I've been saying for sometime now that more Indian cryptocurrency exchanges are likely to move towards implementing P2P systems.
Koinex is the newest entrant in this space. Infact their announcement coincides with that of WazirX. This will allow normal functioning of trades. The advantage being there will be zero transaction fees or network fees while purchasing or selling cryptocurrencies.
I'm not sure how they plan on enabling this but they seem to have worked out the economics to ensure this is possible before announcing. Koinex has made a name for itself in this space over the past year so I don't see why they won't be able to live upto their words.
From the official announcement:
Loop offers a blockchain-based collateralised escrow, peer-network determined trustful reputation, efficient settlements with direct interactions between a buyer and a seller (without ever revealing private and sensitive information, including identity) and a technology-enabled dispute resolution mechanism. Users will find comfort in transacting with other KYC-verified peers on the platform, make and receive payments directly from peers and be able to strategise their trading activity better.
Yesterday, I've written on the nature of these P2P systems and how mechanisms implemented by Indian exchanges are variations of P2P. But semantics aside it's fantastic how we are now seeing alternatives to enter and exit the market.
It would be wise to remember that there is no anonymity in these transactions as the 3rd party exchange has your KYC data. But their escrow system ensures safety and security of crypto-transactions allowing you to trade with a peace of mind.
If you have an account on Koinex with KYC procedures completed you will be able to enjoy uninterrupted trading activity once they launch the services on their website after their banking services are shut down once the RBI ban takes place.
What are your thoughts on exchanges moving in this direction? Let's hear it in the comments below. :)
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