Indian Cryptocurrency Exchanges has now discovered an Alternative named as Peer-to-Peer Cryptocurrency Trading Platform. Wazirx, Koinex(as Koinex Loop) and Coindelta(as Flux) has declared that, once the Banking administrations will be ceased they are prepared to dispatch the P2P Trading Platform.
A popular P2P trading platform is already providing services around the globe, named as Localbitcoins.com
How it Works?
Peer-to-Peer exchange is a platform which uses an Escrow Account feature which will behave as Bridge between the Buyer and Seller. At whatever point a Seller wants to seller their tokens, they will send tokens to the escrow wallet address which will be locked in Escrow Account for an specific time period.
Now Buyer will send the INR amount to Seller's INR Wallet(Paytm, Bank Account, UPI etc) as payment modes given by Seller on website. Once the Seller confirms that INR amount received, Tokens will be released from escrow account and sent to Buyers Wallet Address.
Note that anonymous users cannot Buy/Sell using these platforms because these platform can be used only by KYC verified Users on respective exchanges.
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