Cryptocurrency exchange Zebpay has added Ripple’s XRP token to its trading platform.
Zebpay is an app-enabled bitcoin wallet provider headquartered in Singapore, with an office in Ahmedabad, Gujarat, India. The company claims to be India’s first bitcoin company to launch a mobile bitcoin wallet app that enables bitcoin transactions using a mobile number without any complexities to understand bitcoin addresses.
After adding Bitcoin Cash and Litecoin support in the last couple of weeks, Zebpay has made Ripple trading available for Indian users. Zebpay users will now be able to buy and sell XRP, which is currently the third most valuable cryptocurrency with its market capitalization around $41 billion.
Ripple claims that XRP can handle 1500 transactions per second with an average settlement time of 4 seconds. Many institutions – such as Santander Bank, Axis Bank, Yes Bank etc – are testing Ripple’s technology to bring down their cost and increase efficiency.
The Indian government does not recognize cryptocurrency as legal tender. Earlier this month, India’s finance minister Arun Jaitley said that the government will take the necessary steps to eliminate cryptocurrency’s use in the payment system. Following Jaitley’s comments, Economic Affairs Secretary Subhash Chandra Garg said the government will come out with a framework to regulate cryptocurrencies by the end of this financial year. (The Indian government’s financial year runs from April 1 to March 31.)
However, the increased regulatory pressure does not appear to have affected the Indian crypto market. According to a recent survey, India still accounts for 10 percent of all cryptocurrency transactions around the world.
John Wright, a market analyst from London, said Jaitley’s comments does not change anything, apart from selling sensational news which the Indian media did.
“Indian exchanges are already heavily regulated and if good news breaks out in March then the current 10% of market contribution that India has can shoot up to 30%,” said Wright.