Coinome hailed as India’s ‘safest exchange’, announced recently that they will be launching new trading pairs for XRP. This comes after the Reserve Bank of India asked financial institutions to not conduct transactions with cryptocurrency exchanges.
5th July marks the last date for banks to comply with the circular released by the RBI. Almost all banks in India fall under the jurisdiction of the authority, leaving exchanges no leeway to operate under.
The exchanges, however, are looking at methods to bypass the ban. A method that seems to be gaining traction is implementing a peer-to-peer system, wherein all cryptocurrency transactions on the exchange platforms are carried out between users.
The exchange acts as an escrow for safekeeping of the transaction and collects fees through the cryptocurrencies traded between the two individuals. This does not fall under the ban imposed by the RBI, as the bank transfer part of the transaction occurs between the two traders.
The move by the central bank has also prompted Indian cryptocurrency exchange platforms to move into crypto-to-crypto trading. A spate of Indian exchanges has begun offering these pairs, with Unodax recently offering 17 different pairs with XRP, Bitcoin [BTC] and Ethereum [ETH] as base coins.
Coinome announced that they will launch 3 pairs based on XRP. These are Litecoin [LTC]/XRP, DigiByte [DGB]/XRP and Bitcoin Cash [BCH]/XRP. This will allow users to trade within other currencies to provide liquidity for their XRP tokens.
User Ben Fredrick said:
“Awesome. Super fast loading of Coinome account wallets, and for a very low transaction fee.”
User Narendra yadav said:
“love you coinome and f**k to @RBI”
User Suryansh said:
“Whats with the xrp pair hmmmm..”
User Coin Guy said:
“Traders don’t ****ing care for Crypto-Crypto trade there’s Binance, Bittrex etc why should we use your exchange which doesn’t have any liquidity?”