OKEx has said in an announcement that it has rolled out a new peer-to-peer (P2P) trading platform in India on August 5, 2020. OKEx P2P trading platform is now live and allows users to purchase digital currencies with Indian Rupee (INR), the fiat currency of India. The Malta-based exchange has offered zero fees to users while making fiat-to-crypto transactions on this trading platform.
The trading platform launched by the OKEx exchange supports various India’s famous payment methods. These supported payment methods are IMPS, UPI, NEFT, and several others. Users have the opportunity to use any one of the available payment methods for making payments.
Two assets Bitcoin and Tether are supported on the platform
Initially, at the time of the launch of the trading platform, there are only two cryptocurrencies that have been listed on the platform for trading by the cryptocurrency exchange. These two cryptocurrencies are the world’s largest cryptocurrency Bitcoin (BTC) and Tether (USDT) which is a stablecoin. Users can make purchases of BTC and USDT by using India’s fiat currency INR.
However, the cryptocurrency exchange has claimed in the official announcement that it will list more cryptocurrencies on this peer-to-peer trading platform with the passage of time.
The CEO of OKEx Jay Hao said that they want to connect traders in India to an international market place where they can trade their crypto assets by offering them a one-stop service which includes derivates and spots trading service.
Cryptocurrency trading booms in India after the lift of the ban
After the Supreme Court of India lifted up the ban on cryptocurrency trading in the country in March and allowed the Reserve Bank of India to start offering banking services to cryptocurrency traders, a sudden spike in cryptocurrency trading was noted in the country. Trading volumes skyrocketed afterward.
Jay Hao said in a statement:
“OKEx has been studying the Indian cryptocurrency scene, and we have been very encouraged by the high level of awareness and interest in such a highly populated and tech-savvy country. There have been several factors that have contributed to the recent boom in trading here. Those include the reversal of the RBI’s banking ban by the Supreme Court in March, the central bank clarification that financial institutes can work with cryptocurrencies, and a spike in interest during the lockdown.”
There is still growing uncertainty about the legal status of cryptocurrency trading is in the country.