India’s biggest crypto exchange Zebpay has now enabled crypto-to-crypto trading on its platform. Initially, exchange has introduced the ETH/BTC pairing with others to follow. Cryptocurrency trading in India is at a delicate stage, though Zebpay is trodding ahead regardless.
ETH/BTC to Start
Even with the current regulatory atmosphere in India, domestic crypto exchanges there are going about their business more or less as usual, Zebpay being foremost among them.
That’s because Zebpay announced on Twitter that it would commence crypto-to-crypto trading imminently. The company tweeted:
Zebpay is excited to announce the launch of crypto-to-crypto trading. Soon, you will be able to exchange one cryptocurrency for another. We will announce the first trading pair soon!
Can you guess which one?
Initially, this feature will be available to a limited set of users.
— ZebPay (@zebpay) April 20, 2018
Now the exchange has made good on the promise, as three days later they unsurprisingly announced the launch of an ETH/BTC pairing. According to the official blog, the feature will be made available in the new update of Android version 2.0.14 and iOS version 2.0.24.
Moreover, users of the exchange can now sort 24-hour high and lows from a drop-down menu. Users can also use the drop-down menu to view 24-hour percentage changes. Zebpay has now provided an in-built coin calculator, too, wherein users can enter a value in Indian rupees and the calculator calculates the equivalent amount of crypto.
Zebpay engineers have been working round-the-clock to launch crypto-to-crypto trading. Beginning today at 2:00 PM, you will be able to exchange BTC with ETH. pic.twitter.com/2zgnQEbbUE
— ZebPay (@zebpay) April 23, 2018
Zebpay on a Roll Amidst Government’s Crypto Crackdown
Recently, Zebpay is on a roll, having added EOS, XRP, ethereum, bitcoin cash, and litecoin functionalities since the start of 2018.
The recent ban by the Reserve Bank of India has also been challenged by an Ahmedabad-based Kali Digital Ecosystems Pvt Ltd, who proposed to launch their crypto exchange — dubbed Coin Recoin — this year. India’s high court has issued a notice to the Ministry of Finance, RBI, and others demanding a response to the ban by May 24th, 2018.
Since government agencies have been tightening their grip on the Indian crypto market, several exchanges in the country have shuttered or paused their businesses. However, the overall sentiment in the nation’s crypto space is optimistic and hopeful that the Indian government backpedals on its stringent decisions as of late.
The fear of the government’s negative viewpoint on the crypto space have led traders to dealing with transactions on exchanges outside of India. However, local exchanges do still account for a sizable percentage of the trading carried out in the country.
Will the Indian government’s standpoint on cryptocurrency tighten or loosen around local exchanges? Share your views in the comments section.
Images via Payment Week, Deccan Chronicle