Technology
Crypto Wallet Provider Sylo Targets Rising India Market through Trading Alliance
Digital wallet provider Sylo has teamed up with India's Bitbn Exchange to represent the nation's revitalized cryptocurrency industry.
- After the Supreme Court of India revoked central bank bans on crypto exchanges back in March, attention on digital assets from traders and investors in India has soared.
- Now, Sylo and Bitbns plan to capitalize on rising demand by easing the process of buying and storing crypto assets for Indian residents through Sylo Smart Wallet.
- According to New Zealand-based Sylo, India's wallet app sign-ups saw a 500 per cent spike in the second quarter of this year, with local users responsible for 30 per cent of 250,000 wallet users.
- In the face of recent restrictions on social media platforms, including WeChat and TikTok, Bitbns CEO Gaurav Dahake said India has been presented with an opportunity to offer a "WeChat of sorts" platform without compromising privacy.
- The wallet app of Sylo (available on iOS and Android) is capable of storing, sending and spending cryptocurrencies through a decentralized Ethereum-based browser.
- It also allows for messaging and video and audio.
- Partners add an app that can offer an unbanked solution for India, only needing the phone number or email address needed to sign up.
- The Sylo app is a key part of a project that allows users to purchase Coke with bitcoin on 2,000 vending machines in Australia and New Zealand.
- Bitbns is located in Banglore, Karnataka.
