Author: Jagdish Kumar, India
In order to bypass central bank regulations on trading of cryptocurrencies in India, Pune based crypto exchange, Coindelta has announced the launch of Peer-to-Peer (P2P) crypto currency trading platform, Flux.
Coindelta is not the first exchange to launch this. Recently, BlockAsia.io reported that Wazirx and Koinex have launched a similar Peer-to-Peer (P2P) crypto trading services.
By using this service, users will be able to exchange Bitcoin, Ethereum, Ripple and USDT (also known as Tether, a USD backed cryptocurrency).
The platform will go live from 15 July 2018 and the new platform will integrated with our existing exchange platform seamlessly.
Coindelta CEO, Shubham Yadav said that the exchange will be introducing Crypto-USDT markets to allow you to trade other tokens on the current platform.
Speaking on how Flux works, the CEO to a business news portal said that a trader who already has a wallet with the exchange and has cryptocurrencies stored in it can put up his or her offer to sell via the platform. It will generate a link which can be seen by other traders on the platform.
As soon as a trader decides to sell its crypto coins, it will be reserved by the system so that the user will not be able to use it until the sale is complete.
Once the trader who wants to sell the crypto coins is approached by a buyer using the link, and a deal is agreed upon, the buyer will need to transfer the amount to seller’s account in a stipulated time. Once the deposit is confirmed by both the parties, Flux will transfer crypto coins from seller’s wallet to the buyer’s wallet.
Asked if the central bank target, P2P trading, Yadav said that government has not banned cryptocurrencies.
The P2P service is aimed at providing a legitimate alternative so as to safeguard and protect our users against the crooked and suspicious transaction mechanisms available for exchange of digital assets.