India has a lucrative market. It is not surprising that local as well as foreign investors are willing to invest in India. The cryptocurrency exchange dubbed BitPolo went live on May 6. This new fiat-crypto exchange was founded in March.
Importantly, in March 2020 the country’s Supreme Court ruled against the central bank’s moratorium on crypto-related banking support.
BitPolo supports the Indian currency Rupee (INR) deposits and withdrawals as well as crypto-fiat pairs with major currencies such as Bitcoin.
It is worth mentioning that BitPolo wants to introduce cryptocurrenncy assets to every citizen of India. Moreover, a group of enthusiasts, traders, and fin-tech promoters worked together to create this fiat-crypto exchange. The BitPolo team strongly believes in crypto.
Notably, this cryptocurrency exchange offers interesting features such as high liquidity markets, fiat payment gateways. Also, tight order book spread, as well as instant INR deposits and withdrawals, easy to use UI, and minimum fees.
Crypto exchanges in India
The Crypto industry is emerging and it will take time to develop the local crypto industry. Also, WazirX is one of the most famous crypto exchanges in India. In March as well as April, the platform witnessed a month-on-month growth of more than 80%.
Moreover, WazirX reported a steady increase in new clients. The exchange highlighted primary factors. The first one is that the climate improved after the decision of the Supreme Court. The second one is the WazirX role in the case leveled against the Reserve Bank of India.
In 2018 when the central bank’s controversial imposition was still in place, WazirX transformed its business model into a P2P platform. As a result, it was able to avoid in-house crypto-fiat conversion. Thanks to decision WazirX provided a degree of continuity for domestic traders.
Also, due to the impact of the coronavirus on the Indian stock market, more citizens turn to Bitcoin as an alternative investment option.