coinsecure

Coinsecure was a Bitcoin exchange based in India. The startup was founded by Benson Samuel and Mohit Kalra. Contemporary profiles said the company was working to give Indian users a way to use Bitcoin.

Coinsecure Team

• Benson Samuel, co-founder and CTO, was a well known figure in the Indian Bitcoin scene at the time of these profiles. He moderated the India Bitcoin Forum.
• Mohit Kalra, described then as a Delhi industrialist, was written up as close to Bitcoin developers including Jeff Garzik.
• Elizabeth Ploshay McCauley was hired as a well-respected evangelist for the digital currency over the course of several years. A positive and open-minded approach to Bitcoin has landed her opportunities to work with prominent industry members, such as the BitGive Foundation, Bitcoin Foundation, and Bitpay, to name a few.

The company launched coinsecure.info as what the contemporary coverage called India's first Bitcoin to INR based Block chain Explorer

“We are days away from launching a powerful tool to help people from across India enable themselves with Bitcoin. We have been in development mode over the past few months and thanks to a stellar team, we have a secure, fast and easy Exchange in place. We had earlier launched coinsecure.info – a block explorer aimed at India, a Paperwallet Service and news.coinsecure.in – a news portal that aggregates news about Bitcoin in India.” ~ Benson Samuel, CTO & Co-founder of Coinsecure - Is India missing on the Bitcoin wave? YourStory.com

“Bitcoin will fit in as a global mode of payment. It will be the sole currency and not valued by the fiat. Whether online or off-line commerce or just holding Bitcoin, the freedom of being your own bank is unbeatable. The freedom of government and banks not controlling our money, we thought we would never have, is now here and it’s Bitcoin. It’s an opportunity for people in rural places with no banks to hold and protect their money with no registration or saving fees at all.” ~ Mohit Kalra, CEO & Co-founder of Coinsecure - Exclusive: An Interview With the Coinsecure Team - newsbtc.com

Trade Engine

“Our trade engine is now the focus for us at the moment, as we get a tool to finally direct people who want to get involved with Bitcoin. We launched as a mock trading exchange where each user is given test rupees and test Bitcoin. In order to make this a bit more interesting, we are rewarding the top 20 user balances at the end of its first month. It is still very early for India and we are hoping to see a lot more active participation through 2015.” Benson Samuel

After success of Mock Bitcoin trade engine for 1 month in December 2014, Coinsecure's Trade Engine went live and began accepting real time Bitcoin trades and INR deposits since January 2015.

Beyond currency – Blockchain

“Record keeping, mass surveys, population census, railway ticket authentication, the list is endless in terms of how India can leverage Blockchain technology. Several corporates and groups are already looking into maintaining their internal ledger on a Blockchain.” ~ Benson Samuel suggests some possibilities, however wild it may seem now.

April 2018 loss

Bitcoin Magazine, in a piece by Amy Castor dated 13 April 2018, reported that 438 BTC were missing from Coinsecure. The magazine said that sum was worth about US$3.5 million at the time of the article. It presented the figure as a quotation of a statement the exchange posted on its own site on 12 April 2018.

According to that article, the company said the loss was not a hack. The bitcoin was said to have gone missing while the firm was extracting Bitcoin Gold to distribute to customers. The magazine quotes the firm as saying funds seemed to have been sent to an address outside the company's control, and that only the chief security officer and the chief executive had access to the private keys.

Bitcoin Magazine also describes a first information report dated 9 April 2018, filed by chief executive Mohit Kalra, who is also named as a director of the parent Secure Bitcoin Traders Pvt. According to the magazine's account of the report, chief security officer Amitabh Saxena reported that the funds were missing because of an attack. The company's position in the report, as quoted by the magazine, was that Saxena was telling a false story and might have taken the coins. The magazine also says the report asked that his passport be seized.

The magazine says the company told customers they would be paid back from the exchange's own funds. Bitcoin Magazine further cites an Economic Times report that police seized company servers.

References

• Coinsecure Bitcoin startup in India

• Coinsecure is working on a secure platform for multiple banking services through Bitcoin.

• Recently, Coinsecure also took part in Future of Money Bitcoin Conference held in Ahmedabad, India
• Coinsecure Bitcoin startup in India

External links

• Coinsecure.in Official website
• @coinsecure Twitter
• coinsecure.info