Indian Cryptocurrency Exchange – Colodax Becomes Latest to List XRP, Reassuring RBI of Concerns

Ripple’s token XRP recently got listed on Colodax, the Indian crypto-exchange. With no visible updates in its own price, the move has a set a viable standard for the Indian cryptocurrency market. 

The exchange portal now offers more than 10 trading entities namely, Bitcoin, Ripple, Stellar, Litecoin, Bitcoin Cash, PundiX, Ethereum 0x and Tron under its reign along with XRP. The site’s primary business is in INR, the Indian fiat, and if you choose to use that currency, you’ll get the extra advantage of not having to go through the bothersome and some times intrusive KYC. The cryptocurrency is widely available now with currencies like INR, TUSD, BTC, and ETH. And the fee of trading is zero.

Colodax gives an affordable trading fee, in addition to the instant deposits and withdrawals and easy quick transactions in within just 30 minutes. Also, the security given by Ripple’s public ledger deems it a recommended choice for trading.

This isn’t the first time XRP has been listed in a household name of cryptocurrency exchange. But this listing has been a big move and likely contribute in Ripple’s coin. Exchange Blockchain and Payment is the extended name of Exchainpay. It’s India’s primary cryptocurrency exchange name and the company endeavors to offer a unified portal to buyers& sellers from all the industries and geographies to trade their assets across the digital channels securely, using seamless experience.

XRP is right now trading at $0.479803, keeping in the green zone – up by 2.38% in just last 24 hours.

No wonder, it keeps getting more attention in the cryptosphere as it’s been listed in many more cryptocurrency exchanges now. It’s even being used as a base currency in a number of exchanges, which increases its relevance in the crypto-verse. This is usually obligated for Bitcoin and Ethereum. Now that it’s not at all surprising that XRP is the third-largest cryptocurrency by market capitalization, so any exchange platform that sees its potential benefits looks over the XRP’s relevance at its own risk.

RBI had directed all banks to stop providing any services to exchanges accounts. To ensure smooth INR withdrawals and deposits we had to build a network similar to Peer-to-Peer and we are calling it Broker to Peer i.e B2P. This helps our Indian traders to trade worry-free.

It’s been a while since the Reserve Bank of India’s jurisdiction on cryptocurrencies was questioned by the Supreme Court.

With the Supreme Court of India still deliberating the future of cryptocurrencies in the country, many crypto-enthusiasts were curious about the exchange’s actions, in light of present RBI restrictions. The exchange is however pumped to brush off all these concerns with strong empirical arguments.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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