Our bitcoin turnover is over Rs 500 crore: Sandeep Goenka

Sandeep Goenka, COO and co-founder, ZebPay, an Indian bitcoin exchange company says the value of the bitcoin has increased from around $300 last year to now over $700 with sudden rise of interest due to demonetization, in a interview with Collin Furtado.

How does a bitcoin exchange such as yours work? What are the services it offers customers?

A Bitcoin exchange works like any other commodity or stock exchange. It’s a place where buyers and sellers of bitcoins come together. Zebpay is an app available for Android and iPhones. Using Zebpay, you can store bitcoins and send or receive bitcoins, top up airtime, data card and pay DTH bills using bitcoins.

What it the level of trade that Zebpay has done?

At Zebpay, we have recently crossed Rs 500-crore turnover. We did more than Rs 100 crore of trade turnover in November 2016. We are on target to achieve a turnover of Rs 1,000 crore, this year.

How many users does Zebpay have?

Zebpay app has crossed two lakh downloads. We added 50,000 users in November 2016.

Can bitcoin be used for transactions in India? Which kind?

Bitcoin is a potential alternative investment. Once you own bitcoins you can increasingly use it for online shopping, airtime top up, paying bills and buying gift vouchers.

Once a bitcoin is purchased, can it be converted back into rupee currency?

Bitcoin is the most liquid investment you can have. You can sell bitcoins at any bitcoin exchange and get the rupees amount in your bank account within a couple of hours.

How is investment in a bitcoin different than in other asset classes?

Bitcoin investment is same as any other investment. Bitcoin is maturing as an asset class. The price has been increasing throughout this year. Millennials have termed bitcoins as “Virtual Gold”. Physical bullions can sometimes be cumbersome to store. This is where bitcoins has turned tables to become a better and safer mode of payment. They are much simpler for storage, trading and transfers. Digital assets like bitcoin are a new asset class. This new asset class is on the cusp of an explosion in adoption.

What is current price of buying a bitcoin?

The current price of a bitcoin is Rs 58,300 in Indian markets and $746 worldwide.

Zebpay is like Paytm, powered by bitcoins.

What is the level of growth in investment in bitcoin that an investor can see?

There is a surge in interest for bitcoins. Indians are inquiring about bitcoins as an alternative and safe investment option. They are downloading Zebpay as they want to experiment with digital currencies. Bitcoin prices soared from Rs 25,000 in January 2016 to more than Rs 55,000 at current prices. It has been the best performing asset this year.

What are the regulations from exchanges or monetary bodies on bitcoins?

Globally, there are bitcoin regulations in most western countries. In India, currently we are awaiting regulation that should follow in 2-3 years. Till then, we have our own account verification processes. To trade on Zebpay, we require your PAN card, and only allow bank to bank transfers.