It is rather evident the crisis in India is positive news for Bitcoin as a whole. ZebPay, one of the country’s largest cryptocurrency exchange platforms and wallet providers, has seen a significant growth in the past few weeks. In fact, the company added just over 50,000 new users during November 2016.
November Was A Good Month For The Zebpay Team
Running a Bitcoin exchange and wallet service can only be successful if the number of active users continues to increase. For ZebPay, that growth has not been an issue by any means, as their user base continues to grow steadily. The recent financial turmoil in their home country of India only adds to the success of this company.
In a recent interview with Zeebiz, ZebPay COO, and Co-Founder Sandeep Goenka shared some interesting details regarding the platform’s growth. With the value of Bitcoin more than doubling over the past twelve months, an increased interest in cryptocurrency is not all that surprising. Moreover, ZebPay gives users plenty of options to actively spend Bitcoin on goods and services they may need, which is a bonus.
Ever since the user base started to grow, so has the monthly trading volume on ZebPay. Just least month, the company surpassed the Rs 500 crores turnover mark, which is quite significant. Currency conversions show us this equals to nearly US$74m in trading volume, which is a lot of money for a developing region such as India.
This growth can partially be attributed to the 50,000 new users ZebPay attracted in November of 2016 alone. Additionally, the company’s mobile application has been downloaded over 200,000 times, which is not entirely surprising. Most residents in India use their mobile device for financial services, and Bitcoin is no exception to this rule.
In fact, Bitcoin is becoming quite the compelling alternative investment opportunity for Indians. Unlike other parts of the world, India is home to many services accepting Bitcoin payments. For example, users can spend cryptocurrency on mobile top-ups, paying bills, and purchasing gift vouchers. But it is also a viable tool to hedge against future financial instability, which is due to hit the country over the coming months.
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