New exchange launches in India, as trading volumes increase

Reports revealed that BitPolo, a new Fiat-crypto Exchange, was launched yesterday in India. This is coming two months after the Supreme Court lifted a ban placed on banks from carrying out crypto-related businesses.

BitPolo is headquartered in Bangalore and went live yesterday, one month after it was initially billed to take off. The crypto-exchange accepts withdrawals and deposits in Rupee (INR) and supports crypto Fiat pairs with major currencies like Bitcoin.

Bitpolo team said now is the right time to launch Exchange

While announcing the launch, Suresh Choudhary, Bitpolo’s Chief Business Officer, revealed that the team has been developing and planning the take-off of the exchange throughout the bear market. He said there’s no better time to launch the exchange as the world is gradually returning to normalcy after months of economic shutdown.

 “As we foresee fragilities of traditional asset classes, crypto markets seem to offer the bigger upside,” he said.

While responding in line with Suresh, Head of Strategy, Chandan Choudhury, reiterated that the coronavirus pandemic has exposed so many issues across the financial sector. He said loose monetary policies are the cause of enormous fizz in the traditional asset classes. But the age of digital assets to dominate the financial sector has come.

WazirX sees huge increase in crypto trading volumes

Chief executive officer and founder of popular Indian exchange Wazirx, Nischal Shetty, pointed out that the exchange saw an unprecedented increase in crypto trading volumes in both March and April.

He further revealed that the exchange has seen an increase in user-signups. He also said the reason for this growth is not only because of the ban on crypto-related businesses had been lifted. Part of the reason is how the exchange spearheaded the case leveled against the Reserve Bank of India, Nischal said.

Even so, in 2018 when the ban on crypto-related business in India was still fresh, the exchange took a measured approach by ensuring there is continuity in its new business model. WazirX transformed its platform to the P2P platform, which made sure its business continues with a more liberal approach.

There are still regulatory bottlenecks

Even after the reversal of the ban on crypto-related businesses, observers in the Indian crypto market still see some regulatory challenges. There is currently a lack of regulatory clarity, which has allowed banks to deny services to crypto firms. Several crypto-related businesses have filed complaints to that effect to resolve the issue.