Users can place Buy and Sell orders for USDT, BTC, ETH, OKB, USDK and EOS which will be matched with verified OKEx “Advertisers”.
India is the newest and hottest market right now set up for cryptocurrency adoption. With over a dozen exchanges that provide access to crypto assets in India, the competition is not just about access anymore, it is about making it easy as well.
In a bid to ease the friction of buying and selling cryptocurrencies directly with INR, OKEx is the latest in the line of international exchanges that now offer a Peer to Peer exchange for Indian users. Users can now buy six crypto assets from other OKEx users or sell the same to other buyers on the platform.
To mitigate the risks of dealing with the unknown in the P2P market, OKEx has setup a barrier for anyone to become an advertiser on the platform. Any advertiser needs to complete Level 2 KYC with OKEx which includes submitted ID and address proof with a selfie. Additionally, each advertiser must maintain a balance of 1 BTC equivalent assets for P2P trading.
The peer to peer exchange will become the entry point for Indians to buy the base pair tokens like BTC USDK, other stable coins and then exchange them for any of the 100s of coins and tokens offered on OKEx spot exchange.
This reduces the friction for user who currently has to acquire stable coins or BTC or ETH from other markets, deposit them to OKEx and then exchange them for altcoins.
Indian users can choose payment methods like UPI and Bank transfers as of now but it appears that many more payment methods will be opened for everyone in the coming days.
When asked about Peer to Peer Market in India, Jay Hao, CEO of OKEx said,
“The depreciation of the rupee will lead to a constant depreciation of Indians’ savings and a need to convert their Rupees into a more-stable fiat currency to shield their wealth from inflation. “
Jay Hao, CEO – OKEx
With existing strict foreign exchange regulations that make it difficult to directly exchange rupees for more-stable dollars, Hao explained in his statement that demand for peer-to-peer crypto platforms will emerge as a solution to converting rupees to Bitcoin (BTC) then to dollars.
With P2P INR exchange, OKEx has added a fiat gateway for Indian users to be part of entire OKEx ecosystem including derivatives, lending, earning interest on savings like OKEx Piggybank and much more.
What do you think about Peer to Peer Exchanges? Join OKEx and let us know in the comments below
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