Indian cryptocurrency investors will find a reason to rejoice as they can now trade as they would before the ban by RBI. Giottus, an Exchange platform has reopened INR withdrawals and deposits, while still keeping in line with the rules and regulations specified by the RBI. The COO of Giottus, Arjun Vijay, spoke to AMBCrypto in an exclusive interview regarding the move.
The Reserve Bank of India ordered all banks under its jurisdiction to halt any operations with cryptocurrency-related businesses, leading to prominent exchange platforms to begin offering Peer-to-Peer [P2P] trading solutions.
Giottus was one of the first exchanges to begin offering P2P in the country. It currently offers services for Bitcoin [BTC], Bitcoin Cash [BCH], Litecoin [LTC] Ethereum [ETH] and XRP. Vijay stated on the recent move:
“We were one of the first exchanges to launch P2P in India. We decided that the market needed a P2P after RBI bank fencing decision, as this was what was happening in China and other places. Since then, Giottus launched a P2P exchange solution along with normal exchange in April.”
He went on to say:
“From our P2P experience, we were able to identify people who can process deposits and withdrawals faster and who can deliver service levels that can raise the bar of Giottus. “
The way that Giottus has been able to reopen deposits and withdrawals for their customers is by identifying specific traders who can process deposits and withdrawals quickly. This is still done through P2P, allowing the traders to still function normally. Vijay also spoke about the other details in the service, such as collateral and operating fees, stating:
“We have now started processing INR deposits and withdrawals through these selected P2P partners and they currently on average process requests within 15 minutes. As a safety measure, we take collateral from these P2P partners, and these partners, as service fee charge 0.2% for the deposits and 0.2% for the withdrawals”
The traders can process about 60-70% of their collateral, stated Vijay. He also said that the partners cannot have a balance of more than 60% of their collateral. If they do, they are asked to increase the collateral or add more partners so that the risk is reduced. The COO gave his reason for the move and stated:
The program has been a big hit among the traders on the Giottus platform, and comes with a program for scaling their contribution to the exchange. The COO stated:
“The P2P part provides robustness and redundancy, so we’ll be adding more and more P2P partners. We have already got a lot of requests. The partners who provide better service, are given more weightage and asked to process more payments.”
The partners also stand to make money, as they collect 0.2% on all the transactions that are processed by them. This especially comes into play on bigger quantities, as they will be able to make a higher profit.
An Indian cryptocurrency investor, Arjun Tilak, stated:
“The RBI has been dead set on their ban on cryptocurrencies, as the board responsible for passing it believed that cryptocurrency is only used for illegal activities. I think moves like these by exchanges show that it is not, and that there is a vibrant trading community behind the technology in general. One can only hope that the government will embrace it.”
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