The Reserve bank of India passed a convention which became effective in the past week and to bypass that a Pune-based cryptocurrency exchange, Coindelta has joined the group of companies who are into peer-to-peer business.
Coindelta has decided to launch a platform named Flux which will be a P2P platform and will help the exchanges. Flux will go live on 15th July 2018 IST and then will be able to exchange Bitcoin, Ethereum, Ripple, and Tether, a USD backed cryptocurrency.
Shubham Yadav who is the business head of Coindelta explained the working of Flux while talking to MoneyControl. He said that:
A trader already having a wallet and has cryptocurrency stored in it can put up an offer to sell through this platform. There will be a link generated which could be seen by the other traders on the platform. The trader will then decide his or her sell and the platform will reserve it which will make not allow the user to use that amount until the transaction is completed. The seller as soon as gets the buyer who uses the same link then the deal is done and the buyer will transfer the agreed amount to the seller at a particular time. Once the transaction is confirmed by both the seller and the buyer, Flux will transfer bitcoins from the seller to buyer.
The platform also has the feature that is a dispute resolution system which will solve all the disputes swiftly if there is one. The best part of this platform Flux is that even if it gets banned by the Government may be in future then the returns won’t be illegal as it was from the period when it was legal.
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