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.
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.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…
Did you know that 85% of DeFi value is concentrated in six blockchains? DeFi is…
CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…
Join us at BFC 2024 to explore the future of Web3. Use a special discount…
Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…