India gets first mobile app for cryptocurrency transaction

  • Pluto Exchange's app is different from other such platforms because the transaction happen through mobile-number-to-mobile number than the Bitcoin-to- Bitcoin-address
Technology

NEW DELHI – Cashing in on the Bitcoin mania, a Dubai-based cryptocurrency dealer has announced the launch of a pin-secured mobile application for Indian traders who are keen to trade in Bitcoin virtual currency.

At a press conference on Thursday, Pluto Exchange Founder and Chief Executive Bharat Verma said that his company was all set to launch the country’s first app-based wallet that enables bitcoin transactions using a mobile number.

“The Pluto Exchange mobile app offers a solution to the coordination problem between payment processors, financial gateways and banks,” Verma was quoted by FirstPost as saying.

The app is different from other such platforms because the transaction happen through mobile-number-to-mobile number than the Bitcoin-to- Bitcoin-address, Verma added.

Until now using a four-digit personal identification number (PIN), users could buy, sell, store and spend bitcoins via a mobile number, Verma said, adding that Pluto Exchange will change this scenario by enabling transactions using mobile numbers only, which are just 10 digits.

The company claimed that it is the first app-based wallet that enable Bitcoin transactions using mobile numbers.

Elaborating, he said the app would permit a range of transactions, including payments, remittances, business-to-business commerce, supply chain finance, asset management and trading.

Bitcoin values in New York, for instance, have soared nearly 1,600 per cent in 2016 and currently range upwards of $15,000. In India, bitcoins have been trading at more than Rs 10 lakh each, while people are investing amounts ranging from Rs 3,000 to several lakhs to buy these.

Even as Bitcoin has touched new highs recently fuelling investor interest, the Reserve Bank has warned the public of the risks of virtual currencies (VCs).