Ahmedabad: CoinDCX has launched crypto-to-crypto exchange, where people will have the freedom to legally trade in 30-plus pairs in BTC/ETH markets without touching the fences of RBI regulated entities while complying with all laws and regulations.
Founded by Sumit Gupta and Neeraj Khandelwal, CoinDCX claims that being a crypto-to-crypto exchange, it doesnt deal with any RBI regulated entity such as banks or any payment operators.
“People can legally deposit and trade their cryptocurrencies in BTC/ETH markets safely & securely,” it said.
Last Thursday, the Reserve Bank of India barred entities regulated by it from providing services to entities who deal with cryptocurrencies. This means Indian banks wont be able to allow its customers to acquire bitcoin in exchange for the rupee.
“You dont have to get rid of your investment, while the market is down. Simply move your cryptos to CoinDCX, where youll be able to enjoy faster deposits, lower trading fees, 30 plus trading pairs, and the most intuitive platform, all without touching Indian Rupees (INR)” says Gupta, cofounder & CEO, CoinDCX. Gupta has been earlier cofounder of social classified start-up Listup, backed by Freecharges Kunal Shah and Kae-Capital.
“Even though our users will be trading in crypto pairs, they can still check equivalent coin prices, place buy or sell orders and even track your portfolio, all in Indian Rupees (INR),” said Khandelwal, cofounder & CTO, CoinDCX.
“Being Indias first crypto-to-crypto trading platform for tokens, it does not touch the fences of RBI regulated entities while complying with all laws and regulations. The team has hybrid-liquidity with a top global exchange to ensure the trades are fast and the technology is up-to the global standards” Utsav Somani partner at AngelList India.
Somani who was responsible for bringing in AngelList to India and had his earlier investment in start-ups, like Zippr, Loginext, Innov8, NexGear, FAB-BAG and adpushup.
Apart from this, CoinDCX claims to have some unique features for both—pro and learning—active Indian crypto community like displaying crypto balances in INR to remove mental weight while trading, first one to develop APIs for algorithmic traders and much more.