The month of April in the cryptocurrency world. specially in India saw a whirlwind of regulations. The RBI decided to put a ban on Cryptocurrency dealings, banks forbade the purchase of cryptocurrencies and cryptocurrency exchanges started considering moving overseas for their operation to a more crypto friendly nation.
Amidst all this tumult, recently launched Indian cryptocurrency exchange Koinex, went live with crypto-to-crypto trading with a variety of tokens now tradable in BTC and ETH markets. The team also said that until further notice, trade fees for both buying and selling in crypto only markets will be zero.
The trading started from 10:00pm IST on 26 April, 2018.
In a mail to its users last night, Koinex said,
“We have been working persistently on a way around the challenges to facilitate a seamless trading experience for our users. We are grateful to the trading community for sharing their views and ideas with us.”
The 15 pairs of tokens that were launched were:
- The tokens available in the Bitcoin market: Ethereum (ETH/BTC), Litecoin (LTC/BTC), TRON (TRX/BTC), Ripple (XRP/BTC), OmiseGo (OMG/BTC), Bitcoin cash (BCH/BTC), EOS (EOS/BTC), Nucleus Vision (NCASH/BTC), and Request (REQ/BTC).
- The tokens available in the Ethereum market: TRON (TRX/ETH), Ripple (XRP/ETH), OmiseGo (OMG/ETH), Bitcoin Cash (BCH/ETH), EOS (EOS/ETH), and Nucleus Vision (NCASH/ETH).
The Koinex web interface looks something like this :
“As you know, the crypto-market has been in a disarray of sorts since the start of the year due to the ambiguous stand on crypto-assets by the government and situations further took a downward spiral with the RBI directive reprimanding banks from partnering with crypto-entities. We have been in the eye of the storm ever since, but have always looked for solutions for the trading community, be it introducing UPI payments or instant withdrawals or new tokens for trading. So the need of the hour in this uncertain market was a safer alternate trading format, like crypto-to-crypto.”
With this move, it is yet to be seen how other cryptocurrency exchanges in India decide to move ahead with their operation.
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