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.

Jul 17, 2020 at 10:24 a.m. UTC
Updated Sep 14, 2021 at 9:32 a.m. UTC

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.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
China Can’t Seem to Stop Bitcoin Mining

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

CoinDesk - Unknown
2
CoinDesk - Unknown
Could Local Digital Currencies Improve Communities?

That's the argument of the president of the RadicalxChange Foundation.

That's the argument of the president of the RadicalxChange Foundation.

CoinDesk - Unknown
3
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown
4
CoinDesk - Unknown
5 Key Takeaways From a16z's State of Crypto Report

The venture firm is extremely bullish on Web 3.

The venture firm is extremely bullish on Web 3.

CoinDesk - Unknown