It was recently announced by Zebpay, a cryptocurrency exchange in India, that it is going to add Litecoin to its growing list of offered cryptocurrencies. This makes Litecoin the second Bitcoin fork to make it to Zepbay recently, as the Indian cryptocurrency exchange had added Bitcoin Cash to its platform earlier this month. Litecoin will be available for buying, selling and trading through the platform.
What is zebpay?
Launched in 2012, Zebpay is one of the oldest cryptocurrency exchanges in India. In addition to being considered one of the largest exchanges in the country, it is one of the foremost exchanges in terms of popularity when it comes to the Indian community – backed by the fact that it currently holds over 2 million users.
Only Bitcoin was offered through its platform until late 2017, Zebpay has since started adding more cryptocurrencies to its offerings. The company states that it might add more cryptocurrencies in the near future – specifically, Ethereum and Ripple.
One of the most apparent reasons for this move is business expansion for the exchange. However, another reason that alludes to it expanding its once Bitcoin-exclusive portfolio could be the struggles that it faced during the last two months of 2017 in order to meet the growing demand for Bitcoin trading. By adding more cryptocurrencies to its portfolio, it seems that the exchange wants to provide its users with the option to go with other cryptocurrencies in case the prime cryptocurrency trading is causing delays at the time.
Some functions that need to be resolved by zebpay
With this announcement, Zebpay also updated its mobile wallet app – its primary service – to have the new options regarding Litecoin available to its users.
It is prudent to note, however, that while Zebpay now offers its users the ability to “trade” in 3 different cryptocurrencies, said cryptocurrencies cannot be traded directly with each other. In case any user wants to trade between their cryptocurrencies, then they need to do so by first converting their held cryptocurrency into fiat, and then “buy” the new cryptocurrency that they want to hold in their wallet. Needless to say, this move causes market volatility in addition to having Zebpay users going through additional steps to execute simple actions.
With growing competition from its counterparts within the country along with the tax moves by the government that have caused new users to be skeptical about cryptocurrency trading, Zebpay needs to work on, not only finding more cryptocurrencies to add to its platform, but also to add a trading feature so its users could experience cryptocurrency trading the way that it is practiced in most territories around the world.