In the past few months, the Indian cryptocurrency community has experienced a wide range of emotions panning from disbelief to indignation to almost giving up (but not quite there yet).
There have been multiple updates about the Supreme Court adjourning cases pertaining to cryptocurrency exchanges, individual petitioners, who have gone up against the central bank; the Reserve Bank of India (RBI). Apart from that, one of the oldest Indian cryptocurrency exchanges, Zebpay shut shop, because it was simply too difficult to keep on going, in this particular climate of uncertainty.
However, there is hope in these uncertain times. WazirX, one of the new entrants in this field, announced that their trade volumes saw a 35% rise in the past few months. In a press release, the exchange said that they had announced the commencement of P2P model, where it would escrow the digital assets and facilitate direct peer-to-peer transfers. Apart from that the exchange had also launched Tether, a stable coin backed by USD, in order to facilitate the P2P transactions.
Commenting on the growth, Nischal Shetty, the Chief Executive Officer (CEO) of WazirX said, “We are extremely humbled and proud to announce that the monthly crypto trading volumes at WazirX has surpassed INR 35 Cr. While a huge question mark palled over the fate of crypto trading in India after the RBI ban, we have continued to persevere and our users have immense faith in our platform. In fact, despite the RBI ban, we have observed a 35% month-on-month growth in an otherwise sluggish market. The growth figures only motivate us to step up a notch and bring more Indians under the folds of blockchain economy and crypto trading.”
Last month, when the exchange had announced that it had been given a spot on CoinMarketCap, Crypto-News India had reached out to Shetty and had asked him, what the progress meant in the Indian context. On that occasion, Shetty had said, “Considering the sheer size of our population and the percentage of youngsters in India, everyone in the world is watching us closely. But due to our current (uncertain) stance on crypto, a lot of projects find it risky to expand in India. I really hope that the Supreme Court verdict will change that, and India will be seen as a pro-crypto nation!”
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