CoinSwitch Launches INR-Denominated Crypto Futures Trading
CoinSwitch, an Indian cryptocurrency exchange, has launched INR-denominated futures contracts, allowing users to trade cryptocurrencies directly using Indian Rupees instead of converting them into Tether (USDT). This move seeks to make the trading process easier and more user-friendly for Indians by catering to their specific needs and preferences.
The implementation of INR-based trading originates from user feedback suggesting that dealing with the local currency feels more relevant compared to using USDT, which is widely used in global markets. By eliminating the extra process of converting currencies, CoinSwitch aims to enhance accessibility and efficiency for a wider range of Indian traders entering the futures market.
The updated feature set encompasses functionalities like real-time pricing maps, allowing users to see INR pairing details alongside percentage variations on their contract lists for smoother tracking of price fluctuations. The display of open positions adjusts based on the chosen currency setting, permitting traders to seamlessly alternate between USDT and INR-denominated futures using an accessible toggle option found on the Futures tab. Additionally, critical metrics within position listings—such as unrealized PnL figures and potential liquidation points—are shown in INR, accompanied by relevant charges, thus facilitating faster evaluations of trade outcomes.
Balaji Srihari, Vice President at CoinSwitch, commented on this development stating that India stands out as one of the most rapidly expanding cryptocurrency markets worldwide and holds the distinction of being the second largest in terms of transaction values received. He emphasized, “By introducing INR-denominated crypto futures on CoinSwitch, we aim to create an environment that caters specifically to the requirements and habits of Indian users—minimizing complications and ensuring sophisticated trading instruments are easier to access than ever.”
Established in 2017, CoinSwitch boasts more than 20 million users and runs a compliant exchange platform. It has received backing from international investment firms like Coinbase Ventures, Tiger Global, and Sequoia Capital India. Introducing INR-based futures forms an integral component of their plan to improve cryptocurrency trading within India’s expanding digital assets sector.
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