On 4 March 2020, the Supreme Court Of India has lifted banking ban on cryptocurrencies in India, after which India crypto space has seen increased interest from retail and institutional investors, also an influx of new cryptocurrency exchanges launching in India. Last year Indian cryptocurrency exchange WazirX got acquired by Binance. Recently CoinDCX raised a total of $5.5 Mn (approx. Rs.40.83 Crores) from Bitmex operator HDR Group, Polychain Capital, Coinbase Ventures, Bain Capital Ventures and other venture capitalists.
Talking about the interest in retail investors, Indian crypto Exchange CoinDCX claims it saw a 10x increase in user signups and a 47 percent growth in trading volumes in the first quarter of this year. Also according to CoinDCX it onboarded nearly 50,000 users at the end of April and early May.
Recently WazirX and its parent company Binance have launched ‘Polaris’, an initiative under their ongoing ‘Blockchain for India’ program to support Indian blockchain startups and provide them seed funds between USD 5,000 and USD 100,000.
These all are clear signs of the increasing interest of cryptocurrencies in India. And to tap this fast-growing market we have seen an influx of new cryptocurrency exchanges launching in India back to back.
Zebpay which was one of the oldest cryptocurrency exchange in India closed its services after the RBI banking ban. But just two months before Supreme Court lifted banking ban on cryptocurrencies , Zebpay announced its return in the Indian market in Jan 2020.
Soon after lifting of banking ban on cryptocurrency , Bitbuddy announced its Bitcoin marketplace in April 2020 with INR deposits/withdrawal and 2 months zero trading fees as an introductory offer. You can also start your own Bitcoin OTC on its platform. Bitbuddy has recently also launched a Bitcoin explorer on the platform.
CoinSwitch Kuber, another new cryptocurrency exchange launched in India on 1 June 2020 which offer trading exclusively only on Mobile its app. User can Buy, Sell & Trade 100s of cryptocurrencies instantly with INR. Coinswitch Kuber also provides Instant Deposits and Withdrawals. The platform offered ZERO INR trading, deposit, and withdrawal fees for the first 100 days for the first 100k users during pre-launch.
Also Bengaluru-based crypto exchange startup Tradehorn announced that it will be launching a new cryptocurrency exchange platform called ‘Tradehorn’ for Indian users in June 2020. Tradehorn will launch on Android and Apple IOS in June 2020 and will be available as mobile app only. The app will also have 24×7 customer education and support.
Apart from this, Jaipur based Flit IT Services Pvt Ltd which has been providing Crypto Wallet services from 2017 announced launch of their own crypto exchange in India soon.
There are over a dozen of cryptocurrency exchange in India, some of them are CoinDCX, WazirX, Bitbns, Colodax, Goittus, Unocoin, Pocketbits, Buyucoin, Zebpay, CoinSwitch , Bitbuddy and more trying to tap the growing cryptocurrency market in India. Though some had made their name and trust in the community, others are trying hard to survive until the next bull market.