Indian cryptocurrency exchanges offering peer-to-peer services are experiencing rapid growth in spite of the RBI ban in the country. Many exchanges are seeing a greater response from their clients.
India’s central bank has prohibited financial institutions from giving administrations to crypto businesses. The Supreme Court continues to postpone the hearing petitions against the ban. India found their own solution to the banking problems such as using P2P trading and cryptocurrency ATMs.
Mumbai-based P2P crypto exchange WazirX was launched on July 10, two weeks prior to the ban. CEO Nischal Shetty says that even without the support of banks, Indians are embracing P2P in astonishing ways.
The Indian crypto exchanges had grown by 35 percent in the past few months, consistently achieving 50 BTC in day-by-day trading volumes amid the month
“P2P is working great for Wazirx. It’s helping us increase our daily trading volumes as well. In fact a few days ago we hit 100 BTC in daily trading volume for the first time … we’ve crossed over $5M in P2P in the 3 months since we’ve gone live,” Shetty imparted.
WazirX aims to involve every Indian in the blockchain economy. It stays true to its vision and is continuing the business despite the RBI ban. A huge question mark was laid on cryptocurrency exchanges after the RBI ban in India, but they continued to persevere the help from any financial administrations, as reported by Zee Business.
Other P2P Offerings
Indians now prefer P2P option to cash out their coins. Instashift offers trading of more than 80 cryptocurrencies. According to a survey conducted by Instashift majority of its users prefer P2P services to cash out their cryptocurrency.
The Indian cryptocurrency exchange Coindcx also allows converting more than 80 cryptocurrencies into INR within a minute, as published in Bitcoin News. The minimum buy or sell amount for any user is Rs 10 (approx. 15 cents). This will enable everyone to invest in cryptocurrency. He confirmed that the company is earning a great response from users with average no. of orders being more than 10 per Dcxinsta user.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]