The murky clouds of uncertainty that surround the future of Cryptocurrency in India, especially following the Ban exercised by Reserve Bank of India(RBI) has pushed the trading volumes on exchange-escrowed peer-to-peer (P2P) cryptocurrency trading platforms to rise. The CEO of Wazirx, Indian crypto exchange, Nischal Shetty, stated that “Indians are warming up to P2P in amazing ways.”
RBI barred financial institutions from providing services to crypto businesses. Many crypto traders and enthusiasts challenged the ban, however, the country’s supreme court continues to postpone hearing the petitions. A growing number of Indian exchanges have started to conjure their own mix of solutions to overcome the ban, mainly by implementing using P2P trading and launching cryptocurrency ATMs.
Just a week before the RBI ban took effect, Wazirx launched its exchange-escrowed P2P service on July 10. Shetty expressed the aforementioned sentiment during an interview with news.Bitcoin.com, He stated:
“In a bear market with no banking, Indians are warming up to P2P in amazing ways,” he added “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.”
It was further revealed that the exchange revealed has grown 35 percent in the past few months in terms of trading volumes; by September end. the daily trading volumes consistently reached 50 BTC.
Joining the P2P Revolution
The rise in not exclusive to Wazirx, other companies across the country and a few from around the world have opted to P2P services to trade cryptocurrency in India. A recent survey from crypto exchange Instashift inferred that the majority of 50 respondents prefer to cash out their cryptocurrencies using P2P services.
Instashift boats a community of over 900 members using its P2P platform and offers the trading of over 80 cryptocurrencies. The exchange told the publishing that:
“We are clocking approximately around 2-5 million INR [$27,194 – $67,985] per week in India & our volumes are looking promising in Canada & Nigeria as well.”
Coindcx, another cryptocurrency exchange platforms that enables the users to convert over 80 cryptocurrencies into the Indian rupee. Dcxinsta, the P2P platform of Coindcx, facilitates users to buy cryptocurrencies “instantly with INR … in less than 60 seconds,” as mentioned in the exchange’s official website. Coindcx launched “INR open order book”, on Thursday so users can now “place limit orders for trading in INR and see a complete order book using their existing INR wallets.”
Sumit Gupta, the CEO of Coindcx, told the publishing that the “Minimum buy or sell amount for any user is Rs 10. (approx. 15 cents)”, he elaborates that “ every Indian can now invest in crypto. We’re getting a phenomenal response from users with average no. of orders being more than 10 per Dcxinsta user.”