Indian Exchange Koinex Launches Crypto-to-Crypto Trading
The trading platform rolls out 23 zero-fee pairs of tokens
Indian digital assets exchange Koinex has started crypto-to-crypto trading at zero cost on its web and mobile platforms, launching 23 pairs of tokens.
The exchange, which is only available for Indian citizens, said in a blog post on Thursday:
“We are happy to announce the starting of crypto-to-crypto trading in our exchange. We are starting the service with a total of 15 token pairs at the same time. This is now the biggest crypto to crypto pair offering by any Indian exchange and the beauty of it is that the trading fees will be zero.”
On Saturday, Koinex announced the addition of eight more crypto-to-crypto trading pairs. According to the group’s statement, there will be nine Bitcoin (BTC) trading pairs, six Ethereum (ETH) trading pairs and another eight Ripple (XRP) trading pairs. By offering XRP-based trading pairs, Koinex is setting a precedent in the world of cryptocurrency and digital assets.
The tokens available in the BTC market will be ETH, Litecoin (LTC), TRON (TRX), XRP, Omisego (OMG), bitcoin cash (BCH), EOS (EOS), nucleus vision (NCASH), and request (REQ), Koinex detailed. For the ETH market, in addition to BTC, the exchange is offering trading pairs for BCH, TRX, XRP, OMG, EOS, and NCASH. For the Ripple market, customers can trade BTC as well as LTC, TRX, EOS, OMG, REQ, NCASH, Aeternity (AE), and Golem (GNT).
Koinex currently trades 19 coins against the Indian rupee (INR), with a daily market turnover of USD 5.5 million. The launch of the new crypto-to-crypto trading pairs is expected to raise domestic investor interest substantially. Notably, last year, Indian investors contributed to 10% of global Bitcoin trading volume.
One of India’s largest cryptocurrency exchanges, Zebpay, also launched crypto-to-crypto trading last week with one trading pair – ETH/BTC.
The launch of Koinex and Zebpay’s crypto-to-crypto trading pairs comes on the heels of an announcement by the Reserve Bank of India (RBI) that local banks were forbidden from dealing with any entity that settles exchanges of cryptocurrency. The decision, which was revealed earlier this month, has left crypto-currency exchanges in India in turmoil. The RBI has been taken to court by Kali Digital Eco-Systems, an Indian firm planning to launch an exchange platform called CoinRecoil in August. The Delhi High Court has accepted the company’s petition and issued a notice to the central bank. Other exchange operators are also reportedly planning to challenge the regulator as a consortium.
Referring to the current regulatory atmosphere in India, Koinex said: “As you know, the crypto-market has been in a disarray of sorts since the start of the year due to the ambiguous stand on crypto-assets by the government and situations further took a downward spiral with the RBI directive reprimanding banks from partnering with crypto-entities. So the need of the hour in this uncertain market was a safer alternate trading format, like crypto-to-crypto.”
The exchange noted, however, that RBI’s order could cause “a disruption in [its] banking services” which “may affect our capacity to service withdrawals and deposits seamlessly.” Koinex added that it has been looking for alternative solutions, like introducing UPI payments or instant withdrawals or new tokens for trading.