A leading cryptocurrency exchange in India, Zebpay, has introduced crypto-to-crypto trading on its platform. The launch closely follows the Reserve Bank of India banning banks from servicing crypto exchanges. Meanwhile, Zebpay celebrated its 3 millionth app download.
Crypto-to-Crypto Trading
Indian cryptocurrency exchange Zebpay has launched its first crypto-to-crypto trading pair.
Established in 2015 and headquartered in Mumbai, Zebpay claims to be India’s largest cryptocurrency exchange. In March, the company said that its app had more than three million downloads, “making it the most downloaded cryptocurrency app on both iOS and Android in India.”
Citing that its “engineers have been working round-the-clock to launch crypto-to-crypto trading,” the exchange detailed this week:
Zebpay is excited to announce the launch of crypto-to-crypto trading. Now, you can easily exchange one cryptocurrency for another…The first pair we’re introducing is ETH/BTC. More crypto pairs coming soon.
The “crypto-to-crypto trading feature will be available in the new app update: Android version 2.0.14 and iOS version 2.0.24,” the exchange clarified, adding that the fees for all crypto-to-crypto transactions will be charged in bitcoin.
Furthermore, Zebpay tweeted last week that “Initially, this feature will be available to a limited set of users.”
Indian Crypto Ecosystem
Zebpay’s crypto-to-crypto trading launch follows the announcement by the Reserve Bank of India (RBI) which bans banks and financial institutions under its control from providing services to cryptocurrency exchanges.
“We remain committed to keeping customer funds and assets secure, and are exploring various options,” Zebpay responded to RBI’s announcement. “However, a sudden disruption in banking services could affect our ability to service deposits and withdrawals, until banking services are restored. Please keep this risk factor in mind while making your investment decisions.”
The crypto community has been growing in India. According to Zebpay, while it is estimated that 10 million Indians are investing in financial markets, 5 million Indians are said to be trading cryptocurrencies. “This translates to a market penetration of 60% for Zebpay with its 3 million downloads,” the company emphasized. CTO Mahin Gupta commented:
Looking at the Indian milieu, people have started looking at cryptocurrencies not only as an investment option but as a technology that is about to change the future of money.
Last month, the company teamed up with one of India’s largest tax filing platforms to help taxpayers with crypto-related taxes.
