With 4x growth in the last week alone, Cardano, the “Ethereum of Japan”, has surfaced from relative obscurity to being one of the most valuable cryptocurrencies in the market. Cardano (ADA) is still not available for trade on any of the popular cryptocurrency exchanges of India. We however will explain how one can buy Cardano (ADA) in INR in India by using Ethereum/Bitcoin.
3 simple steps to buy Cardano (ADA) in INR:
Cardano is not available on any of the Indian crypto currency exchanges for direct purchase. So, one would have to purchase Bitcoin/Ethereum and then exchange it for Cardano. Below, we will list the details of the process in 3 very easy steps.
1. Acquire Bitcoin / Ethereum on an Indian crypto exchange
There are multiple exchanges where one can buy Bitcoin or Ethereum. To buy Ethereum or Bitcoin, one may have to complete the e-KYC process using their personal ID and bank documentation. Once they are approved to make purchases, they can buy BTC/ETH in INR and store it in their wallet. Below are a few exchanges where once buy Bitcoin and Ethereum.
2. Setup account on an international exchange & transfer your Bitcoin/Ethereum to it
While you are setting up your Indian crypto exchange account, you may also setup an account at an international crypto exchange. This wallet will enable you to buy Cardano. Below are a few international exchanges where one can buy Cardano:
Once your Binance account is ready, transfer your Bitcoin/Ethereum from your Indian wallet to Koinex.
3. Exchange Cardano for your Ethereum or Bitcoin
When you are ready to buy ADA at the right price/time, you can exchange your ETH/BTC for Cardano.
FAQ – Frequently Asked Questions
What is Cardano (ADA)?
Cardana, often referred to as the “Ethereum of Japan” is a decentralized, fully open source blockchain system. The founder of Cardano is Charles Hoskinson, one of the co-founders of Ethereum. The ICO of Cardano had 90% participation from Japan – hence the nickname.
Similar to Ethereum, Cardano is developing an advanced smart contract platform that includes a new Proof of Stake methodology offering supposedly more sophisticated features and protocols than Ethereum.
What is unique about Cardano?
- New Proof of stake method called Ouroboros
- More features and protocols than Ethereum
- Founder previously co-founded Ethereum
- Cheap and efficient transaction systems
Is Cardano legal in India?
RBI has issued 3 warnings, the latest in early December 2017 about the risks of trading cryptocurrency, ICO’s, and alt coins. The use of cryptocurrency currently falls in a gray area due to lack of government regulation around it. Learn more about the legality of cryptocurrency in India
What documents are needed for eKYC to buy in India?
- Aadhaar card & PAN Card
- Bank documents – Canceled Cheque (or) Passbook