SECOND LONGEST-RUNNING INDIAN CRYPTO EXCHANGE, BUYUCOIN, TURNS 8

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Back in June 2016, three batchmates from an engineering course set forth on the journey to bring a relatively lesser known service and sector to the Indian crowd with India’s first multi crypto-currency exchange.

Shivam Thalkral, Divesh Aggarwal and Atulya B, with their start-up BuyUcoin, not only became one of the leading exchanges in the country, but marketed cryptocurrency and introduced the asset to a wider mass, at a time when less than handful of Indian companies were actively present in the sector.

8 years down the line, today, the company celebrates its anniversary and is the second longest running crypto exchanges in the country. What the company did was not solely business but the normalization of cryptocurrency to a very unaware and inquisitive Indian population and provide ease of access to the people already trading in crypto.

A NORMAL PAYMENT SPROUTED INTO A STARTUP IDEA

While still a student at the Harcourt Butler Technical University in Kanpur back in 2015, Shivam Thakral freelanced website development projects for overseas clients. Once, as a matter of change, a client offered to pay in Bitcoin and a quite clueless Shivan looked it up and accepted.

It was at the moment the seeds of the startup idea was sown and Shivam Thakral with the help of Divesh Aggarwal and Atulya B built the website within just 9 days. On the 10th day, the first trade was executed.

The three friends learned the blockchain technology since there were no blockchain developers in India and developed their own interface. Finally, the bootstrapped crypto startup was set up in 2016.At BuyUcoin, merchants and consumers can interact with ease to buy, sell or store many different cryptocurrency.

INITIAL RECOGNITION

Within a year, BuyUcoin gained 15k users and began to be recognized by the mainstream media outlets. The same year, the team worked to launch the first Indian multi-cryptocurrency exchange. The next year BuyUcoin launched 2.0 and gained over 200k users.

YEAR 2018 AND AHEAD

The year 2018 brought one of the major challenges in the form of a RBI Curb over banking service, however, the company launched a P2P reading engine to tackle the constraints.

Dodging over the tumultuous times, the company in 2019 launched a unique wholesale cryptocurrency trading platform (Ez Otc Market) aiming to solve the problem of liquidity in the India crypto market.

A COMMITMENT TO SECURITY AND ETHICS OVERSEES PRODIGIOUS GROWTH

Over the years the company has integrated new innovations and is determined to shield the Indian crypto users from various catastrophes in the market.

BuyUcoin was among the first to have initiated a regulatory sandbox in 2021 for increased collaboration between regulatory authorities and digital asset industry players.

In another instance, at the beginning of the year 2024, BuyUcoin effectively shielded users from Financial Intelligence Unit India’s crackdown on offshore crypto exchanges. BuyUcoin took responsibility to fully reimburse withdrawal fees for Indian users when they transfer their digital assets from offshore exchanges or wallets to their BuyUcoin accounts.

Proving the testament to operate within the highest ethical standards BuyUcoin went on to become a Financial Intelligence Unit – India registered reporting entity under India’s Prevention of Money Laundering Act.

The company is thriving under its progressively ingenious model coupled with the provisions ensuring security and protection of its users. A concern for security and ethics, perhaps pushes an already fast paced growth landing BuyUcoin to an above 1 million user base.

As the 8th year anniversary unfolds, the company is fixated in maintaining its position and bringing never-imagined developments in the crypto space in the coming years.

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