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India’s 1st crypto-exchange Zebpay planning comeback to its home market

Almost 16 months after shutting down its operations in India, crypto-trading platform Zebpay is relaunching in the market, according to reports. Once a poster boy of the crypto community in the country, Zebpay was forced to shut shop following a banking ban by the Reserve Bank of India (RBI) that barred regulated financial services firms and banks to deal with crypto entities.

Zebpay’s relaunch plans surface even as the banking ban continues, and India’s Supreme Court is yet to pass a final judgment on litigations filed questioning the banking ban and legality of cryptos in the country.

As per reports and sources, it is understood that Zebpay is entering the Indian market with a new leadership team, some new services, and a crypto-to-crypto exchange. According to sources, the company also plans to launch a platform for mutual fund investments in the country.

The company, while announcing on January 29, said ‘’Zebpay is back” and added, “A new leadership team, crypto-crypto trading, no-fee trading on select pairs, an upgraded focus on security and innovation, and a passive income and borrowing program on the horizon. The exchange’s CEO is Rahul Pagidipati. With a new CFO, CMO, and Chief Strategy Officer, we’ve got a new vision to become one of the most trusted, innovative blockchain service companies in the world.”

Founded in 2015 (much before the crypto frenzy), by Sandeep Goenka and Saurabh Agrawal, Zebpay is the first crypto-trading exchange in India. However, after having dealt with a death blow from the banking regulator, Zebpay decided to shut shop and shift base to another country. It took solace in countries like Singapore and Malta. By the time of exit from India, it accounted for more than 50% market share in the estimated 5 million to 6 million virtual currency investors in India then.

“The curb on bank accounts has crippled our and our customer’s 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,” Zebpay had stated in September 2018.

However, the company has been able to revive itself. It entered mature and more open markets such as Australia in May last year. It soon launched a podcast series, Zebcast, featuring a masterclass with its former CEO Ajeet Khurana. In November last year, Zebpay launched a brand new layout for its web app that featured a new dashboard, live prices, and much more.

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