According to ZebPay CEO Rahul Pagidipati, the crypto trading platform expects to double transaction volumes due to exploding demand for the red-hot asset class in India.
Founded in 2014 in Gujarat State, home to India’s Prime Minister Narendra Modi, ZebPay is India’s oldest exchanges with a customer base of about 4 million.
Pagidipati now forecasts that his exchange could soon handle $2 billion worth of trades each month; such trading volumes would generate an estimated $25 billion in 2021.
Crypto transaction volumes have been swelling as investors look to cash in on the current bitcoin bull cycle.
As a result, ZebPay has seen an explosion in demand for digital assets, according to the platform’s chief marketing officer Vikram Rangala. He recently revealed that the exchange saw as much volume per day in Feb 2021 as it did in all of Feb 2020.
This phenomenal growth in demand for crypto comes despite threats of a blanket ban on private virtual assets from government officials. A few days ago, an unnamed senior government official told Reuters that Indian regulators are finalizing plans to implement an outright ban of private cryptocurrencies such as bitcoin.
If passed by Prime Minister Modi’s majority-controlled parliament, the bill would criminalize the trading, mining, holding and transfer of cryptocurrencies.
ZebPay CEO: India won’t Ban Crypto
Recent reports from a top official suggest that the Indian government is ready to reign in crypto use while giving its central bank the framework to develop a digital Rupee.
The proposed bill against crypto targeting miners and traders would provide a six-month grace period for crypto users to liquidate their coins, after which penalties would apply.
Despite the uncertainty and panic brought on by the proposed legislation, Pagidipati is confident that regulators will not ban the asset class given the solid user base and demand.
The avid crypto supporter who owns two-thirds of ZebPay added that the country’s confusing regulatory framework on crypto would fade over time as officials adopt more precise rules to govern the nascent industry.
These uplifting remarks that the authorities could go easier on the blossoming crypto sector were earlier echoed by India’s Finance minister Nirmala Sitharaman.
In a recent interview with CNBC, the top official disputed rumours that India seeks to completely shut off crypto, adding that the finalized regulatory framework on crypto won’t be as severe as most industry participants expect.
India’s Vast Untapped Crypto Market
The looming crypto ban in India has done little to dampen investors’ resolve, who refuse to sit on the sidelines amid a historic crypto boom.
Pagidipati’s aspirations of double monthly transactions in the coming months seems well within reach, given the country’s vast untapped market.
The projected $2 billion transaction volume on ZebPay, though still just one-fifth of volumes handled by California-based exchange Coinbase Global Inc, would be a step into exploiting the widely unexplored crypto market in the Asian nation.
The ZebPay CEO explained that India currently holds less than 1% of the global crypto volume and has a potential investor base of 100 million.