Zebpay stopped trading and continue as wallet

One of India’s largest cryptocurrency exchanges, Zebpay has announced that it’s shutting down its exchange business from Friday 4 PM. In a blog post, the company said that all pending transactions will be cancelled and remaining cryptocurrency units will be credit back to user’s wallets.

Even as the company stated that it will continue to run its wallet service, shutting down of the exchange blow is being seen as a big blow to the virtual currency ecosystem in India. The Supreme Court is yet to announce its final stance on the future of cryptocurrencies like Bitcoin and Ethereum in India after the Reserve Bank of India directed all regulated banks and institutions to stop providing services to all virtual currency exchanges.

Launched in 2015, Zebpay is arguably one of the largest entities in the cryptocurrency business in India. The company states that it has 3 million users across its mobile apps and the platform supports 20 cryptocurrency and 22 trading pairs.

However, with the RBI ban, the going got tough for all cryptocurrency players in India. Even as exchanges tweaked their operation models and started facilitating peer-to-peer transactions through their platforms, transaction volumes from new users flat-lined or fell for most platforms.

Now several exchanges such as Bitbns,Koinex,Coindelta,Wazirx is giving offers to Zebpay users.Each exchange is giving special benefits to the Zebpay users.These exchanges felt that zebpay shuts down is blow for industry but they will continue business with more pairing trades and will bring awareness about virtual currencies.They will not run away in this hard time and people of India has every right to trade virtual currencies.And they hope India govt will bring special law for virtual assets.
Posted On: Oct 01, 2018

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