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.
To start using the new payment mechanism, you simply need to go to your INR Wallet. You will be required to set up your UPI ID and Username, if you haven’t already.
Depositing INR to your Wallet
- Go to your INR Wallet and select the Deposit tab.
- Click on New Deposit Request.
- In the next window, simply select the amount you want to deposit and click on Submit Deposit Request. Requests under ₹5,000 can only be in multiples of ₹1,000 while requests between ₹5,000 and ₹1,00,000 can only be in multiples of ₹5,000. You can also request to deposit an amount of ₹1,50,000 or ₹2,00,000 (these are the only two amounts supported above ₹1,00,000).
- Your request will then be added to an INR transaction pool and you will be matched with withdrawers as soon as possible in a way that ensures the least number of matching peers (optimised algorithm for the most efficient matching according to number of peers, transaction value and estimated transaction time).
- As soon as your request gets matched, you will be notified via email and SMS. You can chat with the peers who you have been matched to throughout the transaction process, i.e. till the transaction is complete. You will also receive automated reminder calls for transactions in progress.
- The time limit for making the payment is 1 hour. An option to extend by another half an hour will be available 30 minutes after peer matching. Please use the extension option only when needed.
- For every matching peer, click on Transaction Details to see the banking information (UPI and IMPS) for that peer. After making the payment to the peer, you will need to mark the completion of the payment.
- The withdrawer will then be notified about your payment and will be required to confirm the same. If the withdrawer doesn’t confirm in the next 30 minutes, you will be given an option to raise a dispute against the withdrawer by submitting a valid proof of payment.
- As soon as the withdrawer confirms the payment or the dispute is settled in your favour, the INR will be available on your Koinex INR Wallet for trading.
- Not paying in the time limit will lead to the expiry of your request and you will need to begin the deposit process from the top again.
- Three expirations/cancellations in a day will lead to suspension of your account for the next 24 hours.
Withdrawing INR from your Wallet
- Go to your INR Wallet and select the Withdraw tab.
- Click on New Withdrawal Request.
- In the next window, simply select the amount you want to withdraw and click on Submit Withdrawal Request. Requests under ₹5,000 can be in multiples of ₹1,000 while requests between ₹5,000 & ₹1,00,000 can be in multiples of ₹5,000. You can also request to withdraw an amount of ₹1,50,000 or ₹2,00,000 (these are the only two amounts supported above ₹1,00,000).
- Your request will then be added to an INR transaction pool and you will be matched with depositors as soon as possible in a way that ensures the least number of matching peers (optimised algorithm for the most efficient matching according to number of peers, transaction value and estimated transaction time).
- As soon as your request gets matched, you will be notified via email and SMS. You can chat with the peers who you have been matched to throughout the transaction process, i.e. till the transaction is complete. You will also receive automated reminder calls for transaction in progress.
- The depositors will be given an hour to make the deposit with an extension time of 30 minutes on top of that (requires depositors to make an extension request explicitly).
- You will be notified via email and SMS as soon as the depositors mark the payment as done.
- In case the payment is not received in the next half an hour, you can raise a dispute against a depositor by submitting a valid proof of not receiving any payment. However, you can still confirm the receipt of the payment after raising a dispute, which automatically cancels the dispute. Raising a dispute for no reason will lead to a significant dip in your ratings, which can affect your chances of getting matched with peers in all future transactions.
- As soon as you confirm the payment or the dispute is settled in your favour, the transaction will be marked as completed.
Revival of INR for the Indian crypto ecosystem could possibly turn out to be a cornerstone, defining the acceptance of blockchain technology in the country. In these tough times, every development in the right direction will only be a success when the entire community comes together. The trust, love and support which we have received from the community since Koinex began has been the sole motivation which pushes us to build larger and better things.
Let’s bounce back up from this slump and revive the INR in the crypto universe, together! Added bonus, INR withdrawal is free for the first 24 hours!