WazirX Announces 35% Growth in Trading Volume

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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Binance Opens Fiat-To-Crypto Exchange in Uganda

Binance Opens Its First Fiat-To-Crypto Exchange in Uganda


On Oct. 15, Binance announced the launch of its fiat-to-cryptocurrency exchange in Uganda. The world’s biggest digital currency exchange said users in the East African country are now able to complete full account verification starting immediately. Deposits and withdrawals of the local fiat currency, the Ugandan shilling, start on Wednesday.

Also read: Bitcoin After Death: The Perils of Sharing One’s Fortune

Exchange to Initially Support Trades Between Ugandan Shilling and BTC, ETH Only

“We are extremely proud to officially launch our first fiat-crypto exchange in Uganda,” said Wei Zhou, chief financial officer at Binance, in a press statement. “We have been diligently preparing for this exchange with our local partners since our team first visited Uganda in April 2018.”

Zhou also stated that: “This is only the first step in our efforts to use blockchain technology to support sustainable economic development in Africa, and we look forward to bringing more innovations to the region.”

The exchange will initially support trading of the local shilling unit with bitcoin core (BTC) and ethereum (ETH), Binance said. More trading pairs are to be added in the coming months, it detailed, adding that “users are exempt from trading fees during the first month.” The Ugandan subsidiary is capable of processing 1.4 million transactions per second, with 24-hour client support.

Binance is the world’s biggest digital currency exchange, with 24-hour volume of about $1.97 billion worth of BTC alone, according to data from Coinmarketcap.  The company has revealed plans to open fiat-capable exchanges in Liechtenstein, Malta and Singapore. Until now, the exchange had been optimized for crypto-to-crypto trades only.

In Uganda, cryptocurrency and blockchain adoption and development continue to see growth. That’s despite warnings by the Bank of Uganda against the use of unregulated currencies in the form of bitcoin and other digital coins. The country of 44 million people is home to various blockchain conferences, associations and communities, with support at Cabinet level.

African Investors Welcome Binance’s Ugandan Presence

Investors in Africa have cheered Binance’s move into Uganda. “This is great news!” Michael Kimani, a leading Kenyan crypto proponent, tweeted.

“(It) will spark a race across African countries on setting up [a] favorable environment for cryptocurrency trading against African currencies. Muhimu (vital) for cross border trade, intra-African trade, online payments, remittances, trading, investing…” he wrote.

Binance Opens Its First Fiat-To-Crypto Exchange in Uganda

Binance’s presence in the East African nation is expected to boost financial inclusion in a country where only 33 percent of citizens use registered financial accounts. But this is a place where bitcoin looks likely to flourish unhindered. Some shops and restaurants in Kampala – Uganda’s capital – now accept bitcoin as a means of payment.

Ugandan President Yoweri Museveni has spoken positively about blockchain technology – but not cryptocurrencies. He told the Africa Blockchain conference organised by the Blockchain Association of Uganda in Kampala in May of the need “to look for a new technology of enabling things to move faster and new systems that go with it.”

His central bank governor Emmanuel Tumusiime-Mutebile had apparently spoken to the contrary in an earlier address to the same conference. Mutebile accused blockchain technology of lacking the necessary support to sustain a currency. But Ugandans, mostly professionals, have taken a particular liking to virtual money, bitcoin especially.

What do you think about Binance’s move into Uganda? Let us know in the comments section below.

Images courtesy of Shutterstock.

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Coinfloor Becomes First Exchange Licensed Under Groundbreaking Gibraltar Legislation

The U.K.’s oldest cryptocurrency exchange has become the first company to be licensed by Gibraltar’s progressive blockchain legislation.

The rules are a first for Europe and highlight the British Overseas Territory’s commitment to exploring technological innovations.

Gibraltar Focusing on “Quality Not Quantity,” Coinfloor Proves Itself Worthy

According to a report in the Financial Times, Coinfloor has proved itself worthy enough to receive the first licence from Gibraltar under its groundbreaking blockchain legislation.

The exchange will be regulated as a “distributed ledger technology (DLT) provider.”

Just as they did with online gambling early this century, Gibraltar have taken the lead when it comes to legislating the digital currency and blockchain startup space.

The British Overseas Territory has long been an attractive location for virtual casinos since it demands incredibly low taxes from firms based there. With the blockchain-specific rules introduced earlier this year, they are hoping to have similar successes with companies focusing on the fintech innovation.

The legislation is a first for Europe.

However, the likes of Malta have been working on similarly attractive regulations to try and lure startups to the island.

Some believe that Malta will eventually prove a more suitable hub for blockchain firms to base themselves since there is considerable uncertainty over how Gibraltar will be impacted by the U.K.’s decision to leave the EU next spring.

Obi Nwosu, the CEO of Coinfloor, commented on the new licence to the Financial Times. He told the publication that the exchange platform was tested on “nine principles”.

The aim of these is to ensure that firms licensed in Gibraltar have sufficient anti-money laundering (AML) and know-your-customer (KYC) protections in place. The exchange also had to prove its security is robust enough to withstand the kind of cyber attacks that have plagued the cryptocurrency exchange industry over the years.

Nwosu commented on the licensing process under Gibraltar’s new legislation:

“What impressed us was that this [legislation] was in the works for a long time… It’s been well thought out, well considered. They are focusing in on quality over quantity.”

Despite landing the first license of its kind from Gibraltar, like many companies, Coinfloor has been having something of a hard time during the bear market of 2018. In the wake of lessening demand, the U.K. exchange platform has had to lay off around 40 jobs. Nwosu commented on the restructuring:

“It’s never desirable to make these changes, but it’s a natural part of the market cycle… The market has contracted and you should make appropriate changes to your team . . . It’s happening across this space.”


Photo via Shutterstock.

Source: Newsbtc