Pune based cryptocurrencies exchange, Coindelta has announced the launch of Flux, a peer-to-peer platform to trade bitcoin and other cryptocurrencies. The announcement comes after the RBI ban on the banks to stop providing services to the companies or individuals dealing in virtual currencies, effective from July 5.
Flux is a trusted peer to peer network where people will be able to trade bitcoin, ethereum, ripple, and USDT. USDT is a stable cryptocurrency the price of which is pegged to $1. Flux and Coindelta will be integrated with each other seamlessly. Flux will go live on July 15.
Shubham Yadav, Head of Business, Coindelta says, "Flux will enable you to trade the same digital assets that you used to buy and sell on our flagship product, Coindelta. Exchange based on the similar model has been very inefficient so far, but we have worked out the dynamics for this and are coming up with a faster and a more efficient peer to peer exchange."
Flux will allow buyers to make deposits into seller's account directly. Once the deposit is confirmed by both the parties, Flux will transfer bitcoins from seller's account to the buyer's account. The platform will include a robust dispute system along with a rating mechanism to build trader's reputation on the platform.
"Many people are confused on what their cryptocurrencies be worth after July 5. It should be noted that cryptocurrencies or their trading are not illegal. You will still be able to buy or sell your bitcoins through peer to peer exchanges. There are so many crypto-to-crypto exchanges where you can trade one cryptocurrency with another," says Shubham.
"It's not some tulip bubble but a technology breakthrough, cryptocurrencies or tokens derive values from their use cases into their underlying technology. It is becoming a new class of financial asset, the likes we have never seen. And this thing is not something which is restricted to India but disrupting the global industry. It's not doomed yet; it has just begun."
The government has set up a committee which is supposed to propose a regulatory draft for virtual currencies in India by mid-July.
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