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India’s Colodax becomes latest exchange to list XRP; brushes off concerns over RBI restrictions

Biraajmaan Tamuly

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Colodax, an Indian crypto exchange, moves beyond RBI's set border by listing XRP over its platform
Source: Pixabay

Recently, XRP got listed on Colodax, the Indian crypto-exchange. Despite no real changes in its own price, the development shed light on the Indian cryptocurrency market, a country where just yesterday, the Reserve Bank of India’s jurisdiction on cryptocurrencies was questioned by the Indian Supreme Court.

Colodax offers low trading fees, in addition to offering instands deposits and withdrawals and faster transactions in INR within 30 minutes. According to the blogpost, the security offered by Ripple’s public ledger makes it a preferable choice for trading.

By adding XRP under its belt, the platform now offers more than 10 trading pairs namely, Bitcoin, Ethereum, XRP, Stellar, Litecoin, Bitcoin Cash, PundiX, 0x and Tron. This news was released by the exchange’s official Twitter handle. The tweet read,

“You can buy/sell and trade #XRP on @colodax. Take advantage of our Broker network and get instant INR Deposits and Withdrawals! #ripple #xrp #xrparmy #xrpcommunity #cryptocurrency #IndiaWantsCrypto”

With the Supreme Court of India still delibrating the future of cryptocurrencies in the country, many crypto-enthusiasts were curious about the exchange’s actions, in light of present RBI restrictions. The exchange responded to these concerns by commenting,

“RBI had directed all banks to stop providing any services to exchanges accounts. To ensure smooth INR withdrawals and deposits we had build a network similar to P2P [Peer-to-Peer] and we are calling it Broker to Peer i.e B2P. This helps our Indian traders to trade worry free.”

Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.