Zebpay warns: Fiat Withdrawals could become ‘Impossible’

With coming date for India’s banking ban on the cryptocurrency sector, Zebpay - India’s large exchange - is warning that users` fiat deposits could be affected
25 June 2018   1004

One of India’s biggest crypto firms, Bitcoin wallet and exchange platform Zebpay,  has alerted its clients that their fiat rupee withdrawals could cease altogether in the near future, in accordance with the Reserve Bank of India’s (RBI) recent ban. On April 5th, the central bank issued a circular mandating regulated financial establishments including domestic banks to forbid services to crypto businesses like exchanges. The central bank mandated a three-month deadline and it’s plausible that cryptocurrency exchanges could see their bank accounts closed by July 5.

In this case, the users will no longer be able to withdraw their deposited rupees, India’s fiat currency, from crypto exchanges. In a statement on Saturday (first published on Thursday), Zebpay claimed:

In light of that [RBI circular], please note that if Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible. This can cause discontinuation of crypto trade based on rupees, or at least cause significant price movements.
Cryptocurrency Exchange, India

Definotely, the exchange pointed out that the clients will only be able to resume withdrawing their fiat deposits if “Zebpay has banking services that permit such withdrawal” after the July 5th deadline has passed.

Zebpay warning on Twitter
Zebpay warning on Twitter

In a related-FAQ, the company claimed its ‘present intention is to let crypto-INR pairs” after their bank accounts are shut to allow users acquire crypto with their frozen fiat deposits. Nevertheless, Zebpay alerted it “cannot guarantee that we will continue the crypto-INR trade pairs forever”, stating it’s unable to currently “fathom all the consequences” of the looming banking blackout. 

The central bank revealed earlier this month that it had processed no research nor consulted any opinions from experts or the government prior to enforcing the arbitrary banking prohibition on the crypto sector.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   149

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.