Koinex, a popular P2P cryptocurrency exchange-based in India, announced the launch of Ripple (XRP) based cryptocurrency pairs for trading and investment. So far, no other well-known cryptocurrency exchange has offered XRP token based assets for investing. In all, 15 crypto-to-crypto trading pairs with ZERO trading fee was introduced.
The eight cryptos, which are paired with XRP are: Aeternity (AE), Litecoin (LTC), OmiseGo (OMG), Request Network (REQ), Golem (GNT), Tron (TRX), Nucleus Vision (NCASH), EOS (EOS).
Since the beginning of 2018, the crypto-market has been in disarray due to the hostile stand taken by regulators and Reserve Bank of India (RBI). The central even reprimanded banks from dealing with entities offers cryptocurrency related services. However, Indian cryptocurrency exchanges continue to dodge regulators and do business as usual with enthusiastic investors. Notably, last year, Indian investors contributed to 10% of global Bitcoin trading volume.
Koinex also offers nine BTC based pairs and six ETH based pairs for trading. Both web and mobile based trading facility is provided. The exchange accepts only Indians as their clients. Their revenue model is based on simple trade fee on the Indian rupee value of an order placed on Koinex. While the selling is free, they charge a nominal trade fee, which is levied on the Indian rupee value of the order.
The exchange charges a fee – 0.15%, 0.20%, or 0.25% – depending on an individual’s last 30-day trading volume. It is also called trailing trading volume.
@Ripple (XRP) has always been a crypto-crowd favourite because of its high liquidity and ease to transact. For the first time in the crypto world, Koinex proudly presents XRP-based trading market with 8 XRP pairs going live tonight. #XRPTheStandard#WhatsNextOnKoinex #Ripple
— Koinex (@koinexindia) April 28, 2018
Rahul Raj, Co-Founder and CEO of Koinex said
“Our platform is built with the agility and technical brilliance to adapt to any market requirement. We were deliberating on the possible new offerings on Koinex and many of our traders expressed interest for a crypto-to-crypto trading corridor. Our thoughts matched and we expedited the platform integration and today are set to offer our entire crypto-pair bouquet for seamless trading, and many more such surprises are in the pipeline to enthrall our users.”
Koinex is KYC, AML compliant platform. Therefore, verified users can only use the platform for investing in cryptocurrencies. Once the verification is done, a pre-defined wallet is created. Both buyer and seller on the exchange will need to have a pre-filled wallet in order to commence a transaction.
Koinex is an entrepreneurial venture set up by Rahul Raj, Aditya Naik and Rakesh Yadav. They are alumnus’ of IIT and BITS Pilani, two of India’s prestigious educational institutions. Koinex is a peer-to-peer exchange model, which is run by Discidium Internet Labs Pvt Ltd, incorporated in July 2017. The team has built Koinex with an open ledger format. Reportedly, the platform is manned with Grade A security, user-centric UI/UX and user-demanded features. The team had received funding from global investment firms Beenext and Pantera Capital. The pre-Series A round of funding was led by Daniel Morehead, Founder and CEO, Pantera Capital and Dirk van Quaquebeke, Managing Partner of Beenext.