Zebpay, India’s largest Bitcoin Exchange announced the inclusion of Bitcoin Cash in a mail sent to all users yesterday. The mail contained a few more additional changes the exchange will go through in 2018. Zebpay crossed 2 Million users this year, and they’re increasing every day at a rapid rate. Throughout the year, the app was in the top spot on both iOS and Android. The company also teased a new look for the app in the mail.
But the inclusion of Bitcoin Cash is the most significant news from the mail. Bitcoin Cash is a fork of Bitcoin which happened in June. Bitcoin Cash increases the block size from 1MB to 8MB, which decreases both the transaction times and transaction fee. Among other changes, the company has finally announced an open order book. Users will be able to buy/sell from orders in real-time.
Bitcoin Cash debuted at around $400 when it launched, but recently it surged to a new all-time high of $4,000 last month. Currently, Bitcoin Cash is currently trading at $2,500. Late December, it became evident that the ten-year-old technology could not keep up with the demand. There was a massive backlog of pending transactions, and transaction fee got as high as $50-100 per transaction with instant confirmation.
The latest Bitcoin Cash surge was due to this fear of Bitcoin’s scalability. Also, the world’s largest Exchange CoinBase included Bitcoin Cash which gave it a further boost. The announcement of Zebpay’s inclusion of Bitcoin Cash comes right after this. Currently, there is no news on the date of availability. But Zebpay has always wanted to expand beyond Bitcoin and Bitcoin Cash will be the first.
Keep a lookout for when Zebpay adds support for Bitcoin Cash. Indian exchanges are not big enough to influence the global markets, but expect the price to surge heavily in India and wait for good arbitrage opportunities.