India is home to more than 1.3 billion people and has one of the largest economies not only in Asia but around the world. However, it will take time to develop the local crypto industry.
WazirX is one of the most famous local crypto exchanges in India. Interestingly, in March as well as April, the platform witnessed a month-on-month growth of more than 80%.
Importantly, WazirX reported a steady increase in new clients, the number of new clients increased thanks to a combination of several factors.
For example, the situation improved after the decision of the Supreme Court. Moreover, the role of WazirX in the case leveled against the Reserve Bank of India.
As a reminder, in 2018 WazirX transformed its business model into a P2P platform. It was able to avoid in-house crypto-fiat conversion. Consequently, WazirX provided a degree of continuity for domestic traders.
Moreover, the coronavirus pandemic affected the Indian stock market and more citizens decided to use Bitcoin as an alternative investment option.
A fiat-crypto exchange from Bangalore
Hopefully, the local industry is actively developing as can be seen from the information that came from India. Interestingly, the crypto exchange dubbed BitPolo went live on May 6.
It is worth mentioning that, in March the country’s Supreme Court ruled against the central bank’s moratorium on crypto-related banking support.
Let’s have a look at BitPolo. This exchange supports the Rupee (INR) deposits and withdrawals and crypto-fiat pairs with major currencies such as Bitcoin.
Notably, BitPolo wants to introduce crypto assets to every citizen of India. Interestingly, a group of crypto enthusiasts, traders, and fin-tech promoters worked together to create this fiat-crypto exchange.
Furthermore, BitPolo offers interesting features such as high liquidity markets, fiat payment gateways. Moreover, it also offers a tight order book spread, and instant INR deposits and withdrawals, easy to use UI, and minimum fees.