With the Supreme Court pondering over the issue of crypto-exchanges in India, the crypto futures trading in India seems to be on a massive surge in just two months of 2020.
According to CoinDCX’s chief executive officer Sumit Gupta, there is a huge rise in the demand for futures trading in the Indian crypto user base. CoinDCX is India’s first crypto-to-crypto trading platform.
Another Indian crypto-exchange, Unocoin has been serving more than 25000 of its active users in India and is planning to launch the derivatives option very soon. This information was revealed by the co-founder of Unocoin, Sathvik Vishwanath. Unocoin is in a legal battle with the central bank for proper rules and regulations regarding the cryptocurrencies.
Crypto futures trading in India – problems?
Delta Exchange chief executive officer, Pankaj Balani commented the Mumbai based team of Delta Exchange is focused on bringing crypto futures trading in India in 2020. However, the major problem that lies ahead of them is ‘scaling’. The derivatives are the least penetrated market in crypto till now in India and this can be exploited very well.
With the hype building up, there are international exchanges like Binance which have already their eyes fixed on the crypto futures trading in India. Binance acquired WazirX, which was the biggest digital assets platform in India. It is predicted that 2021 will be the year when Binance will make their presence felt in the country.
Not only this, the crypto user base throughout the country is on a steady rise. K Gaurav, the CEO of Cashaa has revealed that his banking platform has seen a rise of more than 150% in terms of growth in cryptocurrency-related activities. Overall, Indians have been exchanging more than 1000 bitcoin according to the daily volume stats.
2020 will be the year where India will see a major development in the crypto space and major corporations and startups are eyeing for their share in this vast market.
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