A unique place where the old and new worlds collide, it’s clearer every day to those watching the market that #IndiaWantsCrypto
Bitbns, a bona fide cryptocurrency exchange and one of India’s first, represents a significant partnership for Sylo that is positioned to help extend key functionalities into the experience of Sylo Smart Wallet users.
The Sylo-Bitbns alliance is one that makes sense across business and product levels - with both partners sharing the belief that “digital currencies are the future of money” and are an area to which users need straightforward access.
Through their partnership, Sylo and Bitbns aim to take cryptocurrency usage to the mainstream in India.
Often deemed complex, Sylo solves one of the biggest hurdles to the normalisation of cryptocurrency through the Sylo Smart Wallet, a highly-usable app designed from conception to “make crypto simple”.
The move for a more dedicated expansion into India will not come as a surprise to anyone keeping an eye on the Sylo success story. Recently, the tech firm revealed that in Q2 2020, they had already seen a 500% growth in sign ups to the Sylo Smart Wallet app from India, with Indian users now making up 30% of the app’s more than 250,000 strong overall user-base.
"India's new-found enthusiasm for digital assets and privacy after the restriction of certain privacy-hogging apps like WeChat and TikTok, has presented a significant opportunity to offer India a ‘WeChat’ of sorts that incorporates all the best elements of new generation communications tech, without the privacy concerns, and with the added benefits of crypto assets,” says Bitbns CEO Gaurav Dahake.
“This is an area where the Sylo Smart Wallet, being developed on decentralised infrastructure, is primed to address, and a key reason we’re excited about this partnership opportunity.”
Sylo also offers a solution for the unbanked of India. In terms of barriers to get started on Sylo, there are very few - neither a sign up cost nor the mandatory provision of an email address or phone number is required in order to create a Sylo Smart Wallet account.
The result of this forward-thinking is the ability to instantly provide millions of people with access to de-fi services. Using the Sylo Smart Wallet, users can request and receive payments in chat, store and interact with digital assets such as Bitcoin or any ERC-20 compatible token, such as Ether or BAT, in the non-custodial wallet.
“We realised a long time ago that in order to see widespread adoption, we needed to make interacting with crypto as simple as any other activity you might do on a smartphone,” says Dorian Johannink, Sylo Co-Founder and Business Director. “That’s why sending and receiving cryptocurrency in the Sylo Smart Wallet is as straightforward as sending a message.”
“Our design team have worked hard to create an app that is clean, fast, intuitive, and astonishingly simple to use. The Sylo Smart Wallet user statistics speak for themselves, the app has been available for just ten months and already has over a quarter of a million users. We’re confident that Sylo can meet India’s desire to get in the crypto game.”
Other features of the app include the ability to send messages, make audio and video calls, utilise a Web3 Ethereum dApp browser to spend crypto, and to pay using cryptocurrency in the real world at relevant vending machines.
The Sylo-Bitbns partnership will also see the SYLO token, an ERC20-compatible utility token that fuels the Sylo Network, listed on the Bitbns platform as of July 23, 2020.
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