CoinDCX generated quite the hype and equally puzzled some Crypto traders when they announced support for INR based Cryptocurrency trade. A “Faster” Peer to Peer exchange that will deliver any of the purchased 40+ coins/tokens in 60 seconds. They are calling this DCXinsta.
In the announcement, CoinDCX compares traditional P2P model to DCXinsta by pointing out the limitations of the former. On DCXinsta, Bhavishya Garg, the co-founder of the exchange says “It’s P2P made faster”.
We’re (CoinDCX/DCXinsta) catering to the entry side of the crypto ecosystem with this product… aim to decrease the friction of entry in crypto for Indians at this stage of the market where they want to try Crypto.Bhavishya Garg, Co-founder, CoinDCX
Exclusive DCXinsta First Look
CoinDCX was kind enough to provide a screenshot of the yet unreleased DCXinsta exchange. Have a look:
No KYC Needed
CoinDCX has already removed mandatory KYC from their exchange, but as you can see on DCXinsta, you will be able to trade for upto INR 50000 if you haven’t done KYC.
Peer to Peer but Faster, How?
Look at the Step 2 of the three step process to buy cryptocurrency. It says in step 2, pay the seller using UPI or IMPS. That indicates you will not be paying CoinDCX but another trader for the cryptocurrency you buy. It is indeed Peer to Peer.
The ‘faster’ bit is step 3, it says the cryptocurrency will be delivered in 60 seconds. Bhavishya told CoinCrunch they will be delivered in most cases within 10 seconds. Maybe CoinDCX is able to know somehow exactly when you, the buyer transfers funds or the sellers are actually liquidity providers whose bank accounts are linked with CoinDCX exchange via API or some other means. Your guess is as best as mine on this one, as Bhavishya kept his mouth shut when we asked him about it.
On the bottom right corner, you can see a hyperlink “Looking to sell?”, clicking it will take you where you can sell your cryptocurrency on DCXinsta.
Launching on August 15
DCXinsta will be launching on August 15, Independence day. As usual, you will see the review on Coin Crunch about DCXinsta, so don’t forget to subscribe to our email newsletter below.
CoinDCX Cryptocurrency exchange offers 40+ cryptocurrencies to be traded with BTC/ETH. The exchange shares liquidity with Binance and Huobi. This enables faster order execution for crypto traders with the option to trade on multiple exchange within one. With DCXinsta, CoinDCX will become the 7th Indian Exchange to introduce Peer to Peer trading
Would you be trying out DCXinsta? Let us know in the comments below