To say the least, 2021 has been an intriguing year for cryptocurrencies. While previously only the core blockchain architecture that drives cryptocurrency was discussed, this year witnessed the introduction of apps such as NFTs and metaverse that may be used to transact and buy value using bitcoin.
With so much going on in this arena, it’s easy to feel like you’re missing out if you’re still waiting to enter the era of new-age digital assets. But, before you do that, one of the most important issues you’ll need to answer is which cryptocurrency exchange you’ll be putting your money into. In more ways than one, one single decision might determine how well your bitcoin adventure will go.
About
A cryptocurrency exchange is a firm or organisation that allows clients to purchase and sell crypto assets. The exchange essentially allows customers to purchase crypto assets by accepting traditional currencies such as the Indian rupee, traditional bank accounts, or other payment methods such as UPI, and so on.
Purchasing cryptocurrency can be a daunting task if you choose the wrong exchange to trade on. Fortunately, we have discovered one of the top exchanges in India for you to begin your crypto asset journey — ZebPay.
According to Zebpay, two-thirds of cryptocurrency owners in India purchased their first Bitcoin on its platform. Although we were unable to independently verify the allegation, there is no doubt that ZebPay is one of India’s oldest crypto trading platforms and a well-known name in the world of digital currency.
The Singapore-based firm, founded in 2014, has had a rocky road in a predominantly cash-driven India. After a few product iterations, management changes, and local regulatory challenges, ZebPay relaunched in January 2020, ahead of the Supreme Court’s verdict on the RBI’s two-year prohibition on cryptocurrencies.
In March, the court overturned the “unconstitutional” restriction, sparking a crypto trading boom in India, with bitcoins emerging as an appealing asset class and a less volatile form of wealth in a recession.
The firm has offices in Mumbai and Ahmedabad, and its workforce has grown from 50 to 110 individuals. It intends to hire 20 more employees by 2021.
Growth
From March to September, the number of trading consumers on ZebPay increased by 3.8X, with a monthly increase of 24 per cent on average.
Over 2.16 lakh unique users traded on the site, with Maharashtra, Uttar Pradesh, Delhi, Karnataka, and Tamil Nadu gaining the most traction. The number of active trading consumers increased by a factor of 20.
Trading volumes at ZebPay have also increased “exponentially,” matching an industry-wide trend. It achieved a daily peak of $10 million, with normal daily trading volumes estimated to be $3-5 million.
ZebPay has complied fully with KYC and other legislation. They are much like any other financial service company. They did not want to go up against unfriendly regulators. So, following the RBI prohibition, they were the first crypto exchange to cease operations in 2018. We decided to restart in early 2020 because we believe in India and Bitcoin.
