BillDesk-backed Coinome is India’s Newest Bitcoin Exchange

BillDesk, one of India’s largest payment gateways, announced the release of their own cryptocurrency exchange on November 24, named Coinome. Touted as the country’s first open order book exchange, BillDesk aims to combine its expertise in online payments with the digital currency market.

At the time of its release, Coinome will only support bitcoin and bitcoin cash trading. BillDesk is said to be working on adding support for over 20 other cryptocurrencies, with the target period stated to be sometime in 2018 according to Inc42.

Most cryptocurrency exchanges in India are closer to currency brokers than they are to true exchanges; this is because the buy-sell spread system has been the go-to monetization strategy for most major Indian exchanges, including Zebpay.

For instance, at the time of writing, there is an approximate buy-sell spread of INR 13,000 ($200) in bitcoin’s price on Zebpay. During periods of extreme volatility in the market, this spread widens even further. For investors or traders looking to capitalize on the frequent fluctuations in bitcoin’s price, Indian exchanges have never been the solution.

Coinome’s approach to monetization differs from the other incumbents in the market though. Instead of maintaining a price spread, they charge a per-trade commission that ranges between 0.1 to 0.3 percent. This strategy is based on the maker-taker fee model and will probably benefit active traders the most. In the past, Indian traders have been forced to resort to overseas exchanges, most popularly Bitfinex, to trade bitcoin futures…

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