RBI ban on cryptocurrencies fails to deter investors? Is Bitcoin, Ethereum, Ripple trading up? Check out surprise at WazirX
In the aftermath of the RBI ban, several promising crypto start-ups and exchanges were forced to shut shop or relocate.
The cryptocurrency market took a major hit when the Reserve Bank of India (RBI) decided to choke the segment in totality. The latest move was when RBI ordered banks to stop clearing all cryptocurrency transactions. This led to the shutdown of Zebpay, which was the largest Bitcoin trading exchange in India. Interestingly, it looks like RBI's ban has done very little to scare investors, and the trading in Bitcoin, Ethereum, Ripple and Litecoin continues to rise.
A Mumbai-based WazirX which is a crypto exchange, stated that, while the blanket ban on crypto trading by the RBI had sent shockwaves in a fast-growing promising sector, they have still managed 35% month-on-month growth.
Staying true to its vision of involving every Indian in the blockchain economy, WazirX has continued to persevere despite the RBI ban.
Nischal Shetty, Co-Founder and CEO of WazirX said, “We are extremely humbled and proud to announce that the monthly crypto trading volumes at WazirX has surpassed Rs 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."
Shetty adds, "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.”
WazirX currently processes monthly trading volumes worth over Rs 35 Crore.
In the aftermaths of the RBI ban, several promising crypto start-ups and exchanges were forced to shut shops or relocate.
During these times, WazirX decided that it will pursue crypto trading and blockchain, however, it could do so only by revamping its operations in line with the legal environment and compliance.
Not only this, amidst the frenzy of the ban, WazirX had announced the commencement of P2P model, where it would escrow the digital assets and facilitate direct peer-to-peer transfers.
It had also launched Tether, a stable coin backed by USD, in order to facilitate the P2P transactions.
The trading platform said, "The innovative approach, along with the perseverance of the founding team has resulted in WazirX witnessing weekly P2P trade volumes in crores of rupees."