Bitex, a UAE digital currency exchange, enters India

By Edil Corneille

Bitex, a digital asset exchange, has made its India foray with the launch of its fully-regulated cryptocurrency wallet and professional trading platform. Established in August 2018, Bitex addresses the demand in the UAE and India for a secure cryptocurrency wallet and trading platform with a view to growing into the Asian Region.

Bitex will offer the platform to the Indian trading community for buying and selling digital assets such as Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and XRP, among others.

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 a 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.

“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,” Modi added.

Bitex is also launching an investor and trader awareness initiative – Bitex Academy – to create awareness and educate people about blockchain and cryptocurrencies.

The exchange has partnered Trackwizz, an 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 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.