Tradehorn is the latest company to introduce a cryptocurrency exchange in India. This is one of the results of the ban upliftment which was earlier placed by the Supreme Court on the Reserve Bank of India.
Since the ban on the Reserve Bank of India (RBI) was lifted, many exchanges have been established in India. Hopefully, the ban will remain lifted as India’s crypto industry continues to wax strong to the amazement of the lawmakers.
The cryptocurrency firms in India once again regained their freedom in March after the Supreme Court allowed the country’s central bank (RBI) to equip financial institutions to support crypto businesses, thereby making it legal to invest in crypto assets.
Few weeks ago, Indian-based Tradehorn was the latest to start up an exchange service for India residents. Also, Delta Exchange got funds from CoinFund which is based in New York to expand business and BitPolo began operations, changing fiat currencies into crypto.
Following the ban’s repeal, global players in the crypto industry have deemed it wise to partner with local firms in India. OKEx and Binance have now extended a hand of fellowship to India’s crypto industry.
Tradehorn exchange, an invention of necessity
The CEO and founder of Tradehorn, Rahul Vinakiya, was interviewed on why Tradehorn was born and he said the service is to help new comers into the crypto field to enjoy trading crypto assets.
“We are here to serve novice traders, who are absolutely new to this and spread awareness of crypto as an innovation. For us, how we measure the success of this platform depends on whether my uncle would be able to use this.”
As part of its efforts to help newbies round the clock, Tradehorn hopes to introduce an app in July that will run on Android and iOS.
Fears still remain despite ban’s repeal
Although the ban has been repealed, some crypto firms are still not happy that the banks don’t give them the support they need.
But Tradehorn’s CEO does not have the same experience as he shows deep gratitude to the banks he has partnered with recently and to the Supreme Court.
Nevertheless, the CEO along with other players in India’s crypto industry want a clear definition of their tax payment structure. Exchanges in India have written to the RBI regarding this.
Vinakiya, the CEO, puts it this way:
“This is a very important thing which needs to be cleared by the government so that companies and users feel free to start trading. A lot of people don’t know how to get started with crypto, as they are unfamiliar with how the tech implications would work.”
He wants an action to be taken quickly for the benefit of both the crypto companies and those that patronize them.