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Indian cryptocurrency investors will find a reason to rejoice as they can now trade as they would before the ban by the RBI. Giottus, an exchange platform, reopened INR withdrawals and deposits, while remaining in line with the rules and regulations specified by the RBI. Giottus' chief operating officer, Arjun Vijay, spoke with AMBCrypto in an exclusive interview about the move.
The Reserve Bank of India has ordered all banks under its jurisdiction to discontinue any operation with activities related to cryptocurrency, leading to major trading platforms to begin offering Peer-to-Peer trading solutions [P2P].
Giottus was one of the first exchanges to start offering P2P in the country. Currently offers services for Bitcoin [BTC] Bitcoin Cash [BCH] Litecoin [LTC] Ethereum [ETH] and XRP. Vijay said on the recent move:
"We were one of the first exchanges to launch P2P in India and we decided that the market needed a P2P after the decision of the RBI bank fencing, as it was what was happening in China and other places Since then, Giottus has launched a P2P exchange solution together with a normal exchange in April. "
He continued saying:
" From our P2P experience, we have been able to identify the people who can process deposits and withdrawals faster and who can provide levels of service that can increase the level of Giottus. "
The way Giottus was able to reopen deposits and withdrawals for its customers consists of identify specific operators who can quickly process deposits and withdrawals. This is still done through P2P, allowing operators to continue operating normally. Vijay also talked about other details in the service, such as guarantees and operating rates, stating:
"We have started to process INR deposits and withdrawals through these selected P2P partners and currently require process requests on average within 15 minutes. As a security measure, we take guarantees from these P2P partners, and these partners, as a service fee charged at 0.2% for deposits and at 0.2% for withdrawals "
Operators can process around 60- 70% of their guarantees, declared Vijay. He also said that partners can not have a balance of over 60% of their guarantees. If they do, they are asked to increase the warranty or add more partners in order to reduce the risk. The COO explained its motivation and declared:
"The market was still eager to return to open an order book or exchange spot trading … we imagined a model that could turn this customer's dream into reality. "
The program has been a great success among traders on Giottus platform and comes with a program to reduce their contribution to the exchange. The COO stated:
"The P2P part provides robustness and redundancy, so we will add more and more P2P partners, and we have already received many requests: partners providing better service receive more weighting and request multiple payments." [19659005] Partners are also ready to earn money, as they collect 0.2% on all transactions that are processed by them. This comes into play especially in larger quantities, since they will be able to get a greater profit.
An Indian cryptocurrency investor, Arjun Tilak, declared:
"The RBI was decimated by the ban on cryptocurrencies, as the board of directors for its transfer believed that cryptocurrency was only used for illegal activities. moves like these from exchanges show that it is not, and that there is a vibrant trading community behind technology in general.You can only hope that the government will embrace it. "
