Indian cryptocurrency exchange, Koinex announced it was bringing back the much-awaited INR deposits and withdrawals to its platforms.
Although it is not exactly how it was earlier, but this will possible through their recently introduced peer-to-peer mechanism. In a blogpost the company said, “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. To ensure faster trades, UPI and IMPS will be the only methods supported as of now.”
If one Koinex user wishes to withdraw their funds in INR and the other user wishes to deposit their INR into an account, the exchange’s ‘industry-leading matching engine’ links the two peers, and through a banking transaction between them, the funds are reflected in their account.
To start the fund transaction, a user will need to go to their INR wallet and set up their UPI ID and username.
Asked if this new version is different from Koinex Loop Rishabh Khanna, a product manager at Koinex told Crypto-News India, “Yes this is different from Loop. On Loop, a user can only trade in peer-to-peer cryptocurrency. However, this upgrade will only deal with INR transactions. It will be enabled by our recently introduced mechanism, PushMan and will take maximum one and a half hours to process the INR-INR transaction.”
Last week, the exchange had announced their new in-house messaging technology, Pushman. It should be noted that the system is not technically available to users, but it has been designed to streamline the platform’s inner workings in a more systematic manner.
Talking about the development, Rahul Raj, co-founder of Koinex had told Crypto-News India, ““For instance, when a new order is placed on the order book, Pushman is designated to convey that information as soon as it comes through, so users are instantly aware of the status of an order on the orderbook.”
“Most companies tend to use a third-party model. However, despite having one of the largest volumes, we also have a reliant tech team that could build this technology. Hence we decided to do it on our own,” he had added.
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