As adoption for cryptocurrency grows, so is the need for more exchanges, and more assets to be traded on these exchanges.
An Indian cryptocurrency exchange, Koinex has therefore added 23 additional crypto-to-crypto pairs on the platform. Trading any of these newly added assets attracts no trading fees whatsoever.
As announced, one of the leading exchanges in India, Zebpay. The company also launched its cryptocurrency trading with zero fees but had only one pair to trade.
In a statement released by Koinex, the spokesperson was excited to announce the commencement of crypto-to-crypto trading on the Koinex platform. To further elaborate on the topic, he said:
“We are going live with not just one or two crypto-crypto pairs; we are launching a total of 15 token pairs, all at the same time!…This is the largest crypto-crypto pair offering by any Indian exchange and to add to this, the trading fees will be zero.”
During the weekend, Koinex also announced the platform was adding up eight more cryptocurrencies, which even has already gone live.
Currently, the platform initially listed 19 coins on its exchange which are being traded against the Rupee.
“For the first time in the crypto world, Koinex proudly presents XRP-based trading market with 8 XRP pairs going live tonight.”
“The tokens available in the bitcoin market will be ethereum (ETH/BTC), litecoin (LTC/BTC), TRON (TRX/BTC), ripple (XRP/BTC), omisego (OMG/BTC), bitcoin cash (BCH/BTC), EOS (EOS/BTC), nucleus vision (NCASH/BTC), and request (REQ/BTC).”
Last week, Zebpay, which is also a cryptocurrency exchange had also launched it’s crypto-to-crypto trading pairs previous week – the ETH/BTC pair.
The RBI (Reserve Bank of India) had of recent ordered financial institutions in India to stay away from dealing with virtual currencies. Neither should they provide services that’ll facilitate an exchange of digital currencies between individuals of entities.
“Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer/receipt of money in accounts relating to purchase/ sale of virtual currencies.” Koinex spokesperson said.
Kali Digital Eco-Systems had in the past taken the RBI to the Delhi High Court who in turn issued a notice to the central bank. As a result of this, other exchanges are also planning to go on the same route to challenge the regulator.