Early last week, the leading Indian exchange Zebpay launched their crypto-to-crypto trading app but with only one trading pair. However, Koinex has taken a cue from them but has taken it several steps further and has launched 23 crypto-to-crypto trading pairs with zero fees.
Koinex is the second Indian cryptocurrency exchange to launch a crypto-to-crypto trading platform after the announcement of the Reserve Bank of India (RBI) issuing an order banning banks and financial institutions under its control from dealing “in virtual currencies or provide services for facilitating any person or entity in dealing with or settling virtual currencies. In an announcement last week, The koinex team were delighted to announce the commencement of their crypto-to-crypto trading platform. Futher explaining;
We are going live with not just one or two crypto-crypto pairs; we are launching a total of 15 token pairs, all at the same time!…This is the largest crypto-crypto pair offering by any Indian exchange and to add to this, the trading fees will be zero.
The exchange then announced on Saturday the addition of 8 more crypto-to-crypto trading pairs, set to go live on Saturday night. In addition, the “seller fee has been revised to 0.15% for the INR market. Buyer fee is now fixed at a flat rate of 0.15%,” Koinex detailed
Multiple Pair Trading
According to Coinmarketcap, trading volume of all cryptocurrencies within 24hours is approximately $5.5 million. 19 coins were launched and listed for trading against the Indian rupee.
For crypto-to-crypto trading, there are nine bitcoin trading pairs, six ether, and eight ripple –a total of 23. Bitcoin and ether trading pairs are already live and ripple pairs are set to go live on Saturday night, the exchange clarified. “For the first time in the crypto world, Koinex proudly presents XRP-based trading market with 8 XRP pairs going live.”
Here’s a list of coins that would be on 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),” Koinex wrote.
Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase/ sale of virtual currencies.
The exchange warned that RBI’s order could cause “a disruption in [its] banking services” which “may affect our capacity to service withdrawals and deposits seamlessly.”
The RBI has since been taken to court by Kali Digital Eco-Systems. The Delhi High Court has accepted the company’s petition and issued a notice to the central bank. Other exchange operators are also planning to challenge the regulator as a consortium.