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UAE-Based Crypto Exchange Bitex Targets Indian Users

UAE-Based Crypto Exchange Bitex Targets Indian Users

India welcomes UAE-based crypto exchange Bitex as it targets Indian traders. Launched in 2018, Bitex has a fully-regulated cryptocurrency wallet and professional trading platform.

Founded by Monark Modi, Bitex has its headquarters in Dubai and has set up another operating office in Mumbai. Significantly, it targets to gain 100,000 users in the first three months, with 5% as daily active users (DAUs). Moreover, it aims to generate $10 million worth of daily trading volume for BTC/INR pairing.

Indian Exchanges’ Weekly Trading Volume until early Q3 2020 (Source: Coingecko)
Indian Exchanges’ Weekly Trading Volume until early Q3 2020 (Source: Coingecko)

Despite the economic crisis, cryptocurrency trading platforms in India have reported record-breaking volumes and new users. With this in mind, Bitex decided to enter this market.

Bitex founder Modi emphasized that,

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.

Bitex claims that it can handle up to 1 million transactions per second. Hence, it will provide faster order execution and support multiple orders of BTC, ETH, XRP, BCH, LTC, and many more seamlessly. Moreover, Bitex offers a competitive edge due to its fully-compliant AML and KYC platform and multi-signature wallet.

Upon lifting the crypto ban in India, Modi further added that with good regulations, “India has a huge potential to scale cryptocurrency as a digital asset and also expand the use of blockchain in financial payments.”

Not only Bitex has been expanding to India, but also crypto exchange Binance and global crypto banking platform Cashaa.

An aspiring journalist who spills her ideas in cryptocurrency and blockchain-related matters. With her background in Communication and Journalism, she is more inclined to write about reality than fiction.