With the 5th July deadline closing in, most of you have been asking us about the risk of crypto in India. They have been working on a solution to help you continue buying/selling of cryptocurrency without getting those warning emails from your banks! Now we’re ready to reveal it to you!
Introducing P2P Transfer on a crypto exchange:
In Peer-to-Peer transfer, you can buy and sell cryptocurrencies for INR directly with each other without any problem. It’s a glimpse into the decentralized future.
How it works?
In a trade, there’s always a buyer and a seller involved. In P2P, the buyer and seller can deal with each other directly while WazirX acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other. Below are the following points on how it works:
✳️WazirX connects the person looking to buy crypto for INR with someone who’s looking to sell crypto for INR.
✳️The seller deposits the crypto with WazirX.
✳️WazirX escrows the crypto for safekeeping during the transaction.
✳️The buyer pays INR to the seller.
✳️WazirX releases the crypto to the buyer as soon we get a confirmation from the seller.
But is it safe for customers?
They verify the KYC details of every user before allowing them to trade on WazirX, and keep a record of each and every transaction that occurs on our exchange. Hence, we don't need to worry about the legitimacy of the person you’re transacting with , it’s all taken care of, moreover, P2P is perhaps, the safest and most legal way to cash in/cash out of cryptos in India. Once you cash in, you can trade in crypto pairs like a boss, then cash out with ease.
They strongly believe that the safety of our crypto is their top priority, and this is where WazirX escrow service comes into play. If you’re a seller, they will not release your crypto to the buyer until you confirm the receipt of INR. They are also building a robust Dispute Resolution engine to detect and resolve any dispute between a buyer and seller. Regardless, WazirX will ensure a fair P2P transaction where you don’t have to worry about the safety of your crypto assets at all.
When will it be Available?
They will make P2P live as soon as the RBI ban on banking services dealing with crypto comes into effect. They have built WazirX with the intention to involve every Indian into the blockchain revolution, and their resolve is stronger than ever, That being said, and they really hope that the RBI changes its stand on crypto transactions in India, but irrespective, they are here to make sure we will not be stranded.
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