Cryptocurrency activities in India have been increasing after the Supreme Court revoked RBI circular ban on digital currencies. This is spurring sentiments that the country might arguably become the next big market in the entire crypto Industry.
Indian crypto exchanges record high stats
While the nationwide lockdown brought intense stress to different global financial markets, executives at popular Indian crypto exchanges testified of seeing a good side of the lockdown. According to them, the crypto sector noted a significant number of new users and trading volumes.
Nischal Shetty, the CEO of the Binance-owned Wazirx, said the Indian residents are optimistic about digital currencies. They are interested in learning more about the cryptocurrencies, how they work, and their potential use cases.
Pushing up trading among Indian crypto exchanges
As many Indians sadly remain without work amid the extended lockdown in the country, some of them are using the period also to trade and earn from digital currencies, according to Shetty. Perhaps, this is pushing up trading among Indian crypto exchanges.
Sathvik Vishwanath, the CEO at Unocoin, said the Indian crypto industry remains positive despite the nation’s extended lockdown. He further mentioned that the current situation is far better when compared to the condition of the crypto market during the regulatory struggle.
Another positive statement on the Indian crypto market was made by Vikram Rangala, the CMO of Zebpay. Rangala noted that their business had not been affected by the lockdown period. Instead, the period enabled people to download their digital books and to learn about digital currencies.
10X trading volume on Indian exchanges
Shetty said that the trading volume on Wazirx has been increasing by weeks. They recorded one of the significant daily crypto trading volumes above $10 million in this critical time.
The executives at Zebpay and Unocoin also revealed that they recorded a high volume of trading during the lockdown period. The CEO at Unocoin added that the uptick is a result of the pandemic and the regulatory clarity in the past months.