India's WazirX Exchange Closes Peer-To-Peer Trades with Rs 100 Crores

The most trusted and cheapest platform to buy and trade cryptocurrency in India, WazirX recently stated that they have already concluded peer-to-peer trades with trading volume of Rs. 100 crores.

India’s Bitcoin exchange, which is less than a year old, aims to influence every Indian to join the cryptocurrency bandwagon, whether as a first-timer or a seasoned investor.

Making the announcement on Twitter, WazirX‘s CEO and founder Nischal Shetty stated that India’s crypto market and traders have been struggling especially in December when they posted Rs. 60 crores in trading volume. As such, completing the p2p trades at Rs 100 Crores was positive news considering the fact that it was achieved within the first nine months since the exchange was launched and during a bear market.

Crypto Revolution

The other founders of WazirX are Sameer Mhatre and Siddharth Menon. They also own a social media management app, Crowdfire. In the quest for a crypto revolution in India the founders have taken a lead in campaigning for the development of blockchain technology and the introduction of cryptocurrency in India.

Each of the founders has been acknowledging cryptocurrency plays a great role in the banking and finance future technology. As expected, they have gone on a consistent campaign to largely introduce blockchain and cryptocurrency in their country.

The outcome of the campaign has been positive in that, more people in India are now back in the trading space and are taking part in cryptocurrency trades. This is regardless of the fact that there are strict regulatory measures in place at the moment.

In December last year, WazirX experienced a substantial increase in trade volume. They have seen high trading volumes now that the market has recovered from instability. Nischal Shetty noted that the growth was symbolic to the number of Indians participating in trading and that is why the trading volumes are going up very fast.

Hope For Investors

With the achievement that WazirX is enjoying currently, there is also hope for traders and other crypto exchanges in India.

If it can be remembered, sometime in July 2018, the Reserve Bank of India’s (RBI) banned all financial bodies like banks from providing services to individuals or entities that were engaging in crypto trading services. This was a massive setback in India’s crypto market.

Several petitions have been filed against the Reserve Bank of India’s ban. As of now, the petitions are yet to be heard by The Supreme Court. Although the trading volumes may be in slumps since the ban, any increase is welcomed positively. Meanwhile, exchanges including WazirX will continue with their campaign to allow for broader cryptocurrency trade in India.

The P2P trading facilities are an innovative solution provided by crypto exchanges such as Unocoin and WazirX to deal with such issues especially for traders who were greatly affected by the ban. Since the ban, exchanges that introduced P2P have been seeing an uptick in the number of people transacting and signing up.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,467FansLike
2,795FollowersFollow
4,230FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Compound Protocol to Roll Out Decentralized Oracles Dubbed ‘Open Price Feed'

Compound, one of the most popular defi protocol, is all set to introduce open price feeds for lending on its platform using a decentralized...

$2 Million Slippage & Surge in Ether Price on Uniswap Helps Net $40k in Profit

A Uniswap user was able to profit $40,000 thanks to $2 million of slippage and the price of Ether surging north of 15%. It all...

Irish Govt to Target Cryptocurrencies Use in Money Laundering And Terror Financing

The Irish government aims to implement stricter and more stringent laws to curb money laundering and terrorism financing in its financial system, including digital...

Interactive Brokers to Settle $38 Million in Penalties for Violating AML Procedures

Interactive Brokers LLC, a U.S based brokerage that skyrocketed between 2013 and 2018, has agreed to settle a total of $38 million with the...

Ethereum Gas Price Hasn’t Been This High Since its Launch

The price of Ether is back to making its way to $400 level as it hovers around $391 in the green with just $840...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today