 million crypto users. At Bitbudy, we believe that every one of them has an interest in bitcoin. We believe to get traction of 100k customers this year.”
However, the recent decision of the Supreme Court to quash the RBI order on 4th March has revived confidence in cryptocurrency-based startups and exchanges who are now resurrecting and looking for business opportunities.
“Other inexpensive cryptocurrencies may not be that good, which means investors end up losing money. However, we believe that nobody should put more than 5 percent of their total portfolio in this cryptocurrency. And, it should be bought always for the long term,” he warned.
BitBuddy is one such startup. However, it may take some time for bitcoin startups to gain momentum as the government is yet to draft a regulation for cryptocurrency trading in India. Furthermore, the RBI is planning to file a review petition against the Supreme Court’s order.