Bitex, a UAE based digital asset exchange as per their website, announced that it has made its foray into India with the launch of its fully-regulated cryptocurrency wallet and professional trading platform. The company, established in 2018, has its headquarters in Mumbai. According to the press release, 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 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.