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Sylo Crypto Wallet Provider Expands To India With Bitbns Exchange Partnership

Sylo, a digital water provider, has teamed up with Bitbns, a crypto exchange based in India. This move comes in a bid from the wallet provider to expand into India’s fledgeling market after it was revived with the Supreme Court Ruling.

Crypto In Demand In India

Ever since the official overturning of India’s central bank’s ban on crypto transactions, done by the Supreme Court, the crypto space in India has seen a monumental surge in activity. Investors and traders all across the industry are back at the newly-sort-of-legal asset while the country figures out where it wants to stand on crypto as a whole.

Aiming to make the most of the rapid rise in demand, Sylo and Bitbns are attempting to ease the process of buying and subsequently storing various forms of crypto for its Indian residents. The plan now is to do so through the Sylo Smart Wallet.

75% Of India’ Young Population Trades and Holds Cryptocurrency

Opportunities Aplenty, Says Dahake

Sylo, based in New Zealand, stated that India alone saw an increase in sign-ups for the wallet app, by the tune of 500% for Q2 2020. As it stands now, India holds almost a third of the wallet’s 250,000 users, making up 30% of its total demographic.

Gaurav Dahake stands as the CEO of Bitbns, and sees an unexpected opportunity in the recent political moves of India. With the most recent restrictions that were placed on China-based social media platforms, such as TikTok and WeChat, Dahake says that India itself now stands with the potential of developing its own iteration of the niches that WeChat and TikTok fill, all the while not violating the privacy of its people.

Providing For The Unbanked

Through the wallet app of Sylo, available on both Android and iOS, users are capable of sending and storing crypto, with the ability to spend it through a decentralized browser based on the Ethereum network. Sylo further holds capabilities of messaging, as well as video and audio calls on its app as well, which serves to improve its popularity.

With this partnership, a new solution presents itself for the unbanked population of India, as they only need a phone number or email address to sign up for the service.

In its home territories of Australia and New Zealand, Sylo serves as a key part of a project there, one that allows its users to buy the Coke soft drink for Bitcoin. This can be done by one of 2,000 vending machines spread across the two nations.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.