India's crypto growth, Mobile Versions And New Markets Around The World
In the past month, many countries have eased quarantine measures, which has led sectors like the hotel and retail industries to resume normal business procedures. At the same time, the crypto industry is one of the few sectors that has experienced steady growth throughout the pandemic. Cryptocurrency exchange platforms now have the perfect opportunity to broaden their reach and attract new users. It is a time when we can see important developments underway that could shape the future of the crypto industry.
Survey shows industry growth in India:
The Indian news agency Bit2buzz conducted a survey of local crypto banks and exchanges, including Wazirx, Unocoin, Coindcx, Pocketbits, Bitbns, Cashaa, Bank of Hodlers and Oropocket. The investigation is trying to understand "the effect of COVID-19 on Indian entities in the cryptographic blockchain," said the media company.
After the Supreme Court decided to lift the ban on cryptocurrencies in India ordered by the Reserve Bank of India (RBI), the industry flourished across the country. Coinciding with the global pandemic and the economic crisis, crypto has become an alternative financial asset to the Indian rupee whose annual inflation rate is almost 10%. While most industries are suffering, crypto companies are experiencing a massive increase and higher transaction volumes amid the foreclosures. For example, Nischal Shetty, CEO of Wazirx, shared that the volume of transactions increased by 470% on his trade, while Cashaa noted an increase in volume of more than 800%.
Coindcx CEO Sumit Gupta shared that the daily trading volume on his exchange was around $15 million, adding that growth has continued on his exchange. He pointed out that Indians are highly active during the lockdown as they have a “chance to learn more about the benefits they could accrue with crypto, as well as to learn how to engage in the trading of crypto,” elaborating:
The lockdown due to the covid-19 pandemic meant that Indians spent more time at home, sustaining the national interest and curiosity in cryptocurrencies that was already high due to the favorable supreme court verdict.
Gaining momentum in France, Australia and the United Arab Emirates:
Other developments this month include good news regarding the expansion of the crypto industry and reaching new markets. French crypto wholesale startup SheeldMarket has announced the closing of a million-dollar round table led by Draper Dragon and Axeleo Capital, followed by Kima Ventures, Acequia Capital and Charlie Songhurst.
One of the largest exchanges, Kraken, has announced the start of operations in Australia. The Australian dollar (AUD) will join other fiat currencies supported by the platform, such as the US dollar (USD), the Canadian dollar (CAD), the Swiss franc (CHF), the euro (EUR), the British pound (GBP) and Japanese yen (JPY).
The Dex trading platform has announced that it has obtained a financial services authorization (FSP) from the Financial Services Regulatory Authority (FSRA). Secure in the United Arab Emirates, the authorization will allow Dex to offer its services worldwide. The platform will support all major fiat currencies, including USD and EUR, as well as local currencies such as the United Arab Emirates.
We will continue to seek more information on cryptography from around the world. These are the steps that industry leaders are now taking to maintain the momentum of the industry and continue to thrive in a changing world. The mission behind these entities is to grant more people financial freedom and autonomy, giving them the ability to maintain control over their own finances, even in times of global crisis.
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