India is a booming area in the world of cryptocurrency. While regulatory measures have yet to be determined, local exchanges are thriving. Koinex, one of the newer cryptocurrency trading platforms, is trying to make a name for itself. The listing of Bitcoin Cash in the near future will certainly elevate things to a new level. It remains an interesting decision, though, as BCH has yet to find its place in the market.
Any cryptocurrency exchange is always looking for a competitive edge. That is not all that easy, mind you. A lot of exchanges have popped up recently and good things continue to happen in this regard. Koinex is one of the newer platforms in India, but they will bring a lot of stiff competition. Competing services are beneficial to all customers, though, that much is certain. Making one’s platform stand out will be pretty difficult.
Koinex Prepares to add Bitcoin Cash Trading Markets
Koinex has a plan of action to make good things happen, though. More specifically, they are planning to launch Bitcoin Cash trading shortly. This means a new fiat gateway will be coming to BCH users. Being able to trade said currency against the Indian Rupee is beneficial. India as no active Bitcoin regulation right now, which means all exchanges can effectively thrive. That regulation will be coming to fruition sooner rather than later though.
What makes Koinex so intriguing is how they only list select cryptocurrencies right now. More specifically, they support Bitcoin, XRP, Litecoin, and Ethereum. Adding Bitcoin Cash to this list is a pretty intriguing decision. While it is evident the company wants to add more coins in the future this is an intriguing first choice. The new trading market will go live on October 11th. There will also be a BCH/BTC trading pair from that day forward.
For the time being, it remains to be seen how this will affect the company and Bitcoin Cash itself. This particular cryptocurrency has yet to make a name for itself. Although it is one of the largest cryptocurrencies by market cap, it is no real threat to Bitcoin itself by any means. Having more exchanges is a good first step. That doesn’t mean people will automatically use this currency all of a sudden, though. An interesting future awaits, that much is certain.
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