Koinex Upgrade 3.0.0: INR revived!

Introducing peer-to-peer INR deposits and withdrawals

[NOTE: Please read the blog carefully to understand how the new payment mechanism works for INR Wallet transactions. Skipping a section may lead to unexpected troubles later]

We are happy to announce the revival of INR in the crypto universe through a new peer-to-peer deposit and withdrawal mechanism for INR transactions. Over the last few months, Indian crypto ecosystem has seen a consistent slump, and it’s time to bounce back up!

Just like the old times

With the new peer-to-peer payment mechanism, we aim to bring the satisfaction of seamless digital assets trading back. Keeping in mind the volatility of the market and that little inconvenience in trading on peer-to-peer platforms, we decided to design a much simpler, smoother and consistent payment functionality. To ensure faster trades, UPI and IMPS will be the only methods supported as of now. How this peer-to-peer payment mechanism works is actually pretty straightforward:

A Koinex user wishes to deposit INR into her Wallet and another user wishes to withdraw INR from her Wallet. Our industry-leading matching engine links these two peers, and through a banking transaction between them, this fund transfer reflects on Koinex and makes both users happy!

Just like the old times, users will be able to deposit and withdraw funds directly from their INR Wallets and continue to trade in their favourite tokens and digital assets. A detailed step-by-step Guide is included below for clearer understanding of the process.