Cryptocurrency exchange aggregator CoinSwitch volition launch its CoinSwitch Kuber app on June 1 — exclusive to users in India.

The mobile app will back up over 100 coins, while also adding liquidity beyond all Indian exchanges to allow users to purchase and sell using the Indian rupee.

Users need to be verified with Know Your Customers and Anti-Money Laundering procedures before depositing rupees into their accounts.

India had a fairly rocky relationship with crypto trading until March, when the Supreme Courtroom overturned a ban imposed past the Reserve Bank of India.

Potential in the Indian crypto market

Speaking to Cointelegraph, Ashish Singhal, CEO of CoinSwitch said:

"CoinSwitch started in India intending to innovate for the Indian market. But, due to the RBI ban, we decided to focus on the global marketplace by aggregating top exchanges to provide crypto to crypto conversions at the best rates. Nosotros believe that in that location is a huge untapped potential in the Indian crypto ecosystem."

Singhal said at that place is room to grow for cryptocurrencies in Republic of india, as market place conditions and a lack of trust in traditional investments make crypto an "attractive alternative."

With the new production, CoinSwitch's CEO expects to accelerate crypto adoption beyond India. Prior to launch, CoinSwitch Kuber aims to sign upward 25,000 people to its service.

A long road ahead

While cryptocurrency businesses are now technically allowed to seek financial services in Republic of india, the regulatory environment is still complicated.

Some banks are reportedly denying having received any notification from the RBI that they were allowed to offer financial services for cryptocurrency-related business.

Recently, a grouping of cryptocurrency exchanges sought description on taxation policies from the key bank.