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With over 6 million members and a decade of experience, ZebPay is a leading player in India's crypto ecosystem. Analytics Insight recently caught up with Raj Karkara, Chief Operating Officer at ZebPay to discuss the future of crypto investing. The engaging conversation explores how one of India’s oldest crypto exchanges is shaping the future of crypto investing.
ZebPay has been a trusted platform since 2014, and under Raj’s leadership, it continues to drive innovation, security, and accessibility in the Web3 economy. Excerpts: ZebPay has been a key player in India's crypto ecosystem for over a decade. Can you walk us through its journey so far and the major milestones achieved? What exciting developments or initiatives can we expect from ZebPay in the near future? ZebPay’s journey in India’s crypto ecosystem has been one of relentless innovation and growth.
It all began in October 2014, when we launched our Bitcoin wallet, making it easier for Indians to buy, sell, and store Bitcoin. By July 2015, the ZebPay app went live. As adoption grew, we crossed $1 billion in trades by December 2017 and $2 billion by December 2018, alongside launching our global exchange.
Between 2018 and 2021, we focused on educating users about blockchain’s transformative power, which played a key role in driving adoption. This effort and market momentum led to a historic milestone in October 2021 of $100 million in trading volume in a single day. Innovation remained at the core of our journey, with the launch of CryptoPacks (August 2023) and our partnership with Brave (September 2023).
In August 2024, we introduced Perpetual Futures trading and celebrated a massive $22 billion in total trade volume, a testament to the trust of our 6 million+ users. Making a decade of impact, we became one of the select few to celebrate a 10-year anniversary in October 2024. Adding to our achievements, we were recognized as one of the Incredible Workplaces (Gold Category) by Incredible Workplaces.
Looking ahead, ZebPay is strengthening its position as a Bitcoin-centric platform, expanding offerings, and making crypto more accessible. With exciting developments on the horizon, we are committed to driving India’s crypto revolution forward. Institutional investment in crypto is growing at an unprecedented rate.
Do you think this trend will stabilize the market long-term, or does it introduce new risks like centralized control over decentralized assets? Institutional investment in crypto is a strong testament to the industry’s growing credibility and long-term potential. Companies like BlackRock, Fidelity, and MicroStrategy are leading the way, bringing increased capital, innovation, and broader adoption to the space. Their involvement enhances market confidence and paves the way for crypto to become a mainstream asset class.
At the same time, it’s essential to uphold the core principles of decentralisation. With the right balance between institutional participation and decentralised innovation, the industry can continue to thrive while staying true to its founding values. This momentum signals an exciting future where crypto seamlessly integrates with traditional finance, unlocking new opportunities for businesses and individuals alike.
Bitcoin and Ethereum have traditionally been seen as store-of-value assets, but newer players like Solana and Cardano are gaining traction. Do you believe we are entering a multi-crypto era where multiple assets will hold dominance, or will Bitcoin’s supremacy continue? The crypto landscape is evolving rapidly, and we are indeed witnessing the rise of a multi-crypto era. While Bitcoin remains the gold standard as a store of value, assets like Ethereum, Solana, and Cardano are carving out their unique roles in the ecosystem.
Ethereum’s dominance in smart contracts, Solana’s high-speed transactions, and Cardano’s focus on scalability and sustainability highlight the diverse strengths different networks bring to the table. Rather than a single-asset dominance, the future of crypto is likely to be one of coexistence, where multiple blockchains cater to different use cases, whether it’s DeFi, NFTs, or enterprise applications. As institutional interest and technological advancements continue, the industry is set to become more dynamic, with Bitcoin at the foundation and other assets thriving alongside it.
Trump’s proposed tariffs and potential retaliatory measures could have far-reaching effects on global markets in 2025. Higher tariffs may lead to increased production costs, shifts in supply chains, and inflationary pressures, particularly in sectors like technology, manufacturing, and consumer goods. Companies that rely on global trade may need to adapt by diversifying suppliers or reshoring operations.
On the other hand, these policies could also accelerate investment in domestic industries and strengthen regional trade alliances as countries seek alternatives. Markets will likely experience short-term adjustments, but businesses with strong global strategies may find new opportunities amid these shifts. Ultimately, the long-term impact will depend on how key economies respond and whether negotiations lead to more balanced trade dynamics.
The U.S. Crypto Strategic Reserve and Trump’s pro-Bitcoin stance mark a pivotal moment in mainstream crypto adoption.
The policy shift legitimizes Bitcoin as a strategic asset and could encourage institutional investors and governments worldwide to take crypto more seriously. Countries looking to stay competitive in the digital economy may explore similar initiatives, leading to increased regulatory clarity and integration of crypto into financial systems. For India, the focus has been on balancing innovation with regulation.
While immediate adoption of a U.S.-style reserve may not be on the horizon, a well-defined regulatory framework could open the door for greater institutional participation and the development of homegrown crypto initiatives.
A well-structured regulatory framework is crucial for fostering a thriving crypto ecosystem in India. Key measures that could drive growth while ensuring investor protection include: Clear Legal Classification - Defining crypto assets as either securities, commodities, or a new category to ensure consistent regulation. Taxation Security - Simplifying the tax structure for crypto transactions to encourage mainstream participation.
Institutional Participation - Creating a regulatory sandbox for financial institutions to explore blockchain and crypto-based solutions. With the right policies in place, India can unlock the potential of blockchain technology while maintaining financial stability and security Crypto regulation in 2025 will be a defining factor for the industry’s growth. Well-balanced policies can enhance market confidence, attract institutional investors, and drive innovation, while overly restrictive measures could push businesses and talent toward more crypto-friendly jurisdictions.
Positive regulations, such as clear tax policies, frameworks for security tokens, and licensing for exchanges, could help mainstream adoption. Conversely, excessive bans or high tax burdens could slow progress. The key lies in creating a regulatory environment that fosters innovation while ensuring compliance and investor protection.
The biggest challenges to mass crypto adoption in India include limited awareness and high taxation. Many potential investors remain on the sidelines due to unclear policies and concerns about security. At ZebPay, we are addressing these roadblocks by: Advocating for clear and progressive regulations through industry dialogues.
Educating users through videos, blogs, and in-app learning tools. Ensuring top-tier security and compliance to build trust in the ecosystem. Simplifying crypto investing with an intuitive platform, advanced trading features, and secure wallet services .
By tackling these challenges, ZebPay is committed to making crypto accessible, secure, and convenient for Indian users. ZebPay is always looking ahead to drive innovation in the crypto space. This includes expanding our footprint in India, introducing advanced trading solutions, and focusing on learning and awareness.
With increasing mainstream adoption, the focus remains on delivering secure, user-friendly, and scalable solutions that empower users and drive the future of digital assets..
