Indian cryptocurrency exchange Bitbns has now become the first cryptocurrency exchange in the country to introduce support for the trading of Verge (XVG) cryptocurrency. The Indian cryptocurrency landscape has become a rather interesting one - as the markets continue to boom despite government crackdowns and banking embargos.
A new addition to the Indian cryptocurrency markets, Bitbns started off in December 2017 but has made quite a name for itself over the past few months. The exchange offers a number of essential features such as automated trade, margin-trading, as well as support for UPI payments. The Bitbns cryptocurrency exchange has a 24-hour trading volume of $2,475,877 and supports 36 cryptocurrencies including Verge.
In addition to introducing the support for Verge on their platform, the cryptocurrency exchange also introduced two new contests - ‘Trade of the day’ and ‘Depositor of the day’ to promote trading activity on their platform with the help of cryptocurrency incentives.
The trader of the day contest awards INR 5000 worth of XVG to the person who makes the highest trade of the day, minimum trading amount being INR 50,000. Similarly, INR 5000 worth of XVG would be rewarded to the ‘depositor of the day’, who makes the biggest deposit of the day.
Verge on the Rise
Verge has been a controversial name in the markets over the past few months, having been associated with several controversies ranging from data leaks to the fact that it paid off John McAfee to ‘pump’ the coin using his Twitter influence. The currency has been through a lot but continues to enjoy the support of a dedicated group of backers who continue to invest in it.
Privacy-focused cryptocurrency Verge witnessed a recent boost in price when the partnerships with Pornhub as well as Mindgeek were announced. With the likes of these major platforms now backing Verge, it helps the currency gain acceptance on a global platform. Interestingly, Verge just got listed on Bitfinex, one of the largest crypto-exchanges, last week. With Verge now being listed on an Indian exchange, it opens more doors for investments as Indian cryptocurrency users would now be able to invest in the currency.
The Indian Cryptocurrency Markets
Over the past few months, the Indian cryptocurrency markets have been in a state of disarray. There have been a number of controversies which have marred the markets. The Reserve Bank of India (RBI) had ordered all regulated financial bodies to stop providing services to those individuals and organizations dealing in cryptocurrencies - imposing an indirect ban over the crypto-trade in the nation.
This has been met with a backlash from the Indian cryptocurrency trading community which has filed online petitions against this. An Indian firm Kali Digital Ecosystems has taken the RBI to the court over this, claiming that this move from the Reserve Bank is ‘unconstitutional’ as it violates several acts in the Indian constitution. The case is set for a hearing later this month.
To conclude, the addition of Verge as a trading option strengthens the Indian cryptocurrency economy and provides the traders with another avenue to invest their money at. It is expected that more Indian cryptocurrency exchanges will follow suit and begin to support Verge soon. It will be interesting to see how this listing affects Verge’s trading volumes on a global level over the months to follow.