Cryptocurrency Exchanges in India faces long Queues
January 4, 2018 6:10 am
BENGALURU: Cryptocurrency exchange in India have a tremendous backlog of potential clients sitting tight to be verified for registration. Holding up periods have gone up from seven days to 20 days. The costs of digital currencies like Bitcoin, Ripple, and Litecoin have surged over the previous year, urging many to get into the exchanging of these monetary standards.
Bengaluru-based Unocoin used to see 1,000 enlistments every day in December 2016. A month ago, it found the middle value of 10,000 enrollments every day. Its general client base is currently near 10 million. Coinsecure has a message on its site cautioning clients that their KYC (know your client) process will require some time. It is getting around 4,000 enlistments every day. The platform has disconnected their gateway from the site so that people can complete their verification before paying. Unocoin, as well, has cautioned clients about delays. Others like ZebPay are seeing a comparative surge in client enrollments and exchanges. ZebPay has touched 2 million clients.
Jincy Samuel, the author of Coinsecure, said the exchange can’t deal with the load since it needs to confirm every client before giving them access.
“We have received huge funds, and have been pushing notices that it will require time to finish the eKYCs. We are wanting to hire more individuals (to manage the surge).”
A man can put resources into bitcoins for as low as Rs 1,000. When one logs into the site of a cryptocurrency exchange stage, the stage confirms the points of interest of the client. The assets are then exchanged and a computerized wallet is made for the client to store the bitcoins. Right now, the cost of one bitcoin is Rs 10 lakh, however at its pinnacle a month ago, it was being sold for as high as Rs 19 lakh.