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April 8, 2020

Bitbuddy introduces bitcoin marketplace in India

Bitcoin marketplace Bitbuddy has launched in India, enabled sellers and shoppers to sell and buy directly on its platform using virtual currency.

The marketplace will target crypto traders in India and millennials across the globe.

Users will not be charged trading fees for two months as an inaugural offer.

Bitbuddy CEO Ashish 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.”

He said that people can purchase bitcoin even for INR1,000 ($13.18).

This is contrary to the belief that the digital currency is very costly.

“Other inexpensive crypto currencies may not be that good, which means investor 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 long term,” he added.

Bitbuddy is available on Play Store as well as App store.

The Reserve Bank of India (RBI) barred cryptocurrency trading in 2018, highlighting the inherent risks involved and likened it to a Ponzi scheme.

The Supreme Court of India lifted the ban on crypto trading after crypto exchanges, startups, and industry bodies challenged the decision.

The RBI is planning to file a review petition in the Supreme Court against the latter’s decision to reject the ban.

 

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