UAE Digital Currency Exchange Major Bitex Enters India
- 10.11.2020 09:45 am
Bitex, the UAE’s most secure digital asset exchange, has made its India foray with the launch of its fully-regulated cryptocurrency wallet and professional trading platform. The company, established in 2018, has its headquarters in Mumbai.
Bitex will offer the platform to the Indian trading community for buying and selling digital assets such as Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, XRP and more. The trading platform is compliant with anti-money laundering (AML) and know your customer (KYC) policies.
Bitex’s entry comes at a time when several domestic and foreign players commenced operations in India after the Supreme Court reversed the ban on cryptocurrency trade in March 2020. The Indian cryptocurrency market is estimated at $12.9 billion.
Bitex Founder and CEO Monark Modi said: “The Supreme Court ruling in favour of cryptocurrency has been pivotal in reinvigorating the latent demand for the digital asset in India. The Indian crypto trading community has been showing a growing interest in cryptocurrencies ever since traditional investment options have seen marked fluctuations in returns. As the UAE’s most secure and popular digital asset exchange, Bitex will enhance both safety in transactions and innovation in the Indian cryptocurrency marketplace.”
With a matching engine that allows up to 1 million transactions per second, Bitex will provide faster order execution, enhance the exchange platform’s capabilities for quick and real-time trading, and support multiple orders seamlessly.
Modi believes that market-specific innovation, fully-compliant AML and KYC, a multi-signature wallet, and instant deposit and withdrawal facilities will give Bitex an edge over existing players in the Indian cryptocurrency market.
“We have always supported a positive business environment and believe India is moving towards new and emerging sectors despite uncertainties in current times. With good regulation, India has a huge potential to scale cryptocurrency as a digital asset and also expand the use of blockchain in financial payments,” he added.
Bitex is also launching an investor and trader awareness initiative – Bitex Academy – to create awareness and educate people about blockchain and cryptocurrencies.
In last two years of operations in the UAE, Bitex has led many innovations attuning itself closely with the geographical market sensitivities. The company launched cash trading for cryptocurrency traders in view of high dependence on cash among the UAE’s trading community.
Bitex has partnered Trackwizz, a leading AML screen and transaction monitoring solutions provider with a clientele that includes ICICI Securities, HDFC Securities, Zerodha, Bajaj Finserv and NSE among others.
Bitex provides professional traders with a secure and an advanced platform for long-term investment in digital assets with charting tools, order books and one-click trade option. In addition to the trading platform, Bitex is also a cryptocurrency wallet that allows third-party transactions. The platform allows users to place Spot-and-Limit orders on all available trading pairs. Users can also customise charts to meet their trading needs while using the pre-existing 10+ indicators.