Dear Community,
I have come across a nice blog, worth sharing it! hope this will be useful for you.
With the 6th July deadline closing in, most of you have been asking us about the fate of crypto in India. We’ve been working on a solution to help you continue buying/selling of crypto without getting those warning emails from your banks! Now we’re ready to reveal it to you!
Introducing P2P Transfer on a crypto exchange!
In Peer-to-Peer transfer, you can buy and sell crypto for INR directly with each other without any hassle. It’s a glimpse into the decentralized future!
How does it work?
In a trade, there’s always a buyer and a seller involved. In P2P, the buyer and seller can deal with each other directly while WazirX acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other. Here’s how it works:
. WazirX connects the person looking to buy crypto for INR with someone who’s looking to sell crypto for INR
. The seller deposits the crypto with WazirX
. WazirX escrows the crypto for safekeeping during the transaction
. The buyer pays INR to the seller
. WazirX releases the crypto to the buyer as soon we get a confirmation from the seller