Credit: Shutterstock photoBitbay has announced it will enter India's cryptocurrency market. The Polish exchange is the largest exchange in Poland and will be the first international exchange entering India.
The exchange will expand its trading business while scouring new talent for its trading platforms in India.
"Our focus is to grow with regulation," Chafik Abdellaoui, Bitbay's chief information officer, said . "The Indian market is the fourth-largest for cryptocurrencies. On one side, we want to work closer with banks so that the new technology is adopted and deposits and withdrawals are facilitated. On the other, we want to work with the government to make it a regulated business subjected to tax."
The platform will begin trading in India on Aug. 24 and is open in demo mode until the platform's official opening in the country. Bitbay's exchange ranks in the top 10 cryptocurrency trading platforms in the world.
The exchange will offer a physical location for traders to visit, with trading options in Bitcoin, Dash, Lisk, Litecoin, Ether and Monero. The platform will add six additional cryptocurrencies to its Indian platform.
India's customer authentication infrastructure was a key point in choosing the country as Bitbay's expansion target. The infrastructure reduces customer risks when trading cryptocurrencies. The company will follow high-level security measures to protect consumers.
"Cold wallets" and 2FA authentication will also be used to increase security measures on the platform.
Bitbay's Polish operations include debit cards, which allow traders to pay for goods using cryptocurrencies. The debit card, issued by the company, can also perform ATM withdrawals and be used at restaurants.
The company's European platform processes 50 million euros ($58.7 million) in transactions daily. Bitbay works closely with Poland's government to introduce wider adoption of cryptocurrency in the country. The Polish platform offers 17 cryptocurrencies.
Bitbay reports more than 200,000 users on its Polish platform.
India's transition into a digital economy is a key reason for Bitbay's expansion into the country. The company says people are open to adopting new ways to conduct transactions. Bitbay considers India to be the future's largest cryptocurrency market.
The company plans to expand its current Indian team of 10 employees to nearly 50 by the end of the year.
"Anyone can trade on the platform, provided they complete the full 'know-your-customer' requirements by providing Aadhaar and PAN card number," Rohit Dahda, the head of Bitbay India, said.
Bitbay plans to work alongside India's government to help form regulations for cryptocurrency markets. The company says it is willing to work with the government to expand the platform's acceptance in India.
Disclosure: The author does not have any interests in the equities mentioned.
This article first appeared on GuruFocus .
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
