India’s largest cryptocurrency exchange, CoinDCX, has launched a new app aimed to make it easy to buy and sell bitcoin and other top digital assets in a bid to capture 50 million new users.
According to a press release on Tuesday, the exchange’s app offering, CoinDCX Go, provides newcomers to the cryptocurrency space a “quick check-in check-out trading experience.”
The app is said to be backed by artificial intelligence-based anti-money laundering algorithms, while users’ funds are secured and insured by global custodian BitGo, a company spokesperson told CoinDesk via email.
“The focus is to make users see merits in the industry by attention to details,” said CoinDCX CEO Sumit Gupta. Support on technical issues will be provided “around the clock,” Gupta added.
The exchange said CoinDCX Go was conceived after it had conducted a joint survey discovering almost 60% of Indians found cryptocurrency investing “extremely challenging.”
To date, India’s population exceeds 1.3 billion, with a fraction of that – around 0.5% – having invested in cryptocurrency, CoinDCX said.
As part of the response to the survey’s findings, the novice-friendly trading app features a user interface that aims to induct a “new breed of first-time users.” The app does not currently charge fees on deposit and withdrawals.