ZebPay expects $2 bn-worth trades per month as crypto fever grips India

India had banned banks and other regulated entities from supporting crypto transactions in 2018. The Supreme Court removed the curbs last year in response to a petition by cryptocurrency exchanges

India’s oldest exchange for trading cryptocurrencies aims to double monthly transactions after an explosion in demand, despite concerns of looming curbs from the nation’s authorities.

ZebPay, a platform with about 4 million customers, expects to churn $2 billion worth of trades per month, said chief executive officer, Rahul Pagidipati. While that’s still less than one fifth of trades handled by top U.S.-based exchange Coinbase Global Inc., there is a vast untapped market in India, he said.

“India holds less than 1 per cent of the world’s crypto currencies and its potential investor base is 100 million,” Pagidipati, 43, who started investing in