Digital wallet provider Sylo has teamed up with India-based exchange Bitbns to serve the nation's revitalized cryptocurrency market.
- Ever since India’s Supreme Court overturned central bank restrictions for crypto exchanges back in March, interest from traders and investors around digital assets in India has soared.
- Now, Sylo and Bitbns want to capitalize on the growing demand by easing the process of buying and storing crypto assets for India's residents through the Sylo Smart Wallet.
- According to New Zealand-based Sylo, sign-ups to the wallet app from India saw a 500% increase in the second quarter of this year, with local users making up 30% of the wallet's 250,000 users.
- In the face of recent restrictions placed on social media platforms including WeChat and TikTok, Bitbns CEO Gaurav Dahake says India has been presented an opportunity to offer a "WeChat of sorts" platform, without compromising on privacy.
- Sylo's wallet app (available on iOS and Android) is able to store, send and spend cryptocurrencies via a decentralized browser based on Ethereum.
- It also allows messaging and video and audio calls.
- The partners add the app can offer a solution for India's unbanked, only needing a phone number or email address needed to sign up.
- Sylo's app is a key part of a project enabling users to buy Coke with bitcoin at 2,000 vending machines in Australia and New Zealand.
- Bitbns is based in Banglore, Karnataka.