Coindelta Announces Launch of New P2P Trading Platform
As India’s latest ban on cryptocurrency exchange platforms continues to hold its own within the country, several exchange companies have resorted to different operational approaches at slipping past the current regulations in place.
As the latest to join the long list of Indian companies attempting to keep their operations functioning, Coindelta announced the launch of its new exchange platform, designed to facilitate peer-to-peer trades between users to continue providing a means for cryptocurrency investors to operate.
Since the ban only targets financial institutes like banks and restricts them from interacting with digital exchanges, P2P trading remains a viable alternative within the country. Instated in July, the ban seems to continue its purpose and authorities have revealed no interest in removing or delaying its effect.
Coindelta’s new platform will be launched under the name of Flux and is set to begin operating this month. Flux will facilitate purchases and sales of cryptocurrencies for the national currency by performing as a direct link between both. Leading cryptocurrencies will also be tradeable on the new platform, including ETC and BTC. A rating system for users will be an added feature to maintain reputations on the platform.
India’s ruling court denied an extension on the ban’s effect earlier this month and ensured its application on the 5th of July. Prior to the ban, all banks were given a period of 3 months to terminate any involvements concerning cryptocurrency services to companies and individuals involved in crypto-trade.
Given the ban’s restrictions on cryptocurrency trading exchanges, many companies have and are looking for alternative solutions. Cryptocurrency businesses in India have begun introducing new trading platforms, such as peer-to-peer, or simply relocated their business outside the regulated jurisdiction.
Major exchanges within the country, including WazirX, have introduced crypto-crypto trading services as an alternative to keep business flowing and more exchanges are announcing several changes to operational methods until the next scheduled hearing by the Supreme Court.