Leading Indian cryptocurrency exchange Zebpay has added new cryptocurrencies to its crypto-to-crypto trading platform. The exchange now supports 19 cryptocurrencies and over 35 trading pairs, as it prepares for the banking ban by the country’s central bank to go into effect next week.
19 Cryptocurrencies, 35+ Trading Pairs
One of the largest cryptocurrency exchanges in India, Zebpay, announced Friday that it has added a number of cryptocurrencies to its crypto-to-crypto trading service. Zebpay claims to have over 3 million users.
The exchange launched its crypto-to-crypto trading service in late April with just one trading pair – ETH/BTC. In early May, it added six more markets, trading BTC against BCH, LTC, XRP, EOS, OMG, and TRX.
Then on Friday, June 29, Zebpay added 10 new crypto-to-crypto markets: NCASH, REP, BAT, ZRX, ZIL, GNT, VEN, KNC, CMT, and AE. The exchange wrote, “Zebpay announces the launch of 10 new crypto-to-crypto trading pairs. You can now trade 10 new tokens, supported by Zebpay, with BTC,” adding: Now, trade 19 cryptocurrencies and 35+ trading pairs on Zebpay cryptocurrency exchange.
Ramping Up Crypto Trading Ahead of RBI Ban
India’s central bank, the Reserve Bank of India (RBI), issued a circular that mandates all financial institutions under its control to stop servicing companies dealing in cryptocurrencies by July 5.
Following the circular, industry participants petitioned the Supreme Court, challenging the RBI ban. The Court originally scheduled the hearing date to July 20, two weeks after the ban is set to take effect, but reportedly decided to move that date to July 3. In the meantime, crypto exchanges in India are actively preparing to lose access to banking services.
Zebpay recently informed its customers that fiat deposits and withdrawals are likely to cease following the ban, advising them to make any necessary withdrawals beforehand. Following this announcement, all cryptocurrencies listed on the exchange experienced spikes in their trading volume as sell orders piled up.
Zebpay is not the only Indian exchange ramping up crypto-to-crypto trading ahead of RBI’s ban. Unocoin recently launched Unodax, a multi-crypto trading platform, offering the trading of 15 cryptocurrencies. The exchange has also launched an asset allocation tool called Crypto Basket. Another exchange in the country, Koinex, also offers crypto-to-crypto trading.