Sylo further holds capabilities of messaging, as well as video and audio calls on its app as well, which serves to improve its popularity. 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. 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. Gaurav Dahake stands as the CEO of Bitbns, and sees an unexpected opportunity in the recent political moves of India. As it stands now, India holds almost a third of the wallet’s 250,000 users, making up 30% of its total demographic. 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. The plan now is to do so through the Sylo Smart Wallet. 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.Īiming 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. Crypto In Demand In IndiaĮver 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. 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. Sylo, a digital water provider, has teamed up with Bitbns, a crypto exchange based in India. Join Our Telegram channel to stay up to date on breaking news coverage
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