WazirX Introduces P2P Exchange With USDT-INR Trade Pair.
WazirX, one of the cryptocurrency exchanges based out of India, introduced a peer-to-peer service (P2P). Complementing the announcement, the exchange also announced that one of its first pair is Tether (USDT) and INR.
The peer to peer service went live on Tuesday at around 3 pm. the exchange said the reason why it picked USDT was because of the stability that naturally comes with Tether (USDT). It added that a user would not have to worry about price fluctuations while buying (or cashing in) through WazirX P2P as the value of USDT is pegged to the US dollar and it’s very stable in day to day value.
For example, if an individual wants to buy crypto with INR in India: They can buy equivalent its USDT amount on WazirX P2P. Now that you’re cashed in, you can buy crypto with USDT on WazirX, and trade normally. You can exit or cash out in the same manner, i.e., trade your crypto for USDT, and then sell the USDT on WazirX P2P for INR.”
The exchange also assured potential users that their funds would remain safe, and it will be the safest and most legal way to cash in/cash out of cryptos in India.
If a user is a seller, the exchange will be careful when it comes to revealing details. Before the buyer makes a payment into the seller’s account, the seller’s USDT will be locked by the exchange. Once the payment is processed, WazirX will transfer this locked USDT to the buyer’s WazirX wallet.
To make sure, that both the parties are legitimate, the exchange has also introduced Know Your Customer (KYC) process which will authenticate the identity of every person who is registered with the company.
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