13 August 2020
The growing demand for crypto among Indians has led Zebpay to launch Bitcoin OTC (Over the Counter) desk.
As per the Indian exchange firm, Zebpay Bitcoin OTC offers deeper liquidity and private, more personalized service to institutions and individuals with large orders that might be hard to fill on an open exchange.
Indian clients can trade BTC here for Indian Rupees with a minimum order size of 5 BTC. The service will be starting on 3rd August but its registration has already begun. The vice president of Zebpay, Nirmal Ranga said that OTC makes up 90 percent of Zebpay’s entire business until 2018 when the Reserve Bank of India ordered banks from working with crypto firms in the country.
Back in April 2018, India Reserve Bank had passed a circular which bans regulated financial institutions from providing services to crypto businesses. The ban disturbs the balance of crypto community India as several crypto exchanges had to stop operation or relocate to other countries for business.
However, the Indian Supreme Court removed the ban this year. Zebpay was one of the firms that exited India after the ban but returned earlier this year with new management.