Recently, cryptocurrency trading in India has spiked and grown at an unprecedented level. As the Bitcoin rallies and grows strength by strength, the Indian crypto community has multiplied and with this, a fair and regulated market has been on the top of their demands. Amidst the ever-growing market, there are some existing players that have been operating since the past few years, but the entry of CryptoBiz Exchange has built up a hype as they look to take the market by storm with their features.
CryptoBiz has a disruptive business model in place where they aim to break the premium-priced Indian market. This will encourage more and more people to start investing in cryptocurrency and become a part of the virtual assets world. One thing to note is that in the current scenario, Indian traders are already at a disadvantage when they are left with no option but to buy at a higher premium than the existing crypto trading platforms. This is where CryptoBiz comes into the picture and aims to disrupt this unjust higher-premium rate and establish a fair market.
The company has its financial headquarters in Estonia, but with an Indian team at the heart of its operations, it aims to make Cryptocurrency-trading a seamless experience amid a plethora of innovative features it brings to the table. Cryptobiz Exchange aims to provide an experience that is fast, secure and convenient to accommodate even a first-time user and introduce more and more people to the digital assets ecosystem.
Mr. Arjun Dev, who heads the Business Development for CryptoBiz Exchange, is an experienced financial and trading expert – having seen the ins and outs of the cryptocurrency industry since the past 7 years. Mr. Dev believes in a global approach. In his words, “ CryptoBiz Exchange is an ambitious project. Our product reflects our vision for the future. The kind of features we offer and the facilities we are rolling out in a matter of time – it is an all-in-one crypto platform. India is one of the emerging markets in the crypto world and we want to mark our beginning by starting with India – with operations beginning in Malaysia, Japan, Thailand as well as Singapore. We plan to go all out and take the crypto trading market by storm where more and more traders shall be benefited. This is just the beginning. ”
With an aim to reach out to the ever-expanding crypto community in India, the COO for CryptoBiz Exchange, Mr. Ahmad Dal envisions to educate and transform the existing market with a product that not only fulfils the needs but also creates new opportunities for the crypto enthusiasts across India, and the international market in the near future.
At the moment, the basic BTC buying/selling has been set up and is open for registrations. To use the amazing features provided by CryptoBiz, users are expected to register and open an account on CryptoBiz Exchange. The sign-up process is simple and standard, and once verified, users are directed to their dashboard.
Put simply, CryptoBiz looks to become the frontrunner for stabilising the Indian cryptocurrency-trading market. There are some unique features to list, and are all outlined on the official website. As of now, CryptoBiz Exchange is running a Beta version as more and more features are being rolled out. The Android and iOS smartphone applications shall be launched in the next few weeks as CryptoBiz seeks to take its feature-rich platform to the maximum users. In addition to that, an advanced exchange platform with DeFi features is being worked upon and shall be available to the ever-growing Crypto community very soon.
With the focus being on a secure platform and convenient user experience, CryptoBiz Exchange vows to serve its customers with the best proactive experience the market has seen.
Moreover, CryptoBiz Exchange has built up strategic partnerships with some of the biggest emerging names and services in the cryptocurrency world. Recently, CryptoBiz has collaborated with Trastra – a prominent Crypto Debit Card that enables Crypto to EUR Exchanges and facilitates purchase of crypto in the European Economic Area without exorbitant fees. CryptoBiz seeks to gear up for global expansion with an advanced exchange set to be launched very soon. Collaboration with global products like Trastra is just an indication of how customer convenience is the priority for CryptoBiz.
Are you tired of buying Bitcoin at a higher-premium? Do you need an exchange that prioritises your safety while still providing great services? CryptoBiz Exchange is the solution. With a smooth interface and prompt support, the superlative features are here for CryptoBiz to take the Indian cryptocurrency market by storm.
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Indian Crypto Boom: New Traders Flood Exchanges — CEOs Reveal What’s Driving Massive Growth
The Indian cryptocurrency industry is experiencing massive growth. New traders are flooding crypto exchanges, executives from four of the largest crypto trading platforms in India exclusively told news.Bitcoin.com. They also share their views on what drives the Indian crypto market, current traders’ sentiment, and institutional interest in crypto in India.
Cryptocurrency exchanges in India are seeing record numbers of new users signing up on their platforms, accompanied by huge surges in trading volumes.
At Unocoin, one of the oldest crypto exchanges in India, CEO Sathvik Vishwanath told news.Bitcoin.com last week: “Compared to the month of September, we are seeing about 2.5x the number of customers signing up for the service right now.” He added that Unocoin recently “expanded from brokerage to full-fledged exchange.”
Over at Wazirx, “New user signups have grown by 125%” and “Monthly trading volumes growth has increased by 225%,” CEO Nischal Shetty revealed.
Bitbns CEO Gaurav Dahake is seeing a similar trend, sharing that trading volumes on his exchange have increased by 200% over the last quarter. In addition, “daily user registrations have gone up 800%” since the Indian supreme court lifted the banking restriction in March.
Meanwhile, Coindcx CEO Sumit Gupta said that his exchange saw an overall yearly growth of 235.82% in signups compared to the previous year, adding that in the third quarter, his platform “saw 4x growth in daily active users.”
The four CEOs were asked about what is driving the Indian crypto market. Shetty told news.Bitcoin.com:
In March 2020, two major events happened which have boosted crypto adoption in India: the supreme court’s historic verdict and the pandemic.
He elaborated that “Several Indians have lost jobs, and this has led them to invest in cryptocurrency to earn side income by becoming traders, technical analysts, or crypto influencers.”
Gupta explained that “the national interest and curiosity in cryptocurrencies [are] at a new high in Q4.” He recalled that “the gradual shift started right at the beginning of the nationwide lockdown,” induced by the Covid-19 pandemic, which gave people more time at home to explore crypto trading. The supreme court lifting the banking restriction also “gave new entrants confidence to enter the cryptocurrency market,” resulting in “an increasing number of user signups and volumes.”
Dahake shared a list of key drivers fuelling the growth of the Indian crypto market, consisting of bitcoin’s “price, retail participation increase, exchanges spending more marketing dollars … and media coverage around it.”
The CEOs share a similar view when it comes to traders’ sentiment in India. “We are seeing a change in the mindset of investors and traders,” Gupta explained to news.Bitcoin.com, citing several educational initiatives, including some by his own exchange. “More traders are doing extensive research (technical and fundamentals) before making investments and trading decisions in cryptocurrencies.” According to him:
There has been a seismic shift in the mindset of investors and traders in the past few years.
“What I’m seeing is, people are now taking notice of crypto,” Shetty detailed, emphasizing that “bitcoin is a digital asset which is not limited to any country, or entity, but available to anyone around the globe. Most people you see would actually like to have bitcoin in their portfolio because it’s a future asset.” Furthermore, he noted that bitcoin’s price shooting up is an important factor.
Dahake described Indian trader sentiment as “Strongly positive.” He recommends that most new users start with dollar-cost averaging (DCA) bitcoin instead of trading cryptocurrencies directly, noting that his exchange provides a service for this called Bitdroplet.
The executives also agree that positive crypto news from around the world, such as Paypal’s new crypto services, does influence the Indian market.
While institutional investors are increasingly interested in cryptocurrency in countries like the U.S., the four CEOs agree that there is still little institutional interest in crypto in India.
Institutional interest “is fairly low but growing now,” Dahake remarked. “Custody remains the largest problem with institutional adoption. Till players like Fidelity and others which are big in traditional finance start providing that in India, that would not explode.” In comparison, he described:
Retail is growing really fast because the Indian stock market equity returns have been really low.
Noticing a similar trend, Gupta affirmed that “At the moment, interest and demand among Indians has been purely retail,” but added that he believes “we may see similar institutional investors in India in the coming years.”
Sharing the sentiment, Shetty concurred that institutional participation is “very low in India in crypto,” citing that “regulatory uncertainty is the biggest hurdle.” He emphasized, “institutional players would need regulatory clarity before participating in a new asset class like crypto.”
Vishwanath clarified that Unocoin’s recently launched exchange “is designed to cater to both retail and institutional investors,” concluding:
We have seen in the past that India follows a trend that is similar to developed countries lagging by a few quarters. So this has made many institutions to start thinking about crypto in their balance sheet but they are yet to jump on the bandwagon yet.
What do you think about how fast the Indian crypto industry is growing? Let us know in the comments section below.
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Author: By TeamMMG
Bitso Cryptocurrency Exchange Raises $62 Million in Series B Funding
Bitso hopes to utilize the newly acquired funds to expand its operations by setting up an office in Brazil.
“We have been talking to QED and Kaszek for a really long time and they have been interested in crypto but hadn’t pulled the trigger until now,” said Daniel Vogel, CEO, and co-founder of Bitso. “I think the conviction from them is because we are really focused on making this technology accessible to the people of Latin America.”
Bitso’s previous partners including the Coinbase exchange and Pantera Capital also participated in this latest funding round. Despite the amount of funds committed by each partner in this latest funding round is unknown, Nigel Morris, co-founder and managing partner of QED Investors, and Nicolas Szekasy, co-founder and managing partner at Kaszek Ventures will be joining the board of Bitso exchange.
The cryptocurrency opportunities in Latin America are gaining grounds owing to the fact that banking and traditional financial institutions are less sophisticated. These inherent opportunities are arguably what attracted the new funding round leaders who are both making their first investments in the cryptocurrency ecosystem.
“Crypto has more opportunity in regions like Latin America than the U.S. where the banking infrastructure is more sophisticated,” said Nicolas Szekasy, speaking over the phone with Forbes. “We’ve been looking into the space for years and we have strong conviction that Bitso is the way to go.”
While Nicolas’ words reflect what drove them to back Bitso in the funding round, QED Investors were particularly intrigued by the potentials of the remittance opportunities Bitso exchange will provide considering its close proximity to the United States.
Bitso currently enjoys a reasonable market share in the $36 billion US-Mexico remittance corridor and the exchange hopes to utilize the newly acquired funds to expand its operations by setting up an office in Brazil.
“Brazil is probably the most exciting place to be building out how we envision crypto-powered financial products for the end customer,” Vogel said. “So there’s going to be a very strong commitment from Bitso in Brazil where we aim to triple the size the team over the next 12 months.”
Bitso is already making impressive strides in Latin America, the decision to establish a branch in Brazil comes following its growing userbase in the country which now tops 1 million. Bitso is also the only regulated exchange in Argentina, giving the firm a strong foothold in the country.
QED investors are also committed to helping Bitso achieve this expansionary goal. “QED has long kept a pulse on the crypto market and Bitso in particular,” said Nigel Morris in a statement. “The power crypto has to disrupt and innovate traditional financial services is inexorable and we look forward to using our operating knowledge and expertise to help Bitso achieve exactly that.”
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.