Author: Jagdish Kumar, India
Despite Reserve Bank of India (RBI) ban in place since 5 July 2018 on crypto trading across the country, Tamil Nadu based cryptocurrency exchange, Giottus has reopened Indian rupee (INR) deposits and withdrawals.
All the crypto exchanges in the country has stopped INR deposits and withdrawals and moved to peer to peer (P2P) trading.
But, Giottus have again reopened it stating that they are following the RBI rules and regulations.
Speaking on this, the acting COO of Giottus Arjun Vijay said that it is helping to make Cryptocurrency more open and in step with the country’s strict regulations.
Giottus is an advanced trading platform founded by two Indian Institute of Management (IIM) CALCUTTA alumni with strong experience from top companies like Amazon and Vodafone.
Currently the exchange offers advanced features like STOP LOSS trading and is the first exchange in the world to have Litecoin, Ripple and Bitcoin Cash as base pairs apart from Bitcoin and Ethereum.
The exchanges was the first to launch P2P trading way back in April 2018, when RBI had given three months time to exchanges to close crypto trading.
As soon as RBI announced their decision, Giottus was first to move to P2P. Even in other countries, like China they have also taken extreme steps to shut crypto exchanges, it is learnt.
Adding further, Vijay said that the INR deposits and withdrawals have now started through selected P2P partners. As a safety measure, we take collateral from these P2P partners, and these partners, as service fee charge 0.2% for the deposits and 0.2% for the withdrawals.
Talking about the current programme, Vijay said that so far, the program has been a resounding success among its current population of traders within the Giottus platform, and comes with a program for scaling their individual contributions to the exchange.
Pointing out benefits of P2P, Vijay said that P2P part provides robustness and redundancy and we are adding more and more P2P partners. Lot of request are generated daily, and partners that provide better service, are given more weight and asked to process more payments.
The partners on the other hand is also rewarded with 0.2% of commission on all the transactions that they are responsible for processing.