With the July 6th deadline closing Indian exchangers Koinex and WazirX give solution through Loop — a Peer-to-Peer network for digital assets transactions using fiat currency.
P2P Transfer on a crypto exchange
Here’s how it works:
- Koinex and WazirX connects the person looking to buy crypto for INR with someone who’s looking to sell crypto for INR
- The seller deposits the crypto with Koinex and WazirX
- Koinex and WazirX escrows the crypto for safekeeping during the transaction
- The buyer pays INR to the seller
- Koinex WazirX releases the crypto to the buyer as soon we get a confirmation from the seller.