India has seen tremendous growth in the cryptocurrency market since its inception. Major currencies like Bitcoin and Ethereum have grown ten times faster than others. Virtual currencies are now becoming more normal. It has slowly been able to take up the mainstream market space.
This has given rise to many exchanges that deal with the whole of cryptocurrency trading trying to make it more feasible and acceptable. Recent information in this area is that the nation’s leading cryptocurrency exchange Coin Switch Kuber has announced a massive growth rate. To know more; let’s get into it.
LEARN MORE ABOUT THE KUBER SWITCH CORNER
The company provides a secure and completely user-friendly platform that allows users in India to process over 100 cryptocurrencies offering numerous payment options serving customers with the best exchanges and rates. The main reasons people trust these exchanges are:
- A simplified user base
- Work on instant deposits and withdrawals
- Best market rate
- Appropriate customer support
The company is trusted by the biggest players in the market like Sequoia, Ribbit Capital and Paradigm. The app is trusted by over 3 million Indians for proper trading. They provide a minimum investment of Rs. 100.
The company recently announced that it has experienced tremendous growth over the past 10 months. The user base has grown significantly from 25,000 to 4 million.
This is mainly due to the fact that the country has become the second largest Bitcoin market, spawning a large number of platforms that have responded to this outbreak in a fairly flexible way.
The facilities of the easy and instant mode of investment in these asset classes are possible mainly thanks to the actors or intermediaries who have reduced this gap.
CRYPTO TRADE BASES
Cryptocurrency trading is nothing but the process of converting Indian Rupee into cryptocurrency or any other cryptocurrency into cryptocurrency. The process involves a trade-off between the two that gives you the best rates at affordable prices.
CRYTPTO TRADING IN INDIA
Three years ago; the picture was rather gloomy because the RBI ordinance spoke of banning the use of these currencies. Although in March 2020; this ban was lifted by the Supreme Court, making the market more lucrative.
But the hassle is not over yet.
Yet questions about the legality of currency are constantly raised. Last month during the budget session; Finance Minister Nirmala Sitharaman has clearly expressed her interest in stating that “the government does not consider cryptocurrencies to be legal tender or as currency and will take all measures to eliminate the use of these crypto-assets in the financing of illegitimate activities or within the framework of the payment system “. The committees created have signaled a ban on all private cryptocurrencies, although any state-issued are eagerly awaited.
Long story short; the government has done its part in warning people. The choice now rests on your appetite for risk. Its legal status and future are quite exciting if we are ready to break into technological innovations.