Zebpay to Stop Fiat Withdrawal

Local crypto community hopes that issues will be solved ASAP
04 July 2018   916

Leading bitcoin-exchange of India Zebpay announced the stop of deposits and the possibility of withdrawing funds in Indian rupee (INR) due to the ban of the country's central bank to provide banking services to crypto-cash companies.

On April 5, the Central Bank of India banned all financial institutions of the country, including banks, to provide services to companies whose activities are related to crypto-currencies. RBI has given banks three months to fulfill this order.

Despite several attempts to challenge the innovation in court, the Supreme Court of India left the ban in force.

Last month, Zebpay urged users to actively file requests for withdrawal of funds in fiat money, warning that withdrawing the fiat deposits could become "impossible."

Meanwhile, local crypto-enthusiasts, investors and industry representatives still hope that rules will soon be adopted that will legalize this sector.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   102

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.