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Crypto Wallet Provider Sylo Targets Growing India Market Through Exchange Partnership

Digital wallet provider Sylo has teamed up with India-based exchange Bitbns to serve the nation's revitalized cryptocurrency market.

By Sebastian Sinclair
AccessTimeIconJul 17, 2020 at 10:24 a.m. UTC
Updated Sep 14, 2021 at 9:32 a.m. UTC
(Danshutter/Shutterstock)

(Danshutter/Shutterstock)

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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.

See also: Crypto Investment App B21 Expands to India

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