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The 15 Cryptocurrency

Exchanges In India That

Are Bringing Bitcoin &

Ethereum To Mainstream

Zebpay, Unocoin Leads The Cryptocurrency

Exchanges Tally; Bitcoin And Ethereum Are The

Most Famous

Exchanges Tally; Bitcoin And Ethereum Are The Most Famous Suprita Anupam November 23, 2017 | 14

November 23, 2017 | 14 min read

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With its price surging exponentially, Bitcoin’s comparison with Gold is outdated. Bitcoin is limited, so is ‘Margarita, the Benjamin’ with a

composition of a special Cuvee of Grand Marnier, finished with Louis XIII Cognac. As demand is catching up, the nine-year-old Bitcoin is already priced on par with 42-year-aged Glenfiddich single malt scotch, and will perhaps surpass a bottle of 50-year-aged scotch too, which is trading at $32K at the whiskey exchanges across the world. However, in India, like whiskey exchanges that are few and far between (trading aged single malt scotch), there are limited cryptocurrency exchanges that are reliable, regulated and that enable trading in Bitcoins and other cryptocurrencies.

In India, as the Bitcoin fever is catching up with over 2,500 users trading

Bitcoin daily and the trading volume rising close to $20 Bn a year,

cryptocurrency exchanges are mushrooming with each passing day.

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backing of some independent exchanges that could benchmark their values.

Amid 1315 cryptocurrencies along with crypto tokens available for the trading at various cryptocurrency exchanges, it is crucial to check

whether the exchanges trading these cryptocurrencies are regulated or not. In India, while mcap tokens and Onecoins received a bit of

controversy, globally, more than 50 cryptocurrency exchanges have been shut down owing to the hacking, chaos and government policies.

In India, while the government policy regarding cryptocurrencies is the new ‘Birbil Ki Khhichdi’, still in the cooking mode, a majority of the Indian cryptocurrency exchanges have already adopted the KYC way to minimise the trading risks. The Indian cryptocurrency exchanges have also formed a foundation called Digital Asset and Blockchain Foundation of India (DABFI) which decides the exchanges’ stand on various issues such as hard-forks. Leading from the front, Bitcoin has captured a major chunk of market shares, Ethereum, Litecoin and Bitcoin Cash are slowly making their way into the Indian cryptocurrency market.

Added to that, India is soon going to have its own digital cryptocurrency, Laxmicoin. Founded by Raj Dangi and Mitts Daki, Laxmi Coin was

scheduled to be India’s first digital cryptocurrency, back in 2013. However, after RBI press release over the cryptocurrencies in 2013, the launch was suspended. The startup will be officially launched in 2018 now, and the ICO will start on March 31, 2018.

As many cryptocurrency enthusiasts looking forward to investing in Bitcoins and other cryptocurrencies, however, are unaware of the various cryptocurrency exchanges, their trading fee and other details;

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exchange regulatory parameters while investing in Bitcoins or other cryptocurrencies. This is important, as pricing varies as per the indexing policies; some exchanges do follow local demand-supply curve while some, global index.

Cryptocurrency Exchange Startups In India

15

15

Total Number Of Cryptocurrency Exchange Startups In India

2017

2017

Year Most Of The Cryptocurrency Exchange Startups Were Launched In

4

4

Number Of Funded Statups

Bitcoin (13), Etherium (8), Ripple (5)

Bitcoin (13), Etherium (8), Ripple (5)

Most Common Cryptocurrencies & And Number Of Platforms Offering Them

6

6

Number Of Startups Who Aren't Charging Any Transaction Fee

Couple Of Hours

Couple Of Hours

Average Registration Time On A Platform

Last Updated On: 22nd November, 2017

Any Transaction Fee Couple Of Hours Average Registration Time On A Platform Last Updated On: 22nd

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Cryptocurrency Exchanges In India

Please note that the order is arbitrary. The information has been collected from press statements, publically available resources and websites.

order is arbitrary. The information has been collected from press statements, publically available resources and websites.
order is arbitrary. The information has been collected from press statements, publically available resources and websites.
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1.5k SHARES × Inc42 Presents THE INDIAN TECH STARTUP FUNDING REPORT 2017 138-page analysis of
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Inc42 Presents
THE INDIAN TECH STARTUP
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138-page analysis of the Funding Trend in
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1.5k SHARES Unocoin Launched In: 2013 Based Out Of: Bengaluru
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Unocoin

Launched In: 2013 2013

Based Out Of: Bengaluru Bengaluru

1.5k SHARES Unocoin Launched In: 2013 Based Out Of: Bengaluru
1.5k SHARES Unocoin Launched In: 2013 Based Out Of: Bengaluru

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Funding Details: Raised $1.75 Mn till date: $250K in Seed funding Raised $1.75 Mn till date: $250K in Seed funding

and $1.5 Mn in Pre-Series A funding led by Digital Currency Group in

2016

Key Stats: Over 500K downloads, as of November 13, 2017 Over 500K downloads, as of November 13, 2017

Cryptocurrency Offered: Bitcoin : Bitcoin

Transaction Fee: 0.7% to 1% 0.7% to 1%

Avg. Registration Time: 24-48 hours 24-48 hours

Founded by Abhinand Kaseti, Harish B V, Sathvik Vishwanath and Sunny Ray in December 2013, Bitcoin wallet Unocoin has registered over

500K downloads so far. Based in Bengaluru, Unocoin has partnered with US-based Bitwage and Canada-based Paycase, in a bid to widen its global

user base. Recently, Unocoin has also entered into a strategic partnership with the US-based software platform for the digital currency, Blockchain. The partnership will allow seamless integration of the Unocoin wallets with Blockchain wallets where Indian users can fund their Blockchain wallets through Unocoin.

Within the four-year span, Unocoin has also introduced some new features such as the Bitcoin Systematic Buying Plan (SBP), Bitcoin Point of Sale (POS) App and Bitcoin Over-The-Counter trading (OTC).

by Digital Currency Group in 2016. The other investors who participated in the round were Founders Club, Boost VC, ah! Ventures, Bnk To The Future, Mumbai Angels and Blume Ventures.

According to the company statement, on April 7, 2016, the Unocoin business was transferred to Unocoin Technologies Pvt Ltd which is a

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Belfrics

Launched In: 2014 2014

Based Out Of: Bengaluru/Kualalumpur Bengaluru/Kualalumpur

Founders: Praveen Kumar Praveen Kumar

Cryptocurrency Offered: Bitcoin : Bitcoin

Transaction Fee: 1% 1%

Registration Time: Instant Instant

: Bitcoin Transaction Fee: 1% Registration Time: Instant Belfrics claims to aggregate the feeds of multiple

Belfrics claims to aggregate the feeds of multiple cryptocurrency exchanges to deliver a deep pool of liquidity for effective trade execution. The company provides solutions for buying and selling of Bitcoins, Points-of-scales (POS) solutions, Bitcoin web payment gateway and mobile credit cards.

Bitxoxo

Bitcoin web payment gateway and mobile credit cards. Bitxoxo Launched In: 2016 Based Out Of: Warangal

Launched In: 2016 2016

Based Out Of: Warangal Warangal

Founders: Hesham Rehman and Mohammed Rezwan Hesham Rehman and Mohammed Rezwan

Cryptocurrency Offered: Bitcoin, Bitcoin Cash, Ethereum and Ripple Bitcoin, Bitcoin Cash, Ethereum and Ripple

Transaction Fee: No extra charge, claims the company No extra charge, claims the company

Registration Time: Instant Instant

Warangal-based exchange wallet Bitxoxo was founded by Hesham Rehman and Mohammad Rezwan in 2016. The platform allows Bitcoin

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withdrawals through IMPS.

The company plans to add other cryptocurrencies such as Bitcoin Cash, Ethereum and Ripple as well. The exchange is yet to launch its iOS/Android apps.

BTCXIndia

exchange is yet to launch its iOS/Android apps. BTCXIndia Launched In: 2013 Based Out Of: Hyderabad

Launched In: 2013 2013

Based Out Of: Hyderabad Hyderabad

Founders: Mupparaju Siva Kameswara Rao Mupparaju Siva Kameswara Rao

Key Stats: Less Than 5K downloads, as of October 27, 2017 Less Than 5K downloads, as of October 27, 2017

Cryptocurrency Offered: Bitcoin, Ripple, Ethereum Bitcoin, Ripple, Ethereum

Transaction Fee: 1%27, 2017 Cryptocurrency Offered: Bitcoin, Ripple, Ethereum Registration Time: Within Hours Founded by Mupparaju Siva

Registration Time: Within Hours Within Hours

Founded by Mupparaju Siva Kameswara Rao in 2013, BTCXIndia is managed by Hyderabad-based S Capital Solutions Pvt. Ltd. The platform allows users to trade in Bitcoin, Ethereum and Ripple. The exchange had to shut down its operations on May 8, 2015, after Kotak-Mahindra bank pulled the plug on it. However, the exchange resumed operations on July

5, 2017, after moving to Andhra bank.

The company also operates ETHEXIndia which offers ETH Wallet system enabling real-time trade between ETH and INR. Its Android app has little under 5K downloads.

BuyUCoin

Launched In: 2016 2016

enabling real-time trade between ETH and INR. Its Android app has little under 5K downloads. BuyUCoin
enabling real-time trade between ETH and INR. Its Android app has little under 5K downloads. BuyUCoin

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Key Stats: 15K users, according to their website 15K users, according to their website

Cryptocurrency Offered: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Dash, Monero, Z-Cash, Factom, Lisk, Ethereum Classic, NEO : Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Dash, Monero, Z-Cash, Factom, Lisk, Ethereum Classic, NEO and popular crypto-tokens like Golem, Augur

Transaction Fee: No extra fee, claims the company No extra fee, claims the company

Registration Time: 1-24 hour 1-24 hour

Founded by Atulya Bhatt, Devesh Aggrawal and Shivam Thakral in July 2016, Delhi-based BuyUCoin is registered as iBlock Technologies Private Limited. The exchange offers multi-cryptocurrency trading features. The platform accepts cryptocurrencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Dash, Monero, Z-Cash, Factom, Lisk, Ethereum Classic, NEO and popular crypto-tokens like Golem, Augur, Stratis in India.

The exchange claims to have more than 15K users.

in India. The exchange claims to have more than 15K users. Zebpay Launched In: 2015 Based

Zebpay

Launched In: 2015 2015

Based Out Of: Singapore Singapore

Founders: Mahin Gupta, Sandeep Goenka, Saurabh Agrawal Mahin Gupta, Sandeep Goenka, Saurabh Agrawal

Funding Details: Raised $1.12 Mn to date: $125K in Seed funding and $1 Mn in a follow-on Raised $1.12 Mn to date: $125K in Seed funding and $1 Mn in a follow-on round from Arjun Handa, Nagendra Chaudhary and Amit Jindal in 2016

Key Stats: Over 1 Mn downloads, as of November 10, 2017 Over 1 Mn downloads, as of November 10, 2017

Cryptocurrency Offered: Bitcoin : Bitcoin

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BTC

Avg. Registration Time: Few hours normally Few hours normally

Founded by Mahin Gupta, Sandeep Goenka and Saurabh Agrawal in 2015, the Singapore-headquartered and Ahmedabad-based Zebpay is one of India’s leading exchange for Bitcoin trading. The app-enabled

exchange has its IT offices in Ahmedabad and Mumbai. With over 1 Mn downloads, the exchange claims to command over 60% of the Bitcoin trade in India.

established as Zebpay with two more founding partners – Sandeep Goenka and Saurabh Agrawal.

investors who participated in the round were Nagendra Chaudhary and Amit Jindal. The company has reportedly been in talks with US-based

investors to raise another $4 Mn-$5 Mn in Series B funding round.

Coinsecure

another $4 Mn-$5 Mn in Series B funding round. Coinsecure Launched In: 2014 Based Out Of:

Launched In: 2014 2014

Based Out Of: Delhi Delhi

Founders: Benson Samuel and Mohit Kalra Benson Samuel and Mohit Kalra

Funding Details: Has raised $1.2 Mn till date Has raised $1.2 Mn till date

Key Stats: Over 10K downloads, as of November 13, 2017 Over 10K downloads, as of November 13, 2017

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Registration Time: 48 hours 48 hours

Founded by Benson Samuel and Mohit Kalra in 2014, Delhi-based Coinsecure is an Indian real-time Bitcoin trading platform. The exchange enables the trading process through deposits and withdrawals of

Bitcoins and Indian rupees.

Registered as Secure Bitcoin Traders Pvt. Ltd, Coinsecure offers Bitcoin wallet, exchange, trading and merchant services along with other Blockchain based services. The company has its head office in Delhi and an R&D division in Bengaluru.

The company launched a Bitcoin exchange on January 1, 2015. The platform offers users access to an algorithmic trading Bitcoin exchange, a Blockchain explorer, free APIs for all their products, a mock trading platform where customers can try trading without real money as well as on-chain and off-chain wallet services. As of May 2017, the company was consistently handling over 3,000 BTCs a month in terms of volume.

The exchange wallet has noted 10K-50K downloads so far and has raised $1.2 Mn in funding till date.

so far and has raised $1.2 Mn in funding till date. Coindelta Launched In: 2017 Based

Coindelta

Launched In: 2017 2017

Based Out Of: Pune Pune

Founders: Rajdeep Singh, Shubham Yadav and Manish K Rajdeep Singh, Shubham Yadav and Manish K

Cryptocurrency Offered: Bitcoin, Litecoin, Ethereum, Ripple, Omisego etc. Offered: Bitcoin, Litecoin, Ethereum, Ripple, Omisego etc.

Transaction Fee: 0.3% 0.3%

Yadav and Manish K Cryptocurrency Offered: Bitcoin, Litecoin, Ethereum, Ripple, Omisego etc. Transaction Fee: 0.3%

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Founded by Rajdeep Singh, Shubham Yadav and Manish K in 2017, Pune-based Coindelta is a cryptocurrency exchange offering markets in BTC and INR for trading. The platform enables its users to buy and sell cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Ripple, OmiseGO, Qtum and more. With no deposit fee, Coindelta is based on a maker-taker model with trading fee as low as 0%.

A maker is a party whose order exists in the order book before the trade occurs, while a taker is a party who places an order that matches the maker’s order. Makers are incentivised because their orders provide liquidity in the market and takers are the ones who remove this liquidity by taking makers’ orders with their own.

The exchange also offers 24/7 customer care support.

CoinSwitch

Launched In: 2017 2017

Based Out Of: Bengaluru Bengaluru

their own. The exchange also offers 24/7 customer care support. CoinSwitch Launched In: 2017 Based Out

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Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash

Transaction Fee: Depends on the exchange a user select for the transaction Depends on the exchange a user select for the transaction

Avg. Registration Time: Not Required Not Required

Unlike other digital asset and bitcoin exchanges, one doesn’t need an account to use CoinSwitch. The exchange offers the conversion of one

cryptocurrency to another. It is a cryptocurrency exchange, claims to provide the best exchange rate on transactions by aggregating all leading exchanges and comparing their rates in real time. One just needs to choose the altcoins or blockchain tokens one would like to exchange, input the receiving address and send funds.

FlitPay

input the receiving address and send funds. FlitPay Launched In: 2017 Based Out Of: Jaipur Founders:

Launched In: 2017 2017

Based Out Of: Jaipur Jaipur

Founders: Ashish Sangai and Akash Bansal Ashish Sangai and Akash Bansal

Cryptocurrency Offered: Bitcoin : Bitcoin

Transaction Fee: No transaction fee, claims the company No transaction fee, claims the company

Avg. Registration Time: WIthin 24 hours WIthin 24 hours

Founded by Ashish Sangai and Akash Bansal this year, Jaipur-based Flitpay is a Bitcoin marketplace. The exchange app currently has less than 5K downloads on Google Play.

Koinex

Launched In: 2017 2017

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Nayak

Cryptocurrency Offered: Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash : Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash

Transaction Fee: 0.2-0.25% 0.2-0.25%

Avg. Registration Time: 4-5 hours 4-5 hours

Fee: 0.2-0.25% Avg. Registration Time: 4-5 hours Founded by Rakesh Yadav, Rahul Raj and Aditya Nayak

Founded by Rakesh Yadav, Rahul Raj and Aditya Nayak in August 2017, Mumbai-based Koinex is a multi-digital assets exchange.The multi- cryptocurrency platform offers trading of Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash.

PocketBits

Litecoin, Ethereum, Ripple and Bitcoin Cash. PocketBits Launched In: 2016 Based Out Of: Nasik Founders: Sohail

Launched In: 2016 2016

Based Out Of: Nasik Nasik

Founders: Sohail Merchant Sohail Merchant

Cryptocurrency Offered: Bitcoin, Ethereum : Bitcoin, Ethereum

Transaction Fee: No Fee No Fee

Avg. Registration Time: Instant Instant

PocketBits offers Bitcoin trading services to institutions and trading professionals.Transaction Fee: No Fee Avg. Registration Time: Instant Operated by Defacto Technologies, PocketBits is a digital

Operated by Defacto Technologies, PocketBits is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like Bitcoin and Ether.

ThroughBit

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Founders: Abhishek Gopal, Mohammed Roshan and Anandprabu Rajendran Abhishek Gopal, Mohammed Roshan and Anandprabu Rajendran

Cryptocurrency Offered: Bitcoin, Ethereum and Falcon : Bitcoin, Ethereum and Falcon

Transaction Fee: ~0.9% ~0.9%

Avg. Registration Time: 1 hour 1 hour

Transaction Fee: ~0.9% Avg. Registration Time: 1 hour The Bengaluru-based multi-cryptocurrency exchange was

The Bengaluru-based multi-cryptocurrency exchange was launched in 2016. Founded by Abhishek Gopal, Mohammed Roshan and Anandprabu Rajendran, ThroughBit offers buy-sell facilities of cryptocurrencies such

as Bitcoins, Ethereum and Falcon. Here, it is worth noting that Falcon is a centralised smart contract/cryptocurrency pegged to Indian fiat currency value i.e. 1 INRF will always be equal to INR1. At present, INRFalcon can’t be sold anywhere else, except on ThroughBit. The INRF has been introduced to minimise the banking transactions.

Currently, the exchange does not offer the app-enabled trading facility.

exchange does not offer the app-enabled trading facility. Coinome Launched In: 2017 Based Out Of: Mumbai

Coinome

Launched In: 2017 2017

Based Out Of: Mumbai Mumbai

Founders: A Subsidiary of Billdesk A Subsidiary of Billdesk

Cryptocurrency Offered: Bitcoin, Bitcoin Cash Bitcoin, Bitcoin Cash

Transaction Fee: 0.1% and 0.3% for Makers and Takers respectively 0.1% and 0.3% for Makers and Takers respectively

Avg. Registration Time: Instant Instant

Headquartered in Mumbai, Coinome allows users to be onboarded via an

instant e-KYC process. Under the process, a user needs to register

Mumbai, Coinome allows users to be onboarded via an instant e-KYC process. Under the process, a

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exchange, Coinome will have an easy window to build trust and deal with cybersecurity threats, which are currently the key concerns of cryptocurrency exchanges across the world.

Coinbase is an open order book cryptocurrency exchange. Similar to conventional stock exchanges, the platform enables deals between buyers and sellers.

the platform enables deals between buyers and sellers. REDIPAY Launched In: 2017 Based Out Of: Delhi

REDIPAY

Launched In: 2017 2017

Based Out Of: Delhi Delhi

Founders: A Subsidiary of Indiweb Holdings A Subsidiary of Indiweb Holdings

Cryptocurrency Offered: Bitcoin, Litecoin, Dogecoin, Ethereum Bitcoin, Litecoin, Dogecoin, Ethereum

Transaction Fee: 0.5% to 5% 0.5% to 5%

Avg. Registration Time: Instant (E-KYC) Instant (E-KYC)

Delhi-based REDIPAY aims to connect cryptocurrency traders and investors from the US and India. Launched as a cryptocurrency brokerage for Bitcoin, Litecoin and Dogecoin; REDIPAY is now offering Ethereum too. This will be followed by simultaneous launches of live order books for other poplar cryptocurrencies such as BCH, XRP, Ethereum Classic, Dash and other cryptocurrencies over the course of 2018, claims the company.

Except a few, most of these cryptocurrency exchanges have been set up in 2016-2017, marking the soaring popularity of Bitcoins in India in the last couple of years. While many of these cryptocurrency exchanges have not attracted Seed/Series funding yet, it has been a subject of great debate at Bitcoin forums whether VCs and exchanges manage to raise

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