Pluto Exchange Gives Indians a Bitcoin Trading Exchange in Their Smartphones

January 3, 2018         By: Steven Anderson

The mania over bitcoin seems to be carrying on apace, with some actually believing that bitcoin will clear the million-dollar mark before the air gets let out of the bubble. No matter what your stance on the matter, it just got a little easier to trade bitcoin in India recently thanks to the release of the Pluto Exchange app in India.

Developed in Dubai, the Pluto Exchange app is available for both Android and iOS, and will help provide a bridge between the average bitcoin buyer and the average intended bitcoin seller. The biggest help here is that the Pluto Exchange will allow bitcoin trading using not a wallet number—which is often an enormous string of letters and numbers—but rather mobile numbers instead, reducing the size of the wallet number to just 10 digits. Additionally, a four-digit PIN will be required to actually engage in any trading.

Plus, the exchange app will serve as its own wallet, allowing transactions to be carried out in bitcoin from the same app. That includes functions ranging from bill payment to remittances to other countries to even supply chain operations and asset management.

Bitcoin isn’t exactly easy to buy under normal circumstances. There’s the act of actually finding an exchange, of setting up accounts, of making the trade, and adhering to any of the area’s laws that might apply in the event of such trading. But with bitcoin trading where it is—about $14,525 as of this writing—that’s enough to get a lot of people interested in trading the currency.

Considering there were people actually taking out mortgages on their houses back when bitcoin was traveling up around the $20,000 mark, that’s a lot of interest. The recent price dips have likely damped some of that interest, but there’s still something there, and the Pluto Exchange app will likely go a good way toward tapping into that interest.

Making it easier to buy something will likely get more interested users into the market, which in turn should jack up the price even more over the next few weeks to come. This is one strange new market, and one that bears a lot of investigation.