July 19, 2018: Koinex, India’s first and largest digital assets exchange, has launched their peer-to-peer trading platform, Loop, for the Indian investors to transact in digital assets against INR fiat currency. The Loop network is fully integrated with Koinex to create their own ecosystem where one account can be used to access crypto/crypto corridors on Koinex and INR/crypto trades on Loop.
Loop is also the first P2P network in the country to introduce the concept of collateralized trading. Use of collaterals on digital assets trading ensures user authenticity and trustful order settlement with minimum disputes. It is form of guarantee to incentivise genuineness of the trading activity. Collateralization can set a new standard for trusted trading, which will be adopted by the industry.
Major highlights of Loop:
· One account for trading on both Koinex & Loop
· Currently supports Bitcoin, Ethereum & Ripple
· Multiple payment options
· Action reminders like SMS and automated phone calls
· Direct communication via masked calling
· Technology-enabled dispute resolution mechanism
Elated on the launch of Loop, Rahul Raj, Co-Founder & CEO, Koinex said, “Loop is in line with our mission to transform India into a hotbed of blockchain technology development, as Loop is a step closer to decentralized trading. This is a world class platform designed for Indian traders to find true value for their digital assets in midst of the ongoing market uncertainty.”
Adding to it, Aditya Naik, Co-Founder & CBO, Koinex said, “Loop is built on the principles of decentralisation, trust, security, data privacy and ease-of-use, to ensure our users to have the same seamless trading experience they are used to on Koinex. In fact, for Koinex & Loop, we have mandatory user KYC verification, which is optional on other platforms. We also have introduced a rating mechanism to establish reputation of the traders on the network which will help the community know the genuine and trustworthy traders and ensure trusted trading, with minimal disputes. We are currently working on building sophisticated algorithms to enhance the trust factor and discourage fraudulent activity”
Recently when the digital assets prices were plummeting in the Indian market due to absence of the INR corridor, Koinex introduced TrueUSD (TUSD) as a stable coin on the exchange. The TrueUSD trading market allowed users to trade against a fiat-backed stable coin and also hold their earnings and profits in form of TUSD, shielded from the market price volatility. Similarly, in the midst of the ongoing market uncertainty, Koinex offers a one-stop solution to keep the industry alive with the release of Loop.
Loop went live on July 17, 2018 and is bundled directly into the Koinex ecosystem. Loop is a big step forward for Koinex in its mission to be India’s largest trustworthy platform for digital assets trading.