India’s ZebPay crypto exchange, one of the oldest exchanges out there, aims to double monthly transactions after the huge surge in demand despite the concerns of the government ban so let’s look it up some more in our latest crypto news today.
India’s ZebPay platform has more than 4 million customers and now expects to make reach $2 billion worth of trades per month according to the CEO Rahul Pagidipati. This is still less than one-fifth of the trades that were handled by the top US Exchange Coinbase with there being an untapped market in India. Pagidipati who started investing in crypto about 10 years ago, commented:
“India holds less than 1% of the world’s cryptocurrencies and its potential investor base is 100 million.”
The future of crypto trading in India is uncertain after the central bank and government’s expression of concern boosted more speculation that a ban on coins could come into effect. BTC as the largest cryptocurrency skyrocketed to a record high this month due to adoption from institutional organizations. While there are more changes possible to the regulatory framework, those will fade in time when clearer rules come, as ZebPay’s CEO said:
“When an airplane is first invented you would not want to fly as it might not be safe. But with each year it gets safer.”
The exchange based in Singapore follows strict anti-money laundering regulations for the customers that operate via banks. ZebPay was created in 2014 in Gujarat where the Primer Minister of India is from. The CEO of the exchange, however, expects the platform to see trading volumes of up to $25 billion in 2021. India on the other hand, banned banks and other entities from supporting crypto transactions in 2018, and the Supreme Court removed the curbs last year after a few exchanges petitioned against it.
Pagidipati who is actually a lawyer doesn’t expect that the demand for BTC will wane despite the coin being expensive and he even believes that it will reach $100K by the end of the year:
“There is a massive demand for cryptocurrencies. It is like Apple stock, expensive but valuable.”
As recently reported, India seeks to impose strict rules on cryptocurrencies and Bitcoin as well, as the country revealed earlier this week that it will ban citizens from owning, transferring, mining, and trading digital assets.
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