Etherparty, Alluma Bring New Cryptocurrency to India

August 24, 2018         By: Steven Anderson

Cryptocurrency hasn’t been doing well in India lately, especially considering how much fire bitcoin’s been under in the country. A new development, sent our way from Etherparty Smart Contracts, suggests that there may yet be room for cryptocurrency in India thanks to a new partnership with the Alluma exchange in the country.

The combined efforts of Etherparty and Alluma have yielded availability of the FUEL cryptocurrency, a first for the Indian market. Now, users will be able to put the FUEL cryptocurrency to work to create smart contracts, a move that should provide new value to India’s residents. Etherparty has already seen some business from Rocket, which used the Etherparty platform to stage a token distribution event, at last report. The new connection to Alluma should help create a new range of options in smart contracts, and give FUEL a lot of room to grow.

Alluma, meanwhile, provides some useful infrastructure in this arrangement, offering not only a smooth user interface but also its own loyalty program backed by its own cryptocurrency, the LUMA token. Backed up by high-end security and compliance systems, including localized know your customer (KYC) and anti-money laundering (AML) protocols built around international best practices.

Kevin Hobbs, Etherparty’s CEO, noted “…While looking for potential exchanges to partner with, we found Alluma’s team, vision, and the quality of the platform they have created to be impressive. Asia is a key market for us and we are pleased to work with Alluma in introducing the token into the Indian market, helping us to expand our global reach.”

India’s impact in the cryptocurrency market certainly hasn’t been what it could be, but perhaps, tools like these will help ramp it up. After all, nothing succeeds like success, and if Etherparty and Alluma can effectively demonstrate that their token issues don’t bring a lot of risk to the consumer with them, then what would stop the Indian government from taking the metaphorical training wheels off?

Only time will tell just what the ultimate impact of Etherparty and Alluma is, but this could be the start of some loosening of the apron strings in the Indian cryptocurrency market. If nothing else, Indians get new access to smart contracts, and that’s a plus in its own right.