The news comes as the Reserve Bank of India (RBI)’s ban on the crypto industry is lifted following a Supreme Court ruling—the culmination of 2 years of petitioning by industry leaders. As a result, crypto businesses will now have access to formal banking services, transforming the nation’s emerging fintech and crypto economies.
Now, less than 6 hours after a three-judge bench of the Supreme Court ruled in favour of petitions by the crypto exchanges and startups opposing the RBI ban, CoinDCX has become the first cryptocurrency platform in India to integrate Bank account transfers.
Following the announcement, Sumit Gupta, Co-founder and CEO of CoinDCX, said: “India’s crypto environment is going to have a transformation after the court verdict. Because of this, crypto-INR pairs are going to see a massive jump as new investors (both institutional and retail) can now invest in the crypto markets without any hesitation or skepticism. The market is open for everyone in India now and CoinDCX wants to provide these new investors and users with the best solution—banking integration was our first priority.”
Commenting on the effect which the availability of banking services to the cryptocurrency sector will have, Gupta added: “Banking integration will open up large markets for us. Integration of banking channels makes the whole process of crypto adoption simpler. Through DCX Insta, customers were able to purchase crypto instantly, however now that the banking integration that has gone live the process will be much smoother for customers accessing cryptocurrency through our platform. With renewed accessibility and convenience in purchasing cryptocurrencies, we believe that this change will have a dramatic effect in accelerating crypto adoption in India.”
Purchasing and trading through bank transfers has already gone live on the CoinDCX platform, and is available here.
About CoinDCX
CoinDCX is India’s largest cryptocurrency trading platform and liquidity aggregator, providing access to massive global liquidity from the world’s leading crypto-exchanges, including Binance, HitBTC, and Huobi Global. Established in 2018, the platform is today deemed by many market participants as India’s most trustworthy cryptocurrency trading platform.
CoinDCX offers users an integrated suite of products, including DCXTrade, allowing users to trade in more than 500 markets, DCXInsta, providing fiat onboarding from Indian Rupees (INR) to crypto, DCXlend, a decentralised lending service, and DCXmargin, for up to 6x leverage trades across more than 250 markets. With a powerful yet simple interface, CoinDCX provides a fast and reliable trading experience for professional and novice customers alike. Prioritising user security, the online platform employs geographically distributed cold wallets, multi-signature authentication, prevention from DDOS attacks, regular stress testing, and 2-Factor Authentication are deployed to ensure the platform’s safety.
For more information, visit https://coindcx.com