This Crypto Exchange Platform Is Handling $1Bn Worth Crypto Per Month
Founded in 2014 by Rahul Pagidipati, a serial investor, Zebpay is one of the major crypto exchange platforms in the country with over 4 million users and over $1 billion in monthly transaction volumes
Cryptocurrency has certainly grabbed more headline spaces than any other tech innovation in the past four or five years. It was not that cryptocurrencies never existed before 2021, but the popularity of these virtual digital currencies peaked this year. India, a country that prefers traditional and age-old practices at present is expected to hold INR 1,500 crore worth of cryptocurrencies in the form of Bitcoin, Ethereum, Doge, among others.
Indian crypto exchange platforms continue to see a surge in interest among Indians and have to upgrade their platform to meet the demand. One such platform is Zebpay, a Singapore-headquartered platform.
What is Zebpay?
Founded in 2014 by Rahul Pagidipati, a serial investor, Zebpay is one of the major crypto exchange platforms in the country with over 4 million users and over $1 billion in monthly transaction volumes.
Pagidipati, who is the co-chief executive officer of the firm, said that ZebPay is part of the mission of Bitcoin and Ethereum. According to him, both Bitcoin and Ethereum are not just trading assets and are designed to solve major problems in our economy such as to fight inequality and improve financial inclusion.
“Right now we’re mainly an exchange, but in the future, we plan to offer other services based on blockchain, such as health insurance. As an exchange, we also offer a feature called “Lend” to earn passive income on crypto investments,” he added.
When asked about the impact Zebpay has made over other crypto exchange platforms in the country, Pagidipati cited a 2020 survey by influencer channel Crypto Kanoon that found nearly ⅔ of Indian crypto owners had bought their first bitcoin on ZebPay.
“Our co-founders vision was to give Indians a way to access this new technology and asset class,” he added.
This year, the platform has introduced features designed for long-term wealth creation.
“Our Lending feature offers returns higher than bank savings accounts. This way, our members aren’t just holding for future profit. They’re also earning passive income now,” he explained.
Historic Judgement & Future
While cryptocurrency had hit a roadblock in 2018, the Supreme court in march 2020 overruled the RBI 2018 circular which prevented banks from dealing with cryptocurrencies. Speaking on the historic judgment by the apex court, Pagidipati said that their exchange was back, the transaction volumes exploded, and Zebpay had to scale up everything.
“We’ve gone from fewer than 50 employees to nearly 200 today and we’ve done it all remotely,” he added.
For the coming days, Zebpay will come up with a new platform version and is aiming to launch a full digital asset marketplace, Dazzle, which will have the capability to go beyond just art and collectibles
“We also have an R&D department, ZebLabs, that is working on some cool blockchain projects for social impact, which we will roll out in the coming months,” he concluded.