How are other BTC/INR marketplaces faring?

There are no clear sources to determine the historic volumes of WazirX, Bitbns and other exchanges. At press time, BTC-INR markets on Bitbns and WazirX are pulling <20 and <50 BTC volumes which totals to ~600k USD. However these exchanges see more volume on USDT-INR markets than the BTC-INR markets.

At the same time, Paxful pulls ~300k USD volume just on the BTC/INR market everyday.

While new P2P bitcoin marketplaces based in India are also emerging (Bisq is another P2P marketplace seeing promising global growth but still finding its footing in India), it is Paxful’s understanding of the core needs of Indian users, such as offering payment options through UPI transfer, IMPS transfer, Paytm wallet, PhonePe BHIM and bank transfer that has played a major role in its success. It is also worth mentioning that Paxful has been successfully running campaigns in India with portals such as Coin Crunch. 

Simultaneously, in line with its global trend, LocalBitcoins has seen a fall in Bitcoin volumes in India too in recent times. But it’s not just the incumbent LocalBitcoins that Paxful has managed to defeat, but also other peer-to-peer marketplaces. Paxful seems to be emerging as the largest P2P marketplace for bitcoins in India and is markedly ahead of its competitors.

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