Several cryptocurrency exchanges in India have recently stepped up their offerings as they wait for the supreme court’s decision on the RBI ban. Binance and Wazirx have made some improvements to their platforms, Cashaa is waving some fees, and Zebpay has announced zero fees on a trading pair when it re-launches in India.
Binance and Wazirx
As the Indian supreme court deliberates over a decision on the RBI ban, several Indian companies are stepping forward with new offers. Since Binance acquired Indian cryptocurrency exchange Wazirx, the two exchanges have made several announcements regarding their services. Wazirx’s Live Open Order Book system allows users to trade over 80 digital assets, including bitcoin, bitcoin cash, BNB, litecoin, and dash. Its users can deposit and withdraw cryptocurrencies as well as cash in and out via its peer-to-peer (P2P) platform using USDT to Indian rupees (INR). Binance announced Monday:
Indian users of both Binance and Wazirx can instantly transfer USDT at zero fees by connecting their Binance and Wazirx accounts.
Binance added that users can “Buy USDT with INR using P2P on Wazirx and trade futures, margin or spot on Binance.” The integration between Binance and Wazirx’s P2P trading platform was completed on Feb. 13, enabling users to instantly transfer funds between their accounts at the two exchanges, Binance explained. In addition, users can sign into Wazirx directly using their existing Binance accounts and buy and sell USDT via Wazirx’s P2P trading platform directly on Binance.
Furthermore, Wazirx announced Tuesday that it has partnered with Transak, a fiat on/off ramp aggregator backed by Consensys, “to power their INR fiat on-ramp.” According to Transak’s website, it is working with several other cryptocurrency startups: Wyre, Moonpay, Hodl Hodl, and Carbon. Wazirx chief of staff Priyanka Sharma explained: “We’d shared our plans of taking our unique P2P solution to more countries, and integrate into the ecosystem via more wallets, DeFi apps, etc. Wazirx P2P becoming Transak’s key partner for its INR fiat onramp is our first step in the direction.”
Wazirx also recently launched its native token, WRX, the first Initial Exchange Offering (IEO) in India. Its first-ever airdrop for WRX holders took place on Feb. 17. The exchange detailed: “Just like bitcoin and other cryptocurrencies today, WRX is a token created by Wazirx. There will be a maximum of 1 billion WRX coins ever created.”
U.K.-based crypto banking platform Cashaa has been growing its Indian operations since it launched in the country in October 2019. “Cashaa is a non-custody wallet for crypto which means we do not keep your crypto in our control,” its website states. Co-founder Janina Lowisz told news.Bitcoin.com:
We have decided that from 1 March, we are going to make deposits and withdrawals free for Indian users.
Cashaa is headquartered in London with partners and offices in 14 countries, including India, where it has a dedicated support center in Mumbai for Indian users. The platform allows you to buy the CAS token, ETH, and BTC with the euro, British pound, or Indian rupee. On Cashaa, 1 bitcoin in rupees today is approximately 665,303 INR. You can check today’s price for 1 bitcoin in INR the platform offers here.
Paxful has been expanding its Indian operations since its INR trading volume soared last year. “So why wait for regulation, when we can grow the community & join the fight for regulation,” Paxful India tweeted, noting that India has 5 million crypto investors and is the most active and educated community. The platform is currently giving away ₹15,000 ($209) on social media to 15 winners, each of whom will receive bitcoin worth ₹1,000. The offer ends on Feb. 26.
The bitcoin trading volume in INR on Paxful has been steadily growing. The platform claims to have facilitated the purchase of over 480,000 bitcoin so far, with 4,318 vendors and over 800,000 customers. For the week ending Feb. 22, a total of 89 BTC have been traded in INR.
The Paxful platform displays the current bitcoin price in India today at the top of the page, followed by seller listings showing a variety of bitcoin prices. At the time of this writing, the current rate of bitcoin in INR is 656,934 on Paxful. Sellers set their own prices and requirements. Paxful also has a partnership with Binance, allowing users to buy and sell bitcoin in INR using their Binance account.
Zebpay, formerly one of the largest cryptocurrency exchanges in India, announced on Tuesday that for one entire month, its customers in India will enjoy fee-free trading on the ETH-BTC trading pair. This offer is “coming soon,” the exchange clarified. Zebpay recently announced that it is re-launching in India after shutting down its exchange operations there in September 2017.
Meanwhile, the Indian supreme court still has not made a decision whether to lift the banking restriction imposed by the central bank, the Reserve Bank of India (RBI). The court finished hearing the arguments against the banking ban on Jan. 28. The Indian government also still has yet to make any announcement regarding the draft cryptocurrency bill.
What do you think of all the new developments by the above cryptocurrency trading platforms in India? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images courtesy of Shutterstock, Binance, Wazirx, Transak, Cashaa, Zebpay, and Paxful.
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