In an interview with Gaurav Dahake, the owner of Bitbns, it is evident that the Indian cryptocurrency exchange has faced numerous challenges compared to its counterparts in other countries. Bitbns was established during the peak of the crypto craze in 2017 when the Indian crypto markets were seeing daily volumes of up to $200-300 million.
However, in 2018, the Reserve Bank of India imposed a ban on banking services for cryptocurrency companies, which severely impacted the local crypto scene. This ban made it impossible to use the Indian rupee as a medium of exchange for on-ramping and off-ramping.
Despite this setback, Bitbns persevered and continued to offer trading in stablecoins as a way to navigate the ban. The situation changed in March this year when the Indian Supreme Court overturned the RBI’s decision, opening up the cryptocurrency markets once again. Since then, exchanges have experienced a surge in trading activity.
Coinfomania had the opportunity to speak with Gaurav Dahake to discuss the progress of Bitbns and gain insights into the future of cryptocurrency adoption in India.
When asked about Bitbns’ main goals and what sets it apart from other Indian exchanges, Dahake explained that Bitbns has become India’s largest fiat exchange since the ban was lifted. However, the fiat-spot market is just one aspect of Bitbns’ offerings. Traders also have access to products like margin trading with 4x leverage, API trading, and soon, options contracts. Bitbns also offers a dollar-cost averaging investment strategy for Bitcoin and Ethereum through Bitdroplet.
Additionally, Bitbns recently entered the DeFi space by listing high-demand tokens like YFI and COMP. They are also launching their own protocol and token for yield farming called BNSD.
When asked about how the uncertain regulations in India have shaped Bitbns, Dahake acknowledged that regulatory uncertainty has made the company and its team more resilient. He believes that the lifting of the banking ban has opened up vast potential in the crypto markets, providing opportunities for income through trading or lending.
Dahake is optimistic about the future and doubts that the Indian government will succeed in banning cryptocurrency. He believes that success stories in the industry will drive further momentum.
Dahake’s journey into crypto began during his time as an engineering student when he first encountered Bitcoin. Although his attempt at mining was short-lived, he went on to become a serial entrepreneur, founding several successful companies. His experience in the Indian innovation landscape has shaped his approach to growing Bitbns.
In terms of price predictions, Dahake is bullish on crypto, particularly DeFi. He forecasts that Bitcoin could reach $50,000 by 2023 and YFI could hit $100,000 by 2022.
Overall, Bitbns has overcome significant challenges and is now poised for growth in the Indian crypto market. Dahake’s optimism and vision for the future reflect the potential of the industry in India.
