How 3 engineering students built a cryptocurrency exchange

Today, BuyUCoin is among the leading Indian crypto exchanges with over one million traders and holders investing in over 130 cryptocurrency pairs such as BTC-INR, ETH-INR, and DOGE-INR, among others.

Friday June 18, 2021 , 4 min Read

The idea of building a cryptocurrency exchange came almost accidentally to Shivam Thakral, who was an engineering student and was freelancing as a website developer. He heard about Bitcoin when a client asked if they could make the payment in cryptocurrency.

He was intrigued by the concept and the faster time it took to receive overseas payment transactions than fiat currency. Looking at the dearth of Indian companies operating in the crypto space five years back, he decided to build a “basic website” where users could buy and sell Bitcoin.

So, Shivam teamed up with engineering batchmates Devesh Aggrawal and Atulya B, and they co-founded BuyUCoin in 2016.

Today, BuyUCoin is among the leading Indian crypto exchanges with over one million traders and holders investing in over 130 cryptocurrency pairs such as BTC-INR, ETH-INR, and DOGE-INR, among others.

Now, cryptocurrencies have come a long way, with Bitcoin even becoming legal tender in the Central American nation of El Salvador.

In India, IndiaTech.org — an industry body that represents consumer internet startups, unicorns, and investors — has proposed a five-point policy framework to regulate the cryptocurrency industry.

"We shouldn’t miss the bus with crypto and blockchain. The industry is fast-growing and it should be embraced with checks and balances in place,” says Rameesh Kailasam, CEO of IndiaTech.org.

Read all about how the Indian startup ecosystem is battling the second wave of COVID-19 here.

Here are some useful tools to help you find the nearest vaccine centres in real-time.

You can also share a tribute to COVID-19 warriors, saviours, and survivors here.

The Interview

The pandemic has been a busy time for ecommerce organisations as more and more people moved to shop online. They have had to take utmost care of not just their employees but also their partners and sellers to ensure that deliveries are uninterrupted and safe for customers.

In this episode of YourStory's Human Beyond Resources series, Deepti Varma, HR Director Corp - APAC & MENA, Amazon India, talks about the ecommerce giant’s famous ‘Day 1’ hustle culture, balancing growth and employee well-being, and ensuring safe deliveries, among several other things.

Editor’s Pick: 100x Entrepreneur Podcast

Madhukar Sinha began his journey as a social worker, implementing initiatives in the fields of agriculture and construction. At the age of 35, he pivoted and started his own VC firm — India Quotient, while looking to bridge the gap between social work and venture capital.

India Quotient invests in tech and internet companies. Its portfolio includes businesses such as Sharechat, Webengage, Fleetx, Vyapar, Pagarbook, and Saveo, among many others. Since 2012, the firm has invested in more than 102 companies and made 11 exits. Read more.

*Madhukar Sinha, Co-founder of India Quotient [Image Credit: 100X Entrepreneur Podcast]*

Startup Spotlight

Simplifying paperwork and documentation

As is the case with many of us, our government-related paperwork and legal documents remain scattered around the house — leading to their management becoming a task. But with COVID-19 forcing people to go contactless, there is a need for virtual documents.

Enter Chandigarh-based eSahayak, which enables users to generate or process all their government and legal documents right from their phone by just filling out a simple form. Read more.

News & Updates

Singapore-based fund manager Venturi Partners has made its first close at $100 million, focusing across the consumer space in FMCG, education, and healthcare services, and has an ultimate target of $150 million.

Clubhouse said it was expanding the Clubhouse Creator First programme to India as the audio-only social media app looks to provide creators on the platform tools and resources to help take their ideas and creativity to a larger audience.

Nazara Technologies has signed a binding term sheet to acquire a majority stake in Publishme — the largest mobile game publishing agency in the Middle East and Turkey. Nazara will be paying Rs 20 crore for a 69.82 percent stake by way of primary and secondary transaction through its subsidiary.

Eka Care, the connected healthcare platform founded by ex-GoIbibo executives — Vikalp Sahni and Deepak Tuli — is one of the first healthcare platforms to go live with CoWIN-approved vaccination slot booking to help people get vaccinated in an efficient and orderly manner.