Dubai's Pluto Exchange launches mobile app for Bitcoin trade

Dubai-based Pluto Exchange today launched a pin-secured mobile application for Indian traders who are keen to trade in Bitcoin virtual currency.

The app is different from other such platforms because the transaction happen through mobile-number-to-mobile number than the Bitcoin-to- Bitcoin-address, Pluto Exchange founder and Chief Executive Officer Bharat Verma said.

The company claimed that it is the first app-based wallet that enable Bitcoin transactions using mobile numbers.

Even as Bitcoin has touched new highs recently fuelling investor interest, the Reserve Bank has warned the public of the risks of virtual currencies (VCs).

There is no underlying or backing of any asset for VCs and as such, their value seems to be a matter of speculation, the RBI has said warning that users are exposed to potential losses on account of such volatility in value.

Pluto Exchange said that all other apps which are already in market do transaction of Bitcoin to Bitcoin addresses.

“Pluto Exchange is going to change this scenario and do all transactions using mobile numbers only. By just using a 4 -digit pin, users can buy, sell, store and spend Bitcoin using mobile number,” the company said at the launch of the app.

Users will be able to do financial transactions like payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programmes, asset management and trading and other on-demand services.

“Our company is bringing new initiatives that will increase the pros and decrease the cons of investing. This app will let everyone do easy transactions of Bitcoins from their mobile numbers only,” Verma said.