CoinDCX, one of the largest cryptocurrency exchanges in India, revealed on March 4, 2020 that it has become the first digital asset trading platform in the country to integrate bank account transfers.
This development has come right after the Supreme Court of India lifted the Reserve Bank of India (RBI)’s nearly two year-long ban on the nation’s crypto asset industry. India’s crypto-related businesses will now be able to gain access to formal banking services, which will help transform the $2.6 trillion economy’s evolving Fintech and crypto sector.
In less than six hours after a three-judge panel of the Supreme Court ruled in favor of petitions submitted by several local digital asset exchanges and startups opposing the RBI’s blanket ban, CoinDCX officially became the first crypto platform in India to integrate bank account transfers.
Sumit Gupta, co-founder and CEO at CoinDCX, stated:
“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.”
Gupta, a former software engineer at Sony, added:
“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.”
Gupta also mentioned that banking integration will open up large capital markets for the exchange. He believes that the integration of banking channels will make it easier for people to engage in crypto transactions.
Gupta noted:
“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.”
According to a press release shared with Crowdfund Insider, purchasing and trading via bank transfers is now live on the CoinDCX platform, and can be accessed here.