We started Prandex regional exchange (Version Beta 1.0.0) in India and went live on Feb 2018. We had only INR market and only few trading pairs then. Look at our initial release blog here.Even though there was some traction initially, we really wanted to go global very soon.
On Early May 2018, we successfully released a brand new version of Prandex . We removed the INR market. Prandex is now only crypto-crypto and we have added more markets like BTC, ETH and USDT. We rebranded our website, added more coins/tokens and most importantly we have very high liquidity.
We have more plans for Prandex. We want to add more trading tools to Prandex. Tools to help do trading easier, to help assisting new traders wade waters, to read the market situation more closely and more importantly to monitor your wealth and make trading decisions automatic.
Stay tuned for more news on the new developments in Prandex.
Indian Regulatory Situation
Reserve Bank of India (the central bank) has been issuing warnings to general public to take caution when dealing with crypto currency. Some warning were way back in Dec 2013. Even though there were several recent warnings here and here, things were never serious. In fact , the later part of 2017 saw a boom with regional crypto exchanges.
Things became serious when RBI issued circular (section 13) to all the banks “To ring fence themselves from crypto currencies ”. Basically it was asking all the banks to refrain from supporting any business related to crypto currency by June 2018.
Few individuals and other crypto entities has teamed up to challenge RBI regarding its circular. The result will be known in near feature.
Since Prandex is now crypto-crypto only and does not deal with fiat anymore, we are not affected by the RBI’s new regulations. But we hope the situation improves in India for the greater crypto good.
./Prandex Team
