Zebpay, A leading cryptocurrency exchange in India, has launched crypto-with crypto trading on its platform. The launch nearly takes place after the Reserve Bank of India forbidding banks from servicing crypto exchanges. In the interim, Zebpay commended its 3 millionth app download.
About Crypto-to-Crypto Trading
Zebpay was built in 2015 and has its headquarters in Mumbai. It claims to be India’s biggest cryptocurrency exchange. In March, the organization said that its application had more than three million downloads, “making it the most downloaded cryptocurrency application on both iOS and Android in India.”
Referring to that its “engineers have been working round-the-clock to launch crypto-to-crypto trading,” the exchange briefed 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 trade cleared up, adding that the fees for all crypto-to-crypto transactions will be charged in bitcoin.
Besides, Zebpay tweeted a week ago that “Initially, this feature will be available to a limited set of users.”
Cryptocurrency Ecosystem in India
The crypto community has been developing in India. As per Zebpay, while it is assessed that 10 million Indians are putting resources into financial markets, 5 million Indians are said to trade in 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.
A month ago, the organization also collaborated with one of India’s biggest tax filing firms to assist the taxpayers with crypto-related taxes.
Let us know your views on this move of Zebpay in the comments below!