Pluto Exchange: India’s first bitcoin trading app

Pluto Exchange Bitcoin App India

Dubai-based Crypto-currency dealer Pluto Exchange will launch the India’s first bitcoin trading app for transacting in virtual currencies.

At a press conference (in New Delhi), Pluto Exchange founder and Chief Executive Bharat Verma said:

His company is all set to launch the country’s first app-based wallet that enables bitcoin transactions using a mobile number.

How Pluto Exchange app is differ from other apps?

Regarding to this issue, Bharat Verma stated that the Pluto Exchange bitcoin trading app is different from other such platforms because the transaction happen through mobile number-to-mobile number than the Bitcoin-to-Bitcoin address.

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Pluto Exchange Bitcoin App

The Pluto Exchange bitcoin app will offer a solution to the coordination problem between payment processors, financial gateways and banks. It will enable transactions using mobile numbers only.

With this, by using a 4-digit Personal Identification Number (PIN), users can now buy, sell, store and spend bitcoins via a mobile number.

Through Pluto Exchange, users will be able to do financial transactions like payments, remittances, Business-to-Business (B2B) commerce, payroll deposit, supply – chain finance, loyalty programmes, asset management and trading and other on-demand services.

RBI concern over Bitcoin

On December 5, the Reserve Bank of India (RBI) reiterated its concerns about Bitcoins, whose values have turned volatile recently.

RBI has clearly stated that those trading in Virtual Currencies (VCs) were doing so at their own risk, given that the central bank has not given a licence or authorisation for any company to deal in such cryptocurrencies.

The central bank had said in a December 24, 2013, note:

There is no underlying or backing of any asset for VCs. As such, their value seems to be a matter of speculation. Huge volatility in the value of VCs has been noticed in the recent past. Thus, the users are exposed to potential losses on account of such volatility in value.

Current Scenario

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 10 lakh each, while people are investing amounts ranging from 3,000 to several lakhs to buy these.

Pluto Exchange

It is an open payment platform and decentralized exchange issued on all crypto exchange

  • Slogan: Unbank the Banked
  • Purpose: To provide better financial services for everyone, including both people who use traditional banking services and people in developing countries and locales which lack traditional banking infrastructure.

Statement regarding Bitcoin

Bharat Verma said:

Our company is bringing new initiatives that will increase the pros and decrease the cons of investing. This app will let everyone do easy transactions of Bitcoins from their mobile numbers only.