Even as trading in bitcoins is time and again warned to be carrying several inherent risks, Dubai-based Pluto Exchange has unveiled a first-of-its-kind mobile app for bitcoin trading in India.
On Thursday, the cryptocurrency dealer announced the launch of the app which shall enable investors and traders to deal in bitcoins using their mobile numbers.
Founder and Chief Executive of the company Bharat Verma on the launch says, "The Pluto Exchange mobile app offers a solution to the coordination problem between payment processors, financial gateways and banks".
How the new wallet app will simplify bitcoin trading?
As against the current practice in bitcoin trading which enables transactions using bitcoin addresses that are long and prone to errors, the new app will make use of user's 10-digit mobile number.
Users or traders in bitcoin make use of the four-digit PIN or personal identification number for buying, selling, storing and spending bitcoins through a mobile number.
Clearing about the use of the app, it is said that the Pluto Exchange mobile app will allow a host of transactions that includes remittances, payments, asset management, trading and B2B commerce solutions.
In India, currently the cryptocurrency trades upwards of Rs. 11,00,000 and after the South Korean government planned a crackdown on bitcoin trading, Ministry of Finance again warned users and traders in bitcoins while putting it in the basket of ponzi schemes.