India Sees Huge P-2-P Demand After RBI Bans Crypto Trading
August 11, 2018 4:43 pm
Recently, Reserve Bank of India (RBI) banned banks from providing fiat service to crypto companies, the domestic crypto exchanges have come up with solutions for their users to be able to withdraw Indian rupees. The new solution will be exchange-escrowed trading called peer-to-peer (P2P) trading.
“People love P2P…Everyone had their doubts whether P2P would work or not, the convenience, etc [But now] We’re seeing above one trade match every minute happening in P2P…we’re talking about peer-to-peer transactions at a rate of more than 1 per minute.”
He included that more than tens thousands new users have signed up on Wazirx after they launched P2P. However, they got the highest number of Signups in two weeks.
Mr.Shetty told that the Wazirx P2P system was built for reproducing how a traditional order book in an exchange behaves. It uses tether (USDT) in transactions. Traders convert their virtual currencies to USDT and sell them for rupees. Buyers convert their rupees into USDT which can be used for trading any cryptocurrencies on the exchange.
The CEO included:
“Wazirx acts as an escrow account for holding the cryptos during the transaction. In most cases, P2P is even faster than the traditional method of deposits and withdrawals people here were used to because in P2P if the person is active online, then they would immediately do the money transfer to the peer’s bank account.”