The Next Chapter for Indian Crypto
Trading Without the Hidden Tax
Indian crypto trading is structurally inefficient for local traders: most platforms quote
“BTC/INR” but force conversions through USDT or USD rails, embedding hidden premiums that erode
returns and fracture liquidity. We’re building the first professional-grade exchange in India that
prices and settles directly in INR using transparent USD/INR reference rates and institutional
hedging. That solves price opacity, reduces effective spreads, eliminates synthetic USD exposures,
speeds cash cycles, and unlocks arbitrage and algorithmic strategies currently unprofitable on
inflated INR rails.
The Hidden Cost in Today’s Markets
On-shore “INR” prices commonly include a 2–7% embedded premium from USDT/USD routing — a hidden
tax on traders.
Quoted spreads understate true costs (effective cost often 4–7% higher than global USD markets).
P&L in USDT/USD creates FX exposure, reconciliation friction.
Result: suppressed volumes, fragmented liquidity, poor UX, limited algorithmic/arbitrage activity.
How We’re Changing the Game
INR-settled crypto derivatives:
(BTC, ETH, majors, select alts) where each contract price = (Global crypto price in USD) ×
(trusted USD/INR reference rate), visible on every trade.
Settlement in INR:
to bank accounts or custodial INR wallets — no mandatory USDT conversion.
Liquidity & Hedging:
Real-time hedging into global USD/crypto markets via institutional LPs to neutralize directional
exposure.
Risk Controls:
Robust margin engine, dynamic funding rates, auto-liquidation, and multi-tier collateral (INR +
approved crypto) to protect the book.
Transparency:
Show explicit USD/INR and crypto/USD legs in every trade; no hidden premiums.
How We’re Redefining the Market
Immediate cost arbitrage for traders:
Reclaim the 2–7% platform premium and convert it into higher realized returns.
On-shore on-ramp for global liquidity: By
institutional hedging brings depth without offshore UX friction.
New product surface for institutional customers:
INR-settled derivatives are easier for funds, treasuries, and corporates to integrate.
Network effects:
Better pricing drives volume → deeper hedging → tighter spreads → more algos/arbitrage → stickier
customers.
Regulatory alignment:
Rupee settlement aligns with the RBI’s interest in promoting Rupee rails and reduces cross-border
FX frictions for on-shore participants.
Transparent INR-settled futures built for profit-focused
traders
True Pricing:
Contract price = Global Crypto (USD) × Trusted USD/INR
feed. No USDT premium added.
INR Settlement:
Realized P&L credited in INR — no forced USDT
conversions, no FX surprises.
Tighter Realized Spreads:
Keep the 2–7% that others capture — improve realized
returns per trade.
Institutional Execution:
Hedging with global LPs for deep, professional
liquidity.
Speed & UX:
Fast deposits/withdrawals in INR; order types traders
expect; advanced charting & algos.
What you gain in real terms
Lower trade costs:
Contract price = Global Crypto (USD) × Trusted USD/INR
feed. No USDT premium added.
Cleaner P&L:
No synthetic USD/USDT exposure — INR accounting for
taxes and books.
Faster cash cycle:
Withdraw INR without crypto conversion steps.
Better execution:
Access aggregated global liquidity without offshore UX
friction.
Arbitrage & algo edge:
Use clearer price signals to build strategies that
weren't profitable on inflated INR rails.
The Journey Ahead
Aligned with RBI’s Vision:
Our INR settlement model directly supports the RBI’s push to “think beyond the dollar” and
strengthen the Rupee in both global and domestic markets, removing dependence on USDT.
Regulatory Tailwinds:
Industry leaders, including the Polygon CEO, confirm India is on the verge of launching a domestic
stablecoin. CoinX is built to seamlessly adapt and pivot the moment the RBI gives the green light.
Proven Global Playbook:
Coinbase has already added stablecoins in Australia and Singapore, proving the strong local-market
value of this model. CoinX is positioned to be the first-mover in India, unlocking similar
benefits for Indian traders.
RBI-Backed Stablecoin:
Commerce Minister Piyush Goyal recently hinted that India may soon launch an “RBI-guaranteed”
digital currency, supporting a transparent, regulated bridge between traditional finance and
blockchain settlement.