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Altcoins enter India: Trade in Litecoins on Zebpay; Ethereum coming soon

Next month, Zebpay is planning to introduce trading in Ethereum, the second-largest cryptocurrency with a 25% market share

Rajesh Bhayani  |  Mumbai 

Bitcoin
Photo: Reuters

Even as various government agencies and banks are tightening the screws around Bitcoin investors and other stakeholders, leading Bitcoin exchanges are launching trading in alternative coins or other Last week, the country's leading exchange, Zebpay, launched trading in Litecoin, which is the eighth-largest cryptocurrency, following rising demand from Indian investors. The exchange already allows trading in Bitcoin cash. Next month, is planning to introduce trading in Ethereum, the second-largest cryptocurrency with a 25 per cent market share against Bitcoin's 34 per cent share. So far, investors interested in alternative coins like Ethereum, Ripple, Litecoin, and many others were registering in global exchanges and there were several options with them to make payment, including fund transfer from their bank, credit card, payment through overseas accounts or arrangements, and so on. is a peer-to-peer internet currency that enables instant, near zero-cost payments to anyone in the world. is an open source, global payment network that is fully decentralised like Bitcoin. Trading at $4 a year ago, is now at $180. Data Source: Coinmarketcap; Compiled by BS Research Bureau ALSO READ: Cypto frenzy: Can Bitcoin be regulated? US courts are about to decide Domestic exchanges were considering introducing more currencies for quite some time. However, in between, there were two hard fork-splits in Bitcoin. The two new currencies are Bitcoin Cash and Bitcoin Gold.

When those two new versions of Bitcoin settled, allowed trading in Bitcoin Cash, which is already the fourth-largest cryptocurrency. "has been recently added on and one can buy it using funds in Indian rupee in their wallet. doesn't allow conversion of Bitcoin to Litecoin, though the customer is free to sell Bitcoin and convert to INR and then buy We are planning to add in the next few weeks on our exchange. The customers are quite upbeat about in general and have been demanding more on exchange. Therefore, we have added," said a spokesperson. ALSO READ: Investing in bitcoins? Exercise caution until regulatory cloud blows over Another large cryptocurrency exchange, Unocoin, is also following suit. co-founder & CEO Sathvik Vishwanath said, "We are listing multiple coins over the next couple of weeks. We will be adding Ethereum, Litecoin, and Ripple." At present, the price of is $180. But, on Zebpay, it is quoting at Rs 12,800, over 12 per cent premium to the international price. The prices of Bitcoin and Bitcoin Cash are quoting at around nine per cent premium.

First Published: Tue, January 30 2018. 23:10 IST
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