CoinSwitch Kuber just added two new trading pairs to its platform – NEO and GAS. They are paired against INR.
For the uninitiated – NEO is an open-source, decentralized application platform often called the Chinese Ethereum. Unlike Ethereum though, NEO operates with two tokens – NEO and GAS. The NEO tokens find usage in block creation, network management and consensus requirements.
GAS, on the other hand, is the fuel required to conduct transactions on the NEO platform. This is similar to Ethereum and its reliance on ‘gas’ for its own transactions. In more formal terms – GAS is the token to pay for all the service fees on the NEO blockchain. Any entity seeking to register or change assets on the NEO blockchain pays its service fees in GAS.
About CoinSwitch Kuber
With the aim of removing the complexity associated with cryptocurrencies, and to open the market to new users, CoinSwitch launched CoinSwitch Kuber, an Indian rupee (INR) cryptocurrency exchange mobile app exclusively for the Indian market. We shared our first impressions of the CoinSwitch Kuber platform with our readers in an earlier post. Kuber users buy or sell cryptocurrencies on their mobile phones by simply depositing INR into their Kuber account.
They can then use it to buy one of the 40+ crypto assets offered on the exchange. As opposed to open-orderbook exchanges, this exchange provides high liquidity. The user shall now have a consistent market price for any asset trading.
There has been significant growth exhibited by NEO and GAS in the crypto community, especially since they are relatively old in the crypto space. Now with the addition of both these tokens paired with INR, CoinSwitch may attract many users interested in directly trading the token with Indian Rupee instead of any other crypto asset like BTC, ETH, or even USDT.
Excited about this new listing? Let us know in the comments below!