In order to attract more people to invest in crypto currency, crypto currency exchanges are planning to make their investment journey smooth. The aim is to facilitate the process of selling of Bitcoin and other crypto currencies, making it a hassle-free experience for investors.
Though the rise of cryptocurrency faced a sudden setback in 2018 with the RBI ban, things started improving after the ban was lifted in March 2020. Currently, regulators are working to form relevant laws that can promote the trading of cryptocurrencies while safeguarding investor interest.
Take for instance OKEx, a cryptocurrency platform and derivatives exchange that has been witnessing a week-on-week surge in the Bitcoin and Tether (USDT) trading volumes. It is trying to offer a hassle-free buying experience on its P2P platform in India. Interestingly, this exchange has distributed over Rs 1 crore during the various monthly campaigns that attracted new crypto traders.
“Our December 2020 P2P (peer-to-peer) trading volumes rose to over $8 million, the highest ever recorded on our platform. With the crypto market now valued around $1 trillion, many India-based fintech companies are jumping on the crypto bandwagon. We plan to bring in more crypto products to the Indian market, and develop further relationships with the Indian crypto community. At the same time, we want to have crypto-financial inclusion of those who are yet to feel the power of crypto,” remarked OKEx India P2P head Keerthan Shetty.
OKEx is currently serving millions of users in over 100 countries and has launched its P2P platform in India in August 2020. It is offering zero per cent transaction fee and simple Bitcoin and USDT buy and sell features via UPI, NEFT, and IMPS payment techniques. This exchange uses blockchain technology.
On the other hand, in a bid to help new investors adopt cryptocurrency in India, CoinDCX, a cryptocurrency exchange, has launched CoinDCX Go to buy and sell Bitcoin and other cryptocurrencies. The exchange is eyeing mass adoption among beginner investors in crypto especially the millennial and Gen Z. It aims to onboard 50 million Indians. It is currently offering quick check in and check out crypto trading experience. This crypto currency exchange has tried to incorporate security features too to make the young investors confident.
“We conducted a survey which revealed that nearly 60 per cent of the Indian population found it extremely challenging to invest in crypto. The reasons cited in particular were lack of a conducive environment and a digital barrier to getting on board. CoinDCX Go will allow users to trade on smaller denominations for some of the best crypto assets. Tokens such as Bitcoin, Ethereum, Ripple, Litecoin are part of this parcel. Users will be able to buy these cryptos within the time they finish a cup of tea or coffee.” remarked Sumit Gupta, CEO and co-founder, CoinDCX.
Viewed as an alternate form of payment, a digital asset, and a trading instrument, cryptocurrencies have gained significant traction over the last decade. In October 2020, the Bank of International Settlements (BIS) and several other central banks, including the US Federal Reserve and the European Central Bank, unveiled a report, laying out principles under which central banks could launch their own cryptocurrencies.
“This regulatory thaw gave cryptocurrencies wings to soar and pushed the Bitcoin to new highs. With companies and people holistically embracing digital solutions, it is likely that digital currencies will also become an important cog in India’s digital wheel. Having said that, I believe that their watershed moment will come only when they will be accepted as a legitimate form of payment by a majority of institutions, retailers, and individuals in the country,” remarked Deepika Asthana, founder, ARNA Write Strategy.
As crypto currencies gain momentum in the country, the aim of many exchanges will be to make it easy for people and institutions to invest, with all the security parameters in place. “Cryptos of every kind have seen an added interest as well as inquisitiveness especially amongst the 'matured-young' investors, though the lack of regulatory clarity as well as financial literacy on the instrument itself has kept many others away. Platforms that have come up in India recently are doing just that, spreading awareness as well as making investing in bitcoins more accessible both via ease of investing as well as by breaking up the entry barriers, including ticket size,” pointed out Gaurav Rastogi, founder and CEO, Kuvera.in.