India’s largest cryptocurrency exchange, CoinDCX, has launched a new app designed to make it easier to buy and sell Bitcoin and other top digital assets to attract 50 million new users.
According to a press release on Tuesday, the exchange’s app offering, CoinDCX Go, offers newcomers to cryptocurrency a “quick check-in-check-out trading experience”.
The app is said to be backed by artificial intelligence-based anti-money laundering algorithms while users’ funds are secured and insured by global custodian BitGo, a company spokesman told CoinDesk via email.
“The focus is on bringing users the benefits of the industry through attention to detail,” said Sumit Gupta, CEO of CoinDCX. Technical support is provided “around the clock,” added Gupta.
The exchange said CoinDCX Go was conceived after a joint survey found that nearly 60% of Indians found cryptocurrency investing “extremely challenging.”
To date, India has a population of more than 1.3 billion, of which a fraction – around 0.5% – has invested in cryptocurrency, CoinDCX said.
As part of the response to the survey results, the inexperienced trading app has a user interface that aims to introduce a “new generation of first-time users”. The app currently does not charge any fees for deposits and withdrawals.