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Bitcoin Boom of India: Zebpay expects 500k new monthly users in 2018; Reaches 1 million downloads of applications

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Indian Bitcoin Portfolio and Trading Platform Zebpay gets a million downloads from its service on Android only and provides half a million new users per month, against 200 000 currently.

Launched in 2015, Bitcoin startup Zebpay is now one of India's leading bitcoin exchanges alongside Unocoin and Coinsecure. Unlike its competitors, Zebpay has adopted an application-only model in a country where mobile rates are among the cheapest in the world, with smartphone adoption rates rising sharply.

"We worked hard to understand and solve the problem of understanding bitcoins," says co-founder Saurabh Agarwal in an interview with Forbes. "We made the key decision that mobile phones are huge in India and that internet penetration is important through phones, so we decided to have a presence enforced only in India."

Zebpay reached half a million downloads of its application in May 2017, two years after its launch. It took only four months for the platform to double and record one million downloads of its application, highlighting the massive growth in the adoption and notoriety of bitcoin in India.

The founders of Zebpay are waiting for the momentum to remain faithful to the current support of bitcoin exchange planning for other cryptocurrencies, including the ether. Ethereum, XRP from Ripple and Litecoin. Zebpay added 2,500 new users per day in May 2017. That number has more than doubled now, as co-founder Sandeep Goenka adds:

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We add 200,000 users per month. After two months, we will add 500,000 users per month.

Earlier in August, Indian Finance Minister Arun Jaitley addressed the "notable growth" of the Indian bitcoin market in recent years during a parliamentary session a month after the Indian Coinsecure Exchange had to temporarily close its doors. exponential growth "of bitcoin users in the country.

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Exploiting the market potential, Bitcay Bitcay Polish Bitcoin Exchange has launched a trading platform supporting multiple cryptocurrencies, including Bitcoin in India.

Last month, the deputy governor of the central bank of India revealed that the authority was working on a regulatory policy for the legality and regulation of bitcoin and cryptocurrencies in the country. All signs indicate that Bitcoin is becoming lawful with Bitcoin adopters likely to be taxed in the country.

Image from Shutterstock.

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