INDMoney users can invest in shares of cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, Ripple, Cardano and Uniswap.
The Gurugram-based investment tech startup now offers fractional cryptocurrency holdings through TechStars, a virtual exchange, which facilitates trading in tokenized stocks of Apple, Amazon, Google, Microsoft and other tech giants as well as cryptocurrencies.
Founded in 2018 by Ibibo cofounder Ashish Kashyap, Pratiksha Dake, and Varun Bhatia, INDMoney is a personal financial advisory agent, which offers advice across asset classes, loans, and tax management. It enables consumers to organize and track their wealth across investment avenues such as fixed deposits, ETFs, mutual funds, and more.
As the company explains, a virtual holding is “a representation of a parallel value of a holding. It is not part of the real holding. A virtual holding, then, is essentially a method for calculating a value that is granted in the form of INDcoins”. It adds that a fractional virtual holding is just a portion of this holding.
In the case of INDMoney, the redemption of the investments is possible, but it does seem a lot more complicated than it should be if the goal is to familiarise its user base with cryptocurrency. Users need to sell their virtual holdings on TechStars to get INDcoins in their INDMoney account. Alternatively, they can get cash in their accounts by transferring the virtual holdings to a friend who has to then claim those virtual holdings. Another option is the real monetary value of the INDcoins would be credited to the user’s bank account. Presently, the value for redemption on TechStars is 10 INDcoins is equal to INR 1.
There are more than 200 blockchain startups in India, with most of them focused on cryptocurrencies (fun fact – ItsBlockchain was one of the earliest blockchain startups in India!). Despite reports of a possible ban on cryptocurrency in India, policymakers who recognize the vast worth of cryptocurrency and its effect on our economy should acknowledge a variety of use cases. Those of India’s well-known crypto startups have recorded a 400 percent rise in trading volumes and user signups since the ban was lifted.
For more details, check out: https://inc42.com/buzz/indmoney-crypto-trading-amid-market-boom-will-other-investment-apps-follow-suit/
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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