Trading volumes on exchange-escrowed peer-to-peer (P2P) cryptocurrency trading platforms in India are rising rapidly tween the financial ban by the country’s inside bank. “Indians are warming up to P2P in wondrous ways,” the CEO of a local crypto mart told. Several other exchanges competing in the same space are seeing similar responses from their users.
P2P Trading Volumes Growing Rapidly
Indian cryptocurrency exchanges that offer P2P services are experiencing rapid growth in trading volumes despite the cryptocurrency financial ban by the country’s inside bank, the Reserve Wall of India (RBI).
Indian Cryptocurrency Exchanges See Rapid Growth in P2P TradingThe CEO of Indian crypto mart Wazirx, Nischal Shetty, told that “In a withstand market with no banking, Indians are warming up to P2P in wondrous ways.” Wazirx launched its exchange-escrowed P2P service on July 10, a week surpassing the RBI ban took effect.
Indian Cryptocurrency Exchanges See Rapid Growth in P2P TradingIndia’s inside wall has vetoed financial institutions from providing services to crypto businesses. As the country’s supreme magistrate continues to postpone hearing the petitions versus the ban, a growing number of Indian exchanges have implemented their own solutions to the financial problem such as using P2P trading and launching cryptocurrency ATMs.
"P2P is working great for Wazirx. It’s helping us increase our daily trading volumes as well. In fact a few days ago we hit 100 BTC in daily trading volume for the first time … we’ve crossed over $5M in P2P in the 3 months since we’ve gone live."
The exchange revealed at the end of September that its trading volumes had grown 35 percent in the past few months, consistently reaching 50 BTC in daily trading volumes during the month.
Some More P2P Offerings
Indian Cryptocurrency Exchanges See Rapid Growth in P2P TradingThe exchange-escrowed P2P option has wilt a popular way for traders in India to mazuma out their coins. Recently, crypto mart Instashift conducted a survey of its users and found that the majority of 50 respondents prefer to mazuma out their cryptocurrencies using P2P services. Instashift offers the trading of over 80 cryptocurrencies. With a polity of over 900 members using its P2P platform, the mart told, “We are clocking approximately virtually 2-5 million INR [$27,194 – $67,985] per week in India & our volumes are looking promising in Canada & Nigeria as well.”
Indian Cryptocurrency Exchanges See Rapid Growth in P2P TradingCoindcx moreover allows its users to convert over 80 cryptocurrencies into the Indian rupee. Its P2P platform Dcxinsta allows users to buy cryptocurrencies “instantly with INR … in less than 60 seconds,” equal to the exchange’s website. On Thursday, Coindcx spoken that “INR unshut order book” is now live on the mart so users can now “place limit orders for trading in INR and see a well-constructed order typesetting using their existing INR wallets.”
The CEO of Coindcx, Sumit Gupta, explained that the “Minimum buy or sell value for any user is Rs 10. (approx. 15 cents)” on his exchange, emphasizing that “every Indian can now invest in crypto.” He remoter revealed that on his P2P platform:
"We’re getting a phenomenal response from users with average no. of orders being more than 10 per Dcxinsta user."
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