There was a time when Indian investors had whole-heartedly invested in Bitcoin due to ZebPay’s tireless efforts.
ZebPay is an internationally renowned crypto exchange firm which set up its establishment in India. In 2014 ZebPay India came into being after its parent company learnt that Indian investors are keen to invest in Bitcoin. The exchange claimed that after its launch, 80% of entire supply of Bitcoin in India was held by ZebPay India.
It is true that once ZebPay was the pioneer crypto exchange in India and hosted 2/3 majority of Indian crypto-investors. However, when the Government of India imposed a nationwide ban on crypto business, ZebPay had to pack up and leave India. It had then relocated its business from India to somewhere else but rendered its online services to Indian customers.
Thereafter, a round of litigation started between crypto investors and Indian Government before the Indian High Courts. The matter was ultimately heard by the Supreme Court of India which decided the matter in favour of investors. The ban was ordered to be lifted by the Supreme Court.
Coming to know that Supreme Court is going to suspend the ban, ZebPay returned to India in January this year. It took almost two years for ZebPay to re-establish its physical presence in India.
Since its re-establishment in India, ZebPay is on its heels igniting Bitcoin boom in the country on a rapid pace. Its popularity amongst Indian crypto investors is continuously growing. In particular, when the businesses were closed in India due to Covid-19 Pandemic, the exchange’s profits were reaping.
Rahul Pagidipati from India bought majority shares in ZebPay India and took its charge by becoming CEO of the exchange. In an interview Rahul told that crisis create adversities and economic hardships create alternatives. He stated further that Bitcoin was created in 2008 when the world was facing economic crisis. Today the world is facing yet another crisis which too has severely damaged global economy, he said.
Rahul also suggested that people want to ensure safety of their funds and therefore the need for digital currency arises.
It has been reported that since March till the end of October, ZebPay’s Indian customers have increased in 3x figures.