Recently Coindelta made INR deposits and withdrawal possible with a unique peer allocation model, different variations of those currently deployed by a couple more exchanges like CoinDCX and Giottus.
Under this model, users can now deposit and withdraw INR fiat quickly using IMPS/UPI for a small fee of 0.2%. Here’s how you can do it, and how it actually works behind the scene.
INR Deposits on Coindelta
- Go to Wallet, select INR and click Deposit.
- Enter the amount and choose the payment method IMPS/UPI, click on Deposit.
- You will match with a peer, send the deposit amount to the account details provided. Enter the remark while sending the transaction.
- After transferring the money, enter the transaction ID and click Submit.
- The deposit will confirm in 30 minutes. Mine was confirmed in 10 minutes.
INR Withdrawal on Coindelta
- Go to Wallet, select INR and click Withdraw
- Enter the withdrawal amount, verify your bank account details and hit Withdraw
- One of the Coindelta Peers will process your withdrawal in a few hours.
How it works
From here on what you read is a highly probable but unconfirmed speculation. Coindelta seems to have roped in some high net worth individuals to process the deposits and withdrawals. These individuals must have given access to their bank statements or are themselves confirming all the deposits in their accounts.
For a user, they are transferring money to another peer, who then provides confirmation to Coindelta and user’s money get deposited. Similarly, a withdrawal request is processed either by Coindelta or their peer themselves from their personal accounts.
The service providing peers are actually earning money in processing fee, which is 0.2%. Imagine by only accepting or withdrawing a total of Rs. 10 lakhs a day, the peer can earn Rs. 2000 from it. The more the merrier.
Currently there are 8 cryptocurrencies you can buy with INR on Coindelta. In addition to it you can also trade on Coindelta’s Peer to Peer exchange Flux.