Zebpay, an India’s leading cryptocurrency exchange, has launched crypto-to-crypto trading on its platform. The launch came within few weeks after the Reserve Bank of India banning banks from servicing crypto exchanges.
Crypto-to-Crypto trading means that one can exchange one cryptocurrency for another. For an instance, one can easily exchange cryptocurrency Ripple in exchange of Bitcoin.
In its first crypto-to-crypto trading pair, Zebpay launched ETH/BTC pair and will launch more crypto pairs in coming weeks.
Zebpay, in its official blog’s post, announced that, ” 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,” said Zebpay in its blog post. However, instead of INR this fee will charged in Bitcoins, bypassing the RBI virtual ban on cryptocurrencies under which the central bank bans banks and financial institutions under its control from providing services to cryptocurrency exchanges.
Zebpay has made this move in order to keep customer funds and assets secure as the sudden disruption in banking services due to RBI ban could affect company’s ability to service deposits and withdrawals, until banking services are restored. Zebpay also warned its user to keep this risk factor in mind while making investment decisions. Meanwhile, Zebpay is exploring various other options to bypass the RBI mandate on virtually banning cryptocurrency trading in India almost impossible through exchanges like Zebpay
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. Zebpay has recently celebrated its 3 million-th app download.
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.
To recall, in January, a nationwide survey in India has revealed that in last 17 months of period, people in the country have invested in Bitcoin and other cryptocurrencies worth whopping US$3.5 billion.
Also, despite of all this ban and blocking of crypto currencies in India, a blockchain startup of Indonesian-origin called Pundi X announced in January that it is preparing to launch point-of-sale network in India so that people in India can buy and invest in cryptocurrencies not just only online but offline as well.