Indian Crypto Exchanges Growing Via P2P Trading
October 22, 2018 1:18 pm
In April 2018, the Reserve Bank of India (RBI) stopped banks from working with Indian crypto exchanges. Cryptocurrency exchanges such as Wazirx launched a Peer-to-Peer (P2P) trading service so that users can withdraw their cryptocurrencies in Indian rupees. More than tens of thousands new users signed up on Wazirx after their P2P platform was launched.
Nischal Shetty, CEO, Wazirx spoke to bitcoin.com saying that Indians are warming up to P2P in surprising ways. Wazirx launched the P2P service on July 10, a week before the RBI ban was announced. The P2P trading is seeing a rapid growth in the country.
The Supreme Court of India also postponed petition hearings against the ban. Indian crypto exchanges have found their own way such as launching P2P services to sidestep the ban.
Mr. Shetty stated that P2P is working great for Wazirx. It is also helping them to increase their daily trading volume. A few days before Wazirx hit 100 BTC in daily trading volume for the first time. The exchange has crossed over $5M in P2P trading volume in the three months since the platform’s launch.
Other Indian Crypto Exchanges
InstaShift had conducted a survey and found that most users want to withdraw their cryptocurrencies using P2P services. InstaShift offers trading of over 80 cryptocurrencies. The exchange declared that over 900 members are using its P2P platform. The exchange manages approximately around 2-5 million INR [$27,194 – $67,985] per week in India.
Sumit Gupta, CEO of Coindcx said that the minimum purchase or sale amount for any user is Rs. 10 in Coindcx. According to him, every Indian can now invest in cryptocurrencies. Coindcx also allows its users to convert more than 80 digital currencies into Indian rupees.
Mr. Sumit Gupta said:
“We’re getting a phenomenal response from users with average no. of orders being more than 10 per Dcxinsta user.”
Recently, Unocoin, Indian digital currency exchange launched a Crypto ATM in Bengaluru.