Cryptocurrencies, Indian exchanges estimate growth in trading volumes

Cryptocurrencies, Indian exchanges estimate growth in trading volumes. Positive estimates from the Asian subcontinent.

Cryptocurrencies, Indian exchanges estimate growth in trading volumes - bitcoin india

- exchange cryptocurrency Indian who offer P2P services are experiencing rapid growth trading volumesdespite the ban by the country's central bank, the Reserve Bank of India (RBI).

In this regard, the CEO of the Indian exchange Wazirx, Nischal Shetty, he told that "in a growing market, but without banks, Indians are surprisingly turning to P2P". Wazirx was launched on July 10, one week before the RBI ban came into effect.

Recall that India has banned financial institutions from providing services to cryptocurrency companies, and as the country's Supreme Court continues to postpone the hearing of petitions against the ban, an increasing number of Indian exchanges have implemented their solutions to the banking problem , such as the use of P2P trading and the launch of cryptocurrency ATMs.

P2P is working great for Wazirx. It is also helping us increase our daily trading volumes. In fact, a few days ago we reached 100 BTC in daily trading volume for the first time… .. we have exceeded $ 5 million in P2P in the past 3 months, since we went into full operation ”- said Shetty.

The exchange revealed in late September that its trading volumes have grown 35% in recent months, steadily reaching 50 BTC in daily trading volumes during the month.

The P2P option has therefore become a popular way for Indian traders to be able to trade with cryptocurrencies, so much so that Instashift conducted a survey among their users finding that most respondents prefer to cash in on their cryptocurrencies using P2P services. Instashift offers to trade over 80 encrypted currencies and, with a community of over 900 members using its P2P platform, the exchange has again revealed to that it is about to reach volumes of around 2-5. million INR per week in India, with promising volumes also in Canada and Nigeria.

Among other platforms, we remember how Coindcx allow its users to convert over 80 crypto currencies to the Indian rupee. Its Dcxinsta P2P platform allows users to purchase cryptocurrencies in less than 60 seconds. Coindcx CEO Sumit Gupta explained to that "the minimum purchase or sale amount for each user is Rs 10 (about 15 cents)" on their platform, and that in this way " every Indian can now invest in cryptocurrencies ".