A new crypto-to-crypto exchange has been launched which will allow people to legally trade in over 30 pairs in BTC/ETH markets, all without touching the fences of RBI regulated entities and complying with all laws and regulations.
The crypto-to-crypto exchange in question is called CoinDCX and was founded by Sumit Gupta and Neeraj Khandelwal, and does not deal with any banks or payment operators, thanks to it being crypto-to-crypto.
Just late last week, the Reserve Bank of India actually barred any entities regulated by it from providing services to entities who deal with cryptocurrencies, meaning Indian banks will not be able to allow their customers to exchange traditional currency for Bitcoin.
Speaking of their new venture, Gupta said;
“You don’t have to get rid of your investment, while the market is down. Simply move your cryptos to CoinDCX where you’ll be able to enjoy faster deposits, lower trading fees, 30 plus trading pairs, and the most intuitive platform, all without touching Indian Rupees…Even though our users will be trading in crypto pairs, they can still check equivalent coin prices, place buy or sell orders and even track your portfolio, all in Indian Rupees.”
Utsav Somani, a partner at AngelList India, who was responsible for a number of other startups, discussed this new trading platform as well, saying;
“Being India’s first crypto-to-crypto trading platform for tokens, it does not touch the fences of RBI regulated entities while complying with all laws and regulations. The team has hybrid-liquidity with a top global exchange to ensure the trades are fast and the technology is up to the global standards.”
As well as being a first for India, it claims to have some very unique features as well, such as displaying crypto balances in INR to remove mental weight whilst trading, and being the first to develop APIs for algorithmic traders and more.
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