In the light of the recent RBI ban on exchanges in India, Unodax, one of the country’s leading cryptocurrency exchanges has announced crypto-to-crypto trading pairs.
The Reserve Bank of India is the country’s central bank and has recently enforced a circular to all institutions that fall under its jurisdiction. The circular in question asked these institutions to stop providing services to businesses dealing in cryptocurrencies. This leaves Indian traders without a way to cash out their investment.
The solution offered to this by Indian exchanges is to provide crypto-to-crypto trading pairs. This allows investors to liquidate their coins through over-the-counter [OTC] Bitcoin trading solutions.
Unodax has taken the initiative, offering their users 17 new crypto-to-crypto trading pairs. The pairs are offered with Bitcoin [BTC], Ethereum [ETH], and Ripple [XRP]. The maker fees are 0.4% and the taker fees are 0.6% for these new pairs.
The trading pairs function with these coins as the underlying asset, which means that the other cryptocurrency will be traded against it. Crypto-to-crypto trading pairs are frequently used by exchanges all over the world to ensure optimal liquidity of digital assets.
It is worth noting, however, that the penetration of these pairs in the market will result in the quoted coins’ price following the base coins’. A prime example of this is Bitcoin, which usually shows strong correlations with other coins in terms of price due to it being the primary base coin.
The pairs included for Bitcoin are Bitcoin Cash [BCH], Ethereum [ETH], Litecoin [LTC], Ripple [XRP], Bitcoin Gold [BTG], Golem Network [GNT], Civic [CVC], 0x [ZRX] and OmiseGO [OMG].
For Ethereum, the trading pairs are Bitcoin Cash, Litecoin, Ripple and Bitcoin Gold. The trading pairs for the XRP token are Litecoin, Bitcoin Gold, FunFair [FUN], and Zilliqa [ZIL].
Kratos [LTC] on Twitter says:
“You should add LTC to the Trading pairs too. People would love it as an intermediary as it’s quick and low fees per transaction.”
The Reserve Bank of India […]