In the past month, many countries have eased quarantine measures, which has led sectors like the hotel and retail industries to resume normal business procedures. At the same time, the crypto industry is one of the few sectors that has experienced steady growth throughout the pandemic. Cryptocurrency exchange platforms now have the perfect opportunity to broaden their reach and attract new users. It is a time when we can see important developments underway that could shape the future of the crypto industry.
Survey shows industry growth in India
The Indian news agency Bit2buzz conducted a survey of local crypto banks and exchanges, including Wazirx, Unocoin, Coindcx, Pocketbits, Bitbns, Cashaa, Bank of Hodlers and Oropocket. The investigation is trying to understand "the effect of COVID-19 on Indian entities in the cryptographic blockchain," said the media company.
After the Supreme Court decided to lift the ban on cryptocurrencies in India ordered by the Reserve Bank of India (RBI), the industry flourished across the country. Coinciding with the global pandemic and the economic crisis, crypto has become an alternative financial asset to the Indian rupee whose annual inflation rate is almost 10%. While most industries are suffering, crypto companies are experiencing a massive increase and higher transaction volumes amid the foreclosures. For example, Nischal Shetty, CEO of Wazirx, shared that the volume of transactions increased by 470% on his trade, while Cashaa noted an increase in volume of more than 800%.
Ebang, a Chinese crypto miner, launches digital exchange
Chinese mining company Ebang has announced plans to launch an offshore exchange of digital assets with the aim of generating additional revenue for overseas expansion. The Hangzhou crypto market expects revenues to increase 40% this year, possibly reaching $ 200 million if the offshore trade is launched. Ebang plans to apply for licenses in the United States or Singapore to reach new users. Currently, 90% of the company's revenue comes from its Chinese user base.
HitBTC switches to IOS
Today, mobile users make up a large part of cryptocurrency users, choosing to manage their portfolio of digital assets on the go. This is why the release of the HitBTC application on the App Store is long overdue. According to a stock market blog article, this mobile application has a full range of account management options that will allow HitBTC users to access deposits, withdrawals, transfers and transaction histories. The HitBTC iOS app joins the existing stock market Android app, which has also been updated.
Gaining momentum in France, Australia and the United Arab Emirates
Other developments this month include good news regarding the expansion of the crypto industry and reaching new markets. French crypto wholesale startup SheeldMarket has announced the closing of a million-dollar round table led by Draper Dragon and Axeleo Capital, followed by Kima Ventures, Acequia Capital and Charlie Songhurst.
One of the largest exchanges, Kraken, has announced the start of operations in Australia. The Australian dollar (AUD) will join other fiat currencies supported by the platform, such as the US dollar (USD), the Canadian dollar (CAD), the Swiss franc (CHF), the euro (EUR), the British pound (GBP) and Japanese yen (JPY).
The Dex trading platform has announced that it has obtained a financial services authorization (FSP) from the Financial Services Regulatory Authority (FSRA). Secure in the United Arab Emirates, the authorization will allow Dex to offer its services worldwide. The platform will support all major fiat currencies, including USD and EUR, as well as local currencies such as the United Arab Emirates.
We will continue to seek more information on cryptography from around the world. These are the steps that industry leaders are now taking to maintain the momentum of the industry and continue to thrive in a changing world. The mission behind these entities is to grant more people financial freedom and autonomy, giving them the ability to maintain control over their own finances, even in times of global crisis.
