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Akash Anand



In an exclusive with AMBCrypto, Ajeet Khurana, the Chief Executive Officer of Zebpay spoke about the developments in the space, the shutdown of the company in India and the regulatory updates in the cryptocurrency world.

Ajeet Khurana started by pointing out what he would tell a random acquaintance about the field of cryptocurrency and if he is met with trepidation and doubt. The Zebpay CEO stated:

“The first thing I would do is to create circumstances that would take the question into another route. Within the first few sentences, you can judge the prejudices and that can range from one extreme to another. People come from a position of ignorance ou of which 5 percent are positive, 5 percent are negative and the rest of the 90 percent are aloof.”

According to him, there are two things that can be done to improve the people’s stand on cryptocurrencies. The first factor is to create a non-controversial irrefutable stand and state that the field of cryptocurrencies is the most compelling reason to explore Bitcoin. Khurana added:

“Just like the internet, cloud computing and artificial intelligence if you want to unleash the full force of the technology, then it requires a mechanism where people come together. After this point of discussion, people have to take a stand against public blockchain and if you support the public blockchain and don’t support Bitcoin, there is probably another cryptocurrency that may be useful to you.”

He further opined that people want to discuss the money aspect of cryptocurrencies and even claimed that he does not say crypto is 100 percent the future of money. Money has changed over time and it is time to introspect whether the money we have right now is the perfect version of it, he added.

Khurana also talked about the controversial shutdown of Zebpay in India and surprised users and enthusiasts by saying that “as soon as conditions are more conducive for cryptocurrencies then Zebpay will surely come back to India”. In his words:

“Globally, the atmosphere of regulations are improving and that includes India too. We absolutely want to be in India and this comes after we decided to close our only stream of revenue in the country. The original reason for the shutdown was the fact that we realized even the customers could get hurt, especially in the Peer- to-Peer service. We decided we could not be party to a system that would negatively impact the customers.”

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Exclusive: Greenspan doubles-down on Bitcoin pump origin claims; discounts Wall Street activity as being ‘after the fact’




Exclusive: Greenspan doubles-down on Asia origin of Bitcoin pump; discounts Wall Street activity as being 'after the fact'
Source: Pixabay

Bitcoin [BTC] pumped by 15 percent on April 2, leading to a spike in institutional interest. While some have correlated it with Wall Street’s Bitcoin activity, which surged in close proximity to BTC’s rise, others have laid rest to these “insider” rumors.

Mati Greenspan, senior market analyst at eToro, in an exclusive interview with AMBCrypto claimed that institutions acted on the price rally “after the fact.” No prior information was revealed to large financial institutions, the analysts opined.

The Chicago Mercantile Exchange [CME] reported a massive 950 percent rise in BTC Futures contract volume, days after the price rally. Greenspan summed up this surge as “Wall Street’s trading activity on Bitcoin, in a nutshell.” On April 4, 22,542 BTC futures contracts were traded. The same was down to around 7,000 at press time.

The question was posed in light of a CFTC report claiming that long positions by institutional investors on the CME increased a week prior to the rally. On April 2 alone, 315 BTC futures contracts were opened, an incline of 88 percent when compared to the previous week, while short positions declined by 63 percent.

Greenspan refuted this coincidence, reiterating the post-rally actions of Wall Street. Even if the institutional activity occurred at the same time as the price surge, “it’s not something that could’ve moved the market on an exchange,” he added.

The eToro analyst also doubled down on his earlier claims that the origin of the pump was in Asia, specifically either “Japan or South Korea,” based on the “timing” of the rally. He based his inference on the timing of the “Asian trading session” coinciding with the pump.

Given that it was 0030 EST in New York during the price pump, Greenspan stated that these contracts were “not active” during this time and hence, Wall Street’s involvement was after the price rally. He stated,

“Just based on that timing, my assumption is that this move originated in the Asian market and certainly not on Wall Street.”

Greenspan further stressed on the “cash-settled” nature of CME contracts. Contracts floated by the futures exchange represent 5BTC and are settled in dollars at the expiry of the period. Hence, no Bitcoins are physically delivered. At no point during this rally did institutional investors hold the top cryptocurrency, he claimed.

However, Greenspan was optimistic of Wall Street’s involvement in Bitcoin, albeit from a mere trading perspective,

“It’s nice to look at their volumes and see that their taking notice of what’s happening in the [crypto] market.”

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