Digital Assets: Crypto Gathers Pace in India After Top Court Decision

July 2, 2020 | Digital Assets, News
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Crypto-related apps, startups, and exchanges are blossoming in the country.

The Supreme Court of India recently struck down a circular issued by the Reserve Bank of India that barred banks from serving crypto businesses such as traders, exchanges, or others.

The decision by the Indian top court has been a shot in the arm for crypto businesses in India.

An Indian startup known as ChitMonks wants to bring chit-funds to the blockchain.

Crypto startup ChitMonks raises $650,000

ChitMonks is seeking to duplicate an age-old financial service in India known as a chit fund. A chit fund is a kind of rotating savings and borrowing facility in which members make monthly contributions to build up their capital.

Chit funds are widely prevalent in India in the unorganized sector, particularly between friends and neighbors. They have been underappreciated as a vehicle to mobilize savings. Further because of certain defaults, savers ofter view chit funds with suspicion. They are entirely unregulated and generally transacted in cash.

However, ChitMonks believe there is scope to transform chit funds. They can be brought out of the 19th century and into modern-day times by the blockchain.

“At ChitMonks, we are building India’s largest blockchain network for Savings and Borrowings. We synergize Chit Fund Companies, Regulators, Subscribers, Banks, Service providers, EcoSystem enablers to drive the largest trusted network of Savers and Borrowers platform,” says the startup, according to NEWSBTC.

The start-up has innovated a crypto platform for the conduct of India chit fund operations on a blockchain network.

ChitMonks has raised $ 650,000 in a pre-series A round led by early-stage investor Unicorn India Ventures.

B21 launches blockchain investment portfolio app

Keeping a shrewd eye on the large population in India that includes smartphone savvy investors, B21, a digital asset investment company, has launched a blockchain-based investment portfolio app. (CROWDFUND INSIDER)

The app allows investors to purchase cryptocurrencies such as bitcoin, Ethereum, and EOS.

Users can download the app both from the Apple App Store and Google Play.

Investors in India and 64 other countries can buy cryptocurrencies for as little as $ 25 per transaction and pay through local payment methods such as UPI, bank transfers, and cards.

“B21 is proud to provide a method by which people can easily invest in digital assets directly from their mobile phones without having to learn how to navigate complex trading exchanges or managing their private keys,” said Nitin Agarwal, founder, and director. “We are excited to launch our local Indian payment methods which will make investing even easier and more efficient.”

Related Story:  In India, RBI Confirms No Ban on Crypto; CoinDCX Raises $2.5M; Crypto Volumes Fly                                                  

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