ZebPay, an Indian Bitcoin exchange company, clocked in a turnover of over 500 crore (USD 5 billion). They did more than Rs 100 crore of trade turnover in November 2016 and are on target to achieve a turnover of Rs 1,000 crore, this year.
Sandeep Goenka, COO and co-founder, ZebPay, attributes the increased interest in Bitcoin in India to demonetization. This sudden rise in interest has catapulted the value of the bitcoin from around $300 last year to now over $700.
Bitcoin has been termed as “Virtual Gold” by Millennials and is maturing as an asset class. Bitcoin is a better and safer mode of payment, as against physical bullions that can sometimes be cumbersome to store.They are much simpler for storage, trading and transfers.
Sandeep Goenka says, “Digital assets like bitcoin are a new asset class. This new asset class is on the cusp of an explosion in adoption.”
Zebpay works like any other commodity or stock exchange. It’s a place where buyers and sellers of bitcoins come together. The Zebpay app is available for Android and iPhones. Zebpay is like Paytm but powered by bitcoins, according to Sandeep Goenka.
Bitcoins can be stored and sent or received using ZebPay and can be used for online shopping. One can also top up airtime, data card and pay DTH bills using bitcoins.
Currently bitcoin is priced at Rs 58,300 in Indian markets and $746 worldwide. Bitcoin prices soared from Rs 25,000 in January 2016 to more than Rs 55,000 at current prices. It has been the best performing asset this year.
As for Bitcoin regulations, most western countries have them in place. India on the other hand is still waiting for them, expected to follow in 2-3 years. Till then, we have our own account verification processes. ZebPay requires PAN card for any transaction and only allows bank to bank transfers.