Indian cryptocurrency market remains "sleeping giant"
Removal of the ban on transactions with cryptocurrencies will be contribute to the rapid development of the market
Cryptocurrency exchange launched its own token and invests money in crypto startups
International consortium of news organizations, developing transparency standards.
Largest Cryptocurrency Marketplace in India WazirX stated about the rapid growth of daily sales. According to representatives of the exchange, in March, the daily increase in sales was 475%, which in dollar equivalent is $ 286.3 million. Besides In addition, WazirX said that today 300 thousand registered users use the services of the site.
Such growth became possible after Togo, how India officially lifted the cryptocurrency trading ban on March 4. As a reminder, from April 2018 of the year in the country, a complete ban was introduced on any operations with digital money, which was the main reason for stopping the growth of the cryptocurrency market in India. After the introduction of the ban some large international stock exchanges were forced to leave the market, the rest chose to engage in dialogue with the government to lift the ban. After two years of restriction were removed, which gave impetus to the rapid development of the market.
As WazirX founder and CEO Nishal Shetty commented on the situation, the Indian market with a population over 1 billion man is an sleeping giant. Lifting the ban on trade digital currencies will contribute to the development crypto market further.
As Shetty explained, Today only 10% of all registered clients of the exchange are Indian citizens. Everything the rest – this residents and citizens of other countries. The actual lifting of the ban will attract customers from the local market and stimulate the development of the domestic cryptocurrency market in India.
Own token and integration with Binance
The WazirX cryptocurrency exchange does not only significantly increased sales for last month, but also held a number of other events. For example, the site launched its own token. As the use of cryptocurrencies grows, new kinds tokens. They are can personify value or something intangible like, eg, vote. Two… More WRX, which the Today actively traded on the platform.
Also WazirX has finally completed the integration with the largest cryptocurrency platform Binance. Now registered clients of exchanges may stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More USDT between two platforms no commission. Along with this, WazirX and Binance created a joint fund “Blockchain for India “with a total budget of $ 50 million. These funds will be aimed at support local startups that use blockchain technology.
Also, the Indian crypto marketplace intends to enlarge his presence on market DeFiDecentralized Finance (DeFi) Are financial services based on blockchain technology that offer users access to an open, efficient and … More. Already signed an agreement between WazirX and Transak – the leading application for decentralized finance market.
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