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.
Within 6 months of P2P launch, we've crossed Rs. 100 Crores worth of #P2P trades! 💪
It's a huge milestone for us, and something that would've been impossible without your faith and support, tribe! 🙌 Let's keep the crypto 🔥 burning! pic.twitter.com/5QDcYn9mnn
— WazirX (@WazirXIndia) January 24, 2019
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.