With an infinite power of transformation, technology allows us to build on top of what we have today into something better for tomorrow. From carts to cars, letters to e-mails and cash to e-wallets, traditional forms of businesses have evolved tremendously over the last few decades. This has also largely shaped how we communicate, interact and transact with each other, all with the help of technology. Drawing inspiration from the same fundamentals, we are set to launch Loop — a Peer-to-Peer network for digital assets transactions using fiat currency.
Breaking barriers:
Uncertainty across the globe has had a significant impact on the digital assets space recently — plummeting values of tokens, resistance in launching token sales and unfavourable regulations for digital assets exchanges are only a few of them. The deeper impact, however, poses a larger concern. This uncertainty, lack of awareness and lack of openness are major roadblocks to the development, adoption and acceptance of the revolutionary blockchain technology. India is also going through a similar phase of uncertainty. The recent RBI directive practically cripples the otherwise blossoming ecosystem for this next wave of technological shift. Smaller countries like Poland, Thailand and Indonesia have either regulated or announced regulations around the digital assets trading activity, while India is yet to formally regulate the sector.
We began with the mission to turn India into a hotbed of blockchain technology development. With all the steps that we have taken so far — building India’s first and largest digital assets exchange, providing gateways to Indian investors to participate in the best of blockchain projects across the globe, holding discussions with various government agencies for positive regulations, sponsoring and hosting blockchain events, spreading awareness to safeguard investors’ interests and approaching the honourable Supreme Court of India after the RBI directive — Loop falls in line with our ultimate goal of fuelling a blockchain powered internet in India.
Completing the Loop:
A lot of thought has gone into the development of Koinex Loop which is aimed at providing a legitimate alternative so as to safeguard and protect our users against the crooked and suspicious transaction mechanisms available for exchange of digital assets. Combining the principles of decentralisation, trust, security, data privacy and ease-of-use, Loop will complete the full circle for digital assets trading in India.
In conjunction with the Crypto/Crypto trading corridors on Koinex, the Peer-to-Peer transaction network will allow all users to exchange their fiat currency into a digital asset and vice versa without compromising on the seamless experience that they are used to. We have worked out the mathematics and economics to create a perfect blend of transaction and trade. With Loop, users will be able to purchase digital assets using their INR and sell digital assets for INR with zero network and transaction fees, making micro trades possible. Sandwiched between these two steps, the exchange with Crypto/Crypto corridors will allow for real-time trading of digital assets, thereby completing the loop.
Loop offers a blockchain-based collateralised escrow, peer-network determined trustful reputation, efficient settlements with direct interactions between a buyer and a seller (without ever revealing private and sensitive information, including identity) and a technology-enabled dispute resolution mechanism. Users will find comfort in transacting with other KYC-verified peers on the platform, make and receive payments directly from peers and be able to strategise their trading activity better.
Why India needs Loop:
Everyone knows that digital assets hold immense value (both economically and technologically) but unfavourable regulations pose a threat to the investments made into digital assets. Loop is a whole-hearted effort to ensure that the legit and verified investments made by Indian investors’ don’t turn into dead assets and allow people to find true value. Absence of progressive regulations or presence of regressive regulations allow bad actors to infiltrate a legitimate industry. Loop also ensures that honest investors and traders don’t fall prey to such scammers or bad actors in an impulsive and imprudent attempt at safeguarding their investments.
The transformational journey of the Indian blockchain industry has begun and we wish to be at the forefront of it. During this tough time while we make sincere efforts for formulating regulations for the entire industry with the regulators, Koinex offers a one-stop solution to keep the industry alive with the release of Loop.
Getting started with Loop:
Loop will be bundled directly into the Koinex web platform and the mobile app. All current users of the exchange will automatically be able to access the Peer-to-Peer transaction network and will be able to participate directly. Users will also be able to refer their friends, family and colleagues onto the network and help build India’s largest trustworthy Peer-to-Peer network for digital assets trading.