Author: Jagdish Kumar, India
Mumbai based cryptocurrency exchange, Koinex has announced that it has started Indian rupee (INR) deposits and withdrawals through its peer-to-peer crypto platform.
The company in its blog said, ” happy to announce the revival of INR in the crypto universe through a new peer-to-peer deposit and withdrawal mechanism for INR transactions. Over the last few months, Indian crypto ecosystem has seen a consistent slump, and it’s time to bounce back up!.”
Koinex also said that unified payment gateway (UPI) and Immediate Payment Service (IMPS) will be the only methods supported as of now. Through this service, any user can deposit INR into the wallet and withdraw INR into the wallet.
With the new peer-to-peer payment mechanism, we aim to bring the satisfaction of seamless digital assets trading back. Keeping in mind the volatility of the market and that little inconvenience in trading on peer-to-peer platforms, we decided to design a much simpler, smoother and consistent payment functionality, Koinex added.
Koinex in not the only one that have started INR deposits and withdrawals, Bitbns, other crypto exchanges have also started the same service to be under operations after the Reserve Bank of India’s (RBI) ban on crypto trading from 5 July 2018.
The exchange has also announced ReviveINR trade contest in the BTC / INR market to highlight the launch of INR deposits and withdrawals on the exchange. Under this, user can win up to $2800 (INR 200,000)
This contest is live since September 14, 2018–10:00 am and will end by September 15, 2018–10:00 am (IST).
Koinex is India’s first and most advanced digital assets (or crypto assets) exchange supporting multiple cryptocurrencies/tokens on a single platform.
The company’s Loop peer-to-peer model platform, it is the most popular trading platform for the Blockchain based assets in India.