Brief –
- Indian cryptocurrency exchanges struggle to secure reliable payment options as banks break ties.
- Most crypto fans rely on given alternative combinations.
- Foreign exchanges find ways to join the Indian crypto space regardless of the uncertainties.
Most crypto exchanges are now feeling the pressure since RBI directed financial institutions in the region to avoid cryptocurrency involvement. As payment gateways exit the digital trading market, users have experienced slow transactions. As a result, most reputable crypto exchanges flood with client complaints.
ZebPay crypto exchange co-CEO Avinash Shekhar stated that banks remain reluctant as far as cryptocurrency in the nation is concerned. The executive said that they have communicated with multiple transaction partners. But they are slow for the business. According to industry estimates, India hosts around 15 million cryptocurrency traders holding coins worth more than $1.34 billion (100 billion Indian rupees).
Alternative Dependence
To survive the current market condition, exchanges in India depend on different transaction alternatives. Some platforms decided to create their payment processors or work with small payment solutions. For example, the small payment firm Airpay is working with two exchanges at the moment. Other platforms have found immediate solutions or allow peer-to-peer transactions only.
Some exchanges have opted to mix and match their services whenever the need arises. For instance, WazirX offers peer-to-peer transactions on given days. Meanwhile, Vauld accepts bank transfers as it seeks reliable payment processors to support its settlements.
The worst thing is that the smaller payment options have already confirmed fruitless at scaling. These payment dealers seem successful when completing high-volume transactions. That is why most users flooded crypto platforms with complaints.
An unnamed Indian cryptocurrency exchange CEO stated that partnering with stopgap payment solutions seems like a temporary option due to the instability with these processors.
Indian Crypto Exchanges
Regardless of the regulatory alarms surrounding the Indian cryptocurrency market, some crypto players view that as an opportunity to venture. Multiple crypto exchanges try to understand the market as far as entry points are concerned. Some platforms want to have subsidiaries in the nation or purchase a local settlement.
Have we forgotten anything? Use our comment section for your addition.
