Bitbay has announced that it will enter the Indian cryptocurrency markets, with the company’s Indian exchange expected to be operational before the end of August. Bitbay is Poland’s largest exchange by trade volume, and is set to become the first international bitcoin exchange operating within India’s cryptocurrency markets.
Also Read: Panel Recommends Indian Government Take Immediate Steps to Stop Bitcoin Use
Bitbay Will Offer Demo Trading Before Launching Full Operations on August 24th
Bitbay has announced that it will be launching its exchange platform for the Indian cryptocurrency markets. Bitbay will be the first cryptocurrency exchange to offer altcoin trading – providing trading pairs for ethereum litecoin, lisk, monero, ash, and gamecredits.
From August 14 Bitbay will offer demo trading that does not involve using real money, before launching full operations on August 24th. In a recent interview with Money Control, Bitbay India Head, Rohit Dahda has stated “we are taking all necessary steps to adhere prescribed rules for Bitbay India. In fact, we are offering demo trading for users before using real currency to bring a level of confidence in common people.”
At a launch function for the newexchange, Bitbay CEO, Sylwestor Suszek, stated that “Bitbay India has been conceptualized to provide innovative services, support and solution for cryptocurrency users in terms of fast and secure transactions. Our team consists of specialists and Bitcoin enthusiasts who are active in crypto community, attend industry conference events and support charity causes via meaningful fund donations to relevant Indian societies”. An official press release states that “the prime objective of Bitbay India is to remove all misconceptions related to cryptocurrency, drive more people towards digital currencies, attract potential investors from market and offer all round platform to trade as well as exchange multiple cryptocurrencies at Bitbay.”
Despite Regulatory Uncertainty, Bitbay Plans to Expand Its Share of the Indian Cryptocurrency Markets in Coming Months
According to Coinmarketcap, Bitbay hosts the largest BTC/PLN market by volume, with Bitbay’s 24-hour volume sitting around $8.35 million at the time of this article’s composition – equating to roughly 0.26% of total global bitcoin trade. “We are the number one in Eastern-Central Europe with more than 200,000 users. We are number 10 in the world and are in operations since 2014,” Suszek told Moneycontrol.
Despite the nation’s current climate of regulatory uncertainty regarding India’s cryptocurrency markets, Bitbay plans to expand its presence in India over the coming months, including the introduction of up to 17 different altcoins. “Very soon, we will be bringing more features on the platform to cater to requirements of common people on a day-to-day basis. We are following a high-security model and following two-fold authentication models for safe transaction,” states Rohit Dahda.
What do you think about Bitbay’s entry into the Indian cryptocurrency markets? Share your thoughts in the comments section below!
Image courtesy of Shutterstock and Bitbay
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