Koinex is coming up with a new peer-to-peer platform Koinex Loop which is going to be launched on 15 July i.e Tomorrow. Here is the latest tweet regarding Loop:
Koinex was the first in India to introduce Ethereum , Litecoin, Ripple and Bitcoin Cash along with a open order book exchange in the times where other exchanges looted people by keeping a huge buy and sell difference in BTC prices. Recently Wazirx has launched their P2P platform. I used it and it doesn't work so well. It allows you to only buy and sell USDT using INR and the prices are fixed by Wazirx. Also they don't work like localbitcoins meaning they don't allow you to place a advertisement for buying or selling at your price. They ask you the amount you want to buy/sell and then they do internal order matching to complete the order. I have tried it and none of my orders got executed till now. First trade cannot be made for more than 16 Tether. None of my orders got executed. They tried to find the seller for 1-2 hours after that i had to cancel it manually. Here's how it looks on Wazirx.https://twitter.com/koinexindia/status/1017728030045851649
- koinexindia
Wazirx P2P: All the orders had to be manually cancelled and not a single one was executed successfully.Coming to Loop, it will allow you to buy/sell BTC/ETH/XRP using INR. The Koinex wallet will be fully integrated with Loop, forming a closed ecosystem. Users will be able to buy and sell digital assets using INR through Loop on a peer-driven network with direct transactions occurring between two users (without any banking interface with the exchange). Users will then be able to see the same effective balance on Koinex also, which will allow them to trade seamlessly in Crypto/Crypto corridors on Koinex. They won't be having internal order matching. Few of the features of Loop that are highlighted are: KYC verified users for increased trust, A technology enabled dispute resolution mechanism and integrated Koinex wallets for seamless Crypto to Crypto trading on Koinex. Apart from it, Loop will have zero network and transaction fees. The team behind Koinex is really talented and they have delivered solid products in the past. All that said, i am really excited for Koinex Loop and eagerly waiting for tomorrow to get my hands on the platform and buy some cryptos.
