Giottus reopened INR deposits and withdrawals

Chennai based crypto exchange Giottus has revived INR deposits and withdraw after few months.Giottus come up with a new method to enable its users to deposit and withdraw rupees despite the crypto banking ban by the country’s central bank. The exchange also assures that rupee requests will be processed within 30 minutes or the user will receive 10 free XRP credited to their account.

The RBI, the country’s central bank, released a circular in April banning all financial institutions under its control from offering services to crypto exchanges. Some launched exchange-escrowed P2P services; some crypto-to-crypto trading. The ban went into impact in July and banks started closing accounts of crypto exchanges, prompting many of them to come up with creative solutions for INR deposits and withdrawals.

Giottus, which also offers exchange-escrowed P2P trading service, reopened its fiat support despite the RBI ban. The platform provides BTC, ETH, BCH, XRP, and LTC trading pairs. Giottus said: Get your INR processed within 30 mins of placing your request, else get 10 XRP credited to your Giottus account. The exchange explained that INR withdrawals are only processed during banking hours, adding that “withdrawal requests received after 5 p.m. will take a maximum of 10 hrs or will be credited next day.”Traders can process volumes of up to approximately 60-70% of their collateral deposited with the exchange before additional collateral is required.
Posted On: Sep 12, 2018

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