Indian Exchange finds unique way to Trade Crypto in India despite RBI Ban
Indian cryptocurrency exchange Giottus has found a new way to resume trading in fiat by enabling its users to deposit & withdraw Fiat Currencies (INR) despite the cryptocurrency ban by RBI early this year. Furthermore, they have staked their reputation on the promise that transactions will be processed within 30 minutes otherwise they will be giving away tokens worth 10 Ripple (XRP).
Early this year, The Reserve Bank of India (RBI) ordered all Indian banks to halt all cryptocurrency-related businesses citing illegal activities. This move forced major Indian Exchanges like ZebPay and Koinex to shift towards P2P trading.
How did Giottus make this possible?
Giottus claims to have started processing INR deposits and withdrawals through carefully vetted P2P partners who on average process requests within 15 minutes. Safety is ensured by taking collateral from these P2P partners, and 0.2% service fee charge for deposits and withdrawals.
Traders can process volumes of up to approximately 60-70 percent of their collateral deposited with the exchange before additional collateral is required.
The COO of Giottus Arjun Vijay told AmbCrypto:
“We have now started processing INR deposits and withdrawals through these selected P2P partners and they currently on average process requests within 15 minutes. 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. The P2P part provides robustness and redundancy, so we’ll be adding more and more P2P partners. We have already got a lot of requests.”
This is a great move by Exchanges who when corned by the RBI find innovative ways to keep the crypto movement going. In this bear market, news like these assures traders that the upward trend for cryptocurrencies is on the horizon.
What do you think of P2P Trading & Giottus’ method of enabling users to deposit and withdraw INR despite RBI’s ban? Let us know in the comments below.
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