India-based bitcoin company Zebpay announced earlier this month that it achieved a major milestone of 200,000 users.

The news comes amid the demonetization drive that is going on in the country. Last month, the Indian government, led by Prime Minister Narendra Modi, banned currency notes of 500 and 1,000 denomination in order to crack down on corruption, fake currency notes, and tax evaders and to bring unaccounted money back into circulation.

The demonetization drive has resulted in increased demand for digital currency bitcoin. This has been further evidenced by Sandeep Goenka, COO and co-founder, ZebPay, who said:

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

In an interview with Collin Furtado, Goenka said that bitcoin is maturing as an asset class. He pointed out that while storing physical bullions can be cumbersome sometimes, bitcoin offers simpler 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”, he said, as reported by DNA India.

Zebpay has seen tremendous growth this year with 100,000 app downloads in August and 200,000 within a couple of months. In April, the startup Zebpay announced another milestone of crossing INR 100-crore turnover in just 10 months of its operation on the back of rising popularity of the digital currency in India. Citing latest figures, Goenka said:

“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.”