Before any other exchange did it, Giottus announced INR deposits and withdrawals using a hybrid P2P model.
Under this model, users can deposit and withdraw INR fiat quickly using IMPS/NEFT/RTGS/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 Giottus
- Go to Dashboard, click INR Deposit.
- Enter the amount and choose the payment method IMPS/UPI/RTGS/NEFT, 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/reference ID, attach the screenshot of payment and click Submit.
- The deposit will confirm in 30 minutes in most cases.
INR Withdrawal on Giottus
- Go to Dashboard, click on INR Withdrawal.
- Enter the withdrawal amount, verify your bank account details and hit Withdraw.
- One of the Giottus Peers will process your withdrawal in 30 minutes. However, mine (since I did it at 3 AM) was processed later in the morning.
How it works
From here on what you read is a highly probable but unconfirmed speculation and the same goes with Coindelta INR service. Giottus 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 Giottus and user’s money get deposited. Similarly, a withdrawal request is processed either by Giottus 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.