India-based bitcoin and cryptocurrency exchange CoinDCX, today announced that it is now the first cryptocurrency exchange in India to integrate bank account transfers. This comes as the Reserve Bank of India (RBI) lifted a ban on the crypto industry following a Supreme Court ruling.
The ruling came from a 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, after a three-judge bench of the Supreme Court ruled in favor 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.
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. Banking integration will open up large markets for us. The 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.”
Cashaa Indian Users
Meanwhile, crypto banking app Cashaa, with the support of its Indian OTC traders and payment processors executed more than 500 BTC in volume in India, after the Supreme Court decision.
Ever since banking restrictions were issued by the Indian central bank in April 2018, banning banks from providing services to entities dealing with cryptocurrencies, India’s crypto community has been grappling with the central bank on the legitimacy of the ban. Four crypto exchanges—CoinDCX, Koinex, Throughbit, and CoinDelta—took to the Supreme Court to present their arguments over the past 2 years, actively voicing their thoughts on behalf of India’s crypto community on the legitimacy of the ban and the impact it would have on India’s broader financial and technology sectors.