Peer-to-peer Bitcoin trading is surging in India, with P2P crypto marketplace Paxful reporting significant increases in Indian volume and account registration.
Peer-to-peer Bitcoin (BTC) marketplace Paxful has reported significant increases in Indian trade volume as the country’s regulatory climate warms to crypto.
Speaking to Cointelegraph, Paxful CEO Ray Youssef revealed that monthly new user signups have increased by 28%, adding that Paxful’s community on Telegram is approaching 10,000 members.
The surge in sign-ups from Indian traders has followed the Supreme Court’s reversal of the Reserve Bank of India’s (RBI) longstanding ban on banks providing financial services to crypto firms.
Indian volume and sign-ups spike on Paxful
According to data published by UsefulTulips, Indian trade on Paxful has increased 883% from $2.2 million to $22.1 million when comparing the first five months of 2019 and 2020.
Youssef asserts that Delhi, Maharashtra, West Bengal, and Uttar are the Indian cities producing the strongest trading activity by the number of transactions.
In the first half of 2020, Paxful’s Indian volumes have grown to exceed $1 million in weekly volume on average, posting three consecutive all times in the seven-figure range during May.