Cryptocurrency has become one of the largest transaction methods. Cryptocurrencies are still a booming business but, there are a lot of investors already. So, are there any cryptocurrencies being made in India? Here is a clear detail on Made In India Crypto and all that you need to regarding the same.
Polygon – The Indian Crypto
Polygon is Indian crypto that was previously called the Matic Network has seen the market cap surge. This Indian crypto reached nearly tenfold since February. Moreover, this is because of the increased adoption of the blockchain by players. Also, crypto is reaching and still growing.
Polygon is an Indian cryptocurrency that was found by three Indians. Moreover. this Indian crypto has breached the $10 billion in market capitalization. Also, the crypto is presently at $13 billion. Moreover, the polygon is in the list of the top 20 crypto tokens globally. Furthermore, this statistics are according to the Coinmarketcap.com
More About Polygon
Sandeep Narwa, Jayanti Kanani, and Anurag Arjun are the co-founders of Polygon. Also, Sandeep says that the growth of the Indian cryptocurrency is significant and they have also expanded on their vision and scope of work. Moreover, it is a combination of real-world application and user adoption. Furthermore, the currency has had a snowball effect says Sandeep. It is also to be noted that the number of applications that are built on the Polygon between January to May had a straight rise to almost 400.
Made In India Matic
Zebpay has announced the Matic tokens on its platform. Moreover, Zebpay is a cryptocurrency exchange platform. Furthermore, through this, investors can earn fixed-deposit-like returns on their crypto holdings. Furthermore, the service was launched last month. Also, the investors lend their coins to the exchange. And, from there, they can earn returns and other benefits.
This cryptocurrency is a homegrown cryptocurrency startup. Moreover, Matic tokens are the native of the cryptocurrency startup. And, after the launch, Polygon has surged more than 7,000% since the start of the year.
What Is The Cryptocurrency Status In India?
The legal status is still confusing. There have been talks on cryptocurrencies recently enough. Moreover, there were talks about this because the government came up with a bill that had the provisions to impose a complete ban on all cryptocurrencies. Furthermore, these cryptocurrencies include Bitcoin and Dogecoin, the famous ones in the crypto world. However, no updates were being made to the government’s decision on the bill. Furthermore, there are reports that claim that the bill to ban cryptocurrencies is banned right now. Moreover, there are talks that a committee headed by former finance secy Subhash Garg in 2019 is presently outdated. Moreover, the government right now plans to include crypto in the laws and keep the same under the Asset class and regulate them properly.
Status Of Indian Crypto
With this being told, we are clear that crypto is not illegal. But, we also need to note that cryptocurrencies in India are not yet regulated. This means that you are free to trade crypto coins and as of now, there is no government body that looks into it or protects it.
Also, there is a lot of confusion in India regarding cryptocurrencies. The main reason for all of these is that crypto is not a regulated one in India. People are stricken with fear as it is not regulated and safety is at the stake. But, we also need to notice that not everything on the internet is regulated. Also, this includes Ola, Uber, and e-commerce say Nischal Shetty, the CEO, and Founder of WazirX.
The Top Cryptocurrencies To Buy In India
Cryptocurrencies are still booming all over and there is a huge hype for the currencies. Moreover, the hype has made all its way to India and has started to attract people here with its high value. No matter who. he os seasoned investors or novice enthu, everyone wants to dip their hands in where there is a conversation on cryptocurrencies. We can say that the NRIs have a bit more knowledge about cryptocurrencies. But, Indians very much need an update on their knowledge about the currencies and their market value.
And, recently people are more into putting their hands into cryptocurrencies and trading them. Also, if you are one among them. then here are the top 5 cryptocurrencies available in India
#1 Bitcoin (BTC)
Today’s Price: INR 3,246,223
Bitcoin is very common in India. Also, for Indians Bitcoin is synonymous with cryptocurrencies. The first thing that strikes an Indian’s mind when you say cryptocurrency will be Bitcoin. All thanks to it being the first and the highest valued ones in the market right now. Also, the price started plummeting recently. Moreover, it is to be noted that Elon Musk’s tweet about Tesla not accepting bitcoins anymore is the reason for the drop in the value of bitcoins. Moreover, it is to be noted that Tesla initially accepted bitcoins. The price of Bitcoins has dropped recently and the price drop is almost around 30%. This means that if you are in the plans of owning a bitcoin, then the right time is now. The price drop is the perfect chance for you to own a cryptocurrency.
#2 Cosmos (ATOM)
Today’s Price: INR 1,298
Cosmos is not that popular crypto but with the market value that it posses, it can’t be overlooked. Moreover, Cosmos is one of the most affordable cryptos. Also, Cosmos has a high potential for exponential growth. Moreover, on May 7, 2021, the value of the cosmos stooped down to $23 owing to a market crash. Its all-time hit was an approx of $32.
#3 Binance Coin
Today’s Price: INR 31,390
Binance is the third-largest cryptocurrency. Also, the first and the second place is taken over by Bitcoin and Ethereum. Also, the Binance coin was launched by Binance. Moreover, the launch was done as a utility token. Also, the pricing of the token is according to the Binance platform. Furthermore, the price of the Binance coin is expected to increase after more people start using the same. Also, crypto experts predict that the pricing of the coin will hit $505 sooner.
#4 Tron (TRX)
Today’s Price: INR 7.21
Tron was developed over the Ethereum platform. But, in comparison with Ethereum, Tron has gained more market value. Also, the reason for this is the fact that Tron is a decentralized operating system. Moreover, this system is based on blockchain technology. Furthermore, this has given the Tron currencies the ability to host several decentralized applications. The market price has not yet affected the cryptocurrencies market value. And, this has made Tron an ideal one to buy. Also, this is affordable and has a very good potential to high market price.
#5 Dogecoin (DOGE)
Today’s Price: INR 20.605
Dogecoin is the fourth-largest cryptocurrency as of now. And, this cryptocurrency was unofficially endorsed by Elon Musk who is also called to be the Dogefather. Also, it is one a funny side to know that the once meme is now a leading player in the market. The Dogecoin came out resembling the doge memes that went viral on the internet.
Cryptocurrency Exchange Apps In India
Now that you have made up your mind to buy a cryptocurrency, here are the top 5 cryptocurrency exchange apps in India. Have a read to know more about the best cryptocurrency exchange apps in India to trade your cryptocurrencies. So, what’s the wait? Keep reading for more.
And, if you are wondering about what a cryptocurrency exchange app is, here is what you need to know. Cryptocurrencies can be bought and traded with exchange apps, and you can do them on the go. To trade your currencies you don’t need to have a laptop to buy and sell. The works are made simple with the cryptocurrency exchange apps. And, the whole process of summing up the trading of the currencies can be done using the app. One can very easily sign in and use the mobile app. And, these apps can be made available using Google Play Store and Apple’s App Store.
Top 5 Cryptocurrency Exchange Apps In India
#1 Wazir X
This is very common among people. Moreover, you can exchange your cryptocurrencies. And, this allows you to invest using INR, US Dollars, BTC, and even P2P. Moreover, there is a WRX coin that is owned by WazirX. Also, you can secure the entire transaction using a 2FA or an App Passcode and that can be enabled from the Phone Settings.
Unocoin is known for its simple user interface and this is known to support many cryptocurrencies. Moreover, while signing up for the app, users need to create an account and fill in the KYC details. Also, the app has a scheduled sale that helps you auto-sell from the profile tab. Moreover, it is to be noted that the app charges a fee of 0.7% on trading the currencies. This charge is quite more in comparison with the WazirX commands. Moreover, you can upgrade yourself with the Gold version and that asks for a charge of 0.5% at every transaction.
The app allows a minimum of INR 1,000 to be deposited. And, the users are not charged with any fee if they use NEFT, RTGS, IMPS, or UPI for the transactions. And, MobiKwik users need to give a fee of 2%. Moreover, the debit and the credit card holders are also asked to pay the fee. And, the fee is as per the bank. Regarding safety, you can make sure that you keep your currencies safe using locks. Biometric features are present and can be made available using Finger ID and passcode. But, with the typing of the wrong code with the Biometric ID, you will be logged out of the app.
This is one of the trusted and versatile trading apps. And, with the usage of this app, you can buy 200+ coins. Also, you need to know that the setup of the entire procedure is done by using a One-Time Password (OTP) using your registered mobile number and email ID.
To know more about the app, you can check the details using the Setting Tab on the app. Moreover, that option helps you to know more about how cryptocurrencies operate in the virtual world. Also, CoinDCX charges a fee of 0.1% with a minimum withdrawal limit of INR 1000. And, CoinDCX enables you to do your transaction only using INR and no other currencies. And, you can also deposit money using NEFT, IMPS, RTGS, UPI, and a bank transfer
To use CoinDCX, you need to follow a few security measures. The app asks users to verify themselves using a Google Authenticate app. And, this step is very needed as users can’t trade in the app without that. Moreover, you need to make sure that you set up a withdrawal password for every withdrawal that you make using the app.
Zebpay is another app. Moreover, this is a very famous and the oldest cryptocurrency apps in the market. yo start trading usi9ng the app, you can signup and enter full KYC details. Also, you need to do all of these using your mobile number. Furthermore, you need to complete all of these to make sure that you trade hassle-free. And, Zebpay has a good feature. This app supports Refer and Earn Feature. That is if you refer the app to others and if they sign up to pay, you get a 50% of the trading fee for a year. And, the minimum deposit is INR 100. This facility is only the ones transferring money using UPI. For the ones using other forms of payments, the minimum pay is INR 1,000.
#5 CoinSwitch Kuber
CoinSwitch helps you to trade in about 100+ cryptocurrencies. And, this is one of the famous trading apps. Moreover, using this app ensures the best rates in the market. And, to enable transactions you can create an account and start trading using the app. But, for the initiation of the trade, you need to make sure that you complete the KYC process.
To secure the app, you need to use a 4-digit-code. And, this code will be provided to the users. Moreover, CoinSwitch Kuber will ask you for a trading fee. And, the app has made it official that the first 1,00,000 users will not have to pay the trading fee for the first 100 days. This has a simple user interface and the marketing is good. And, you can do the exchange using INR and the transfer can be done using NEFT, Bank Transfer, UPI.
These are all about the Made In India Crypto. And, you can trade your own cryptocurrencies here.
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