Zebpay, one of the oldest Indian crypto exchange platform has come to closure. It comes as no surprise that RBI ban has badly affected the crypto ecosystem in the country and hence blockage for virtual currencies to flourish any further with the prevailing condition.
It is said that every crypto enthusiast who started their crypto venture in India was through Zebpay. Ultimately due to no support from the government, the exchange has stopped their services.
On Friday, the company’s official blog post made an announcement that,
“The curb on bank accounts has crippled our, and our customers’ ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business[..]As a result, we are stopping our exchange activities.”
Furthermore, the blog explained that all the unexecuted crypto orders as on 4 PM IST will be canceled and credited back to the respective Zebpay wallet. Essentially the company also highlighted that all the wallet operations will be continued even after the company closure and customers can go ahead and use it for depositing, withdrawal of coins/tokens in their wallet.
Established in the year 2015, Zebpay started trading with an app-only service which gained a lot of traction up to 200,000 app downloads on smartphones and reached a yearly turnover of around $7 million USD. Sooner the company became one of the popular exchange on both mobile and desktop platforms.
However, very soon with RBI ban on supporting fiat to crypto conversions, the company observed the sharp decline in their revenue which apparently forced them to shut.
If cryptocurrency creates a huge wealth-earning opportunity in the future, India will miss the bus. I don’t know who has to be blamed for not creating a platform in which Indians could have participated
– Ajeet Khurana, the chief executive officer of Zebpay
What do you think of this move by Zebpay? Will Indian crypto ecosystem improve with the prevailing condition? Let us know your thoughts in the comment section below.
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