PayBito: The Top Cryptocurrency Exchange in India to Offer INR Support
Looking back at India’s crypto history, the digital assets industry was off to a great start in 2013 till 2017, initiating the birth of some of the top cryptocurrency exchanges in India. It came to a standstill in 2018 owing to the crypto trading ban imposed by the Reserve Bank of India. After two years of filing multiple petitions under the Supreme Court, the Apex judiciary body finally lifted the ban in March 2020, commencing a new era of crypto development in India.
The timing was somewhat tricky, as soon after the country was plunged into the pandemic crisis, alongside other nations. Sudden lockdowns initiated in an attempt to curb the virus outbreak, dealt a heavy blow to all the industries. The stock markets crashed due to panic selling and the overall impact of a global economic meltdown.
Surprisingly, the one industry that hardly suffered any setback apart from the initial impact was the digital assets sector. Owing to its decentralized architecture, crypto was able to pick-up fast, while the other asset classes were struggling to bounce back from the fallout.
India had been just liberated and both the old exchanges and global exchanges started active trading operations, offering traders with a new more profitable asset class to trade in, to make up for their stock losses. The timing was perfect and soon India’s new crypto era transformed into a full-blown cryptocurrency boom, thanks to leading cryptocurrency exchanges like PayBito, WazirX, CoinDCX, BitBNS and likewise.
The Relevance of Native Currency Support:
While the ban lift has entailed frenzied activity across crypto exchanges operating in the region, there are major areas that need improvement for the crypto industry to further growth and development. One significant aspect that many global exchanges need to focus on and even the local exchanges should work on is the currency support offered to the traders.
Most global exchanges that initiated or resumed operations in India lack INR support (the native fiat currency of India), making trading restricted to a handful, or making it complicated for the traders. Although the local exchanges support INR, the lack of API integration with global exchanges brings the price of the crypto assets down. The handful of crypto trading pairs is also an issue that minimizes trading options for the users.
Why are we stressing on INR support? Exchanges targeting a particular region and its users must offer the native fiat support as it simplifies the trading experience for the traders. Indian traders will find it easier if they are given INR support for withdrawal and deposit, rather than making it work with other fiats like USD. It unnecessarily complicates the trading process, which might be a turn off for many. The difference is evident from exchanges PayBito, a global exchange that offers full INR support, compared to the others, contributing to its consistent trading surges.
PayBito Introducing INR Support:
The top global crypto trading platform PayBito has become one of the best cryptocurrency exchanges in India, owing to its host of contributing features, one of which happens to be complete INR support for withdrawals and deposits for traders. PayBito was one of the first global exchanges to initiate trading operations in India in 2017. After two years of dormancy, they were fast to re-launch their trading activities post-ban lift.
They have been the first of all global exchanges to offer INR support through their exchange, along with the lowest trading commissions and the most extensive range of crypto assets and trading pairs. The integration and connectivity, with other major exchanges, has allowed it to offer its traders with the best trade prices compared to its peers like WazirX and BitBNS.
The INR support has reportedly led to consistent trading surges and heavy traffic for exchange registrations as per company sources. It is a queue for the others to offer similar fiat support to make crypto trading more user-friendly, thus accelerating the growth of the crypto industry in India.
Top Cryptocurrency Exchanges Driving Growth in India
‘Leading global crypto exchange PayBito launches trading operations in India”, “Binance acquires Indian crypto exchange WazirX’, were some of the powerful and statement makes headlines that initiate the crypto boom in India. Since then things have been accelerating fast driving growth and mass adoption of cryptocurrencies in the region.
According to industry reports, WazirX even with the backing of Binance has managed to create less of an impact compared to PayBito, the USA based exchange that has won over the Indian crypto enthusiasts through its user-friendly trading platform, INR support, low trading fees, crypto portfolio and lots more. With active operations in the region, PayBito has been recognized as the top cryptocurrency exchange in India and the only one to actively offer INR support to the traders.
To summarize it, INR support is a crucial aspect of exchanges operating in India. It appeals more to the traders as it simplifies deposits and withdrawals, allowing them to trade with ease.