Indian cryptocurrency exchange Bitbns has just launched another exciting feature for investors in the country. Bitbns has enabled instant INR deposits for investors using the platform. Now, when users place a P2P INR deposit request on Bitbns, they have the option of availing an instant INR deposit, which is calculated based on 80% of their net worth on Bitbns (INR+Crypto value). Users can trade cryptocurrencies with the instant INR deposit and take advantage of time-sensitive market opportunities such a arbitrage. However, the INR deposit will be considered complete only when the withdrawer at the other end of the P2P exchange confirms that the payment has been received at this end.
A user cannot claim the INR deposit and not complete the payment. The exchange has safeguarded against such defaults by stopping all crypto withdrawals. Bitbns also has the option to liquidate assets and freeze the INR balance to stop such malpractices. In addition, if a user tries to default by not completing the payment, they will be levied a penalty of Rs 500 or 5% of the total amount (whichever is higher). Instant INR deposits, which work like credit, will remove a big roadblock from the current P2P trading mechanisms in the county. Many investors could not take advantage of spot trading as depositors had to wait for confirmations before seeing the money in their INR wallet. This will also help the exchange to boost liquidity on their platform.
This video is meant for education purposes only and should not be treated as an endorsement for Bitbns.