Poland based cryptocurrency trading platform, BitBay, is coming to India soon by launching a dedicated platform for trading and exchanging cryptocurrencies in India. The exchange has over 2,00,000 users worldwide. It also boasts of a daily volume of around $4 million (INR25,64,22,000) and ranks tenth in the world.
BitBay is the first international exchange to realise the potential of Indian cryptocurrency market. According to the exchange CEO, Sylwestor Suszek, “India is an interesting market. The KYC norms are very strong, and people are technology savvy in this country. We also feel a rising interest in the cryptocurrency asset class”.
The exchange wants to have net banking options for which it is in talks with the banks and also is demo trading on BitBay India from August 10-24, without real money involved to make an understanding of the BitBay processes in details.
The exchange is to go live on 24th August in India. As soon as the demonstration ends, Gamecredits and MobileGo will give reward coins to all the registered member with higher volume transactions. Currently, BitBay India is a team of ten members operating out of New Delhi.
At present the Indian cryptocurrency exchange scenario is more of market makers and less of trading platforms. The exchanges have a set of Bitcoins which the buyers buy and sell across the country. However, these exchanges have their limitations as they do not allow order matching between the buyers and sellers. Also, they deal exclusively in Bitcoins, missing out on the other major currencies like Etherium, Litecoin, etc.
Initially, BitBay will launch trading in nine cryptocurrencies, which would be a fresh and a welcoming change for the Indian markets. The exchange further plans to extend the number to 17 cryptocurrencies over the next six months.
The most popular digital currency, Bitcoin has seen its price tripling since January 2017, hitting above $4000 (More than Rs 2.5 lakh) mark. The market capitalisation of Bitcoin is over $55 billion (INR3.52 lakh crore).
The sudden rise in the prices of the digital asset is due to countries like Australia and Japan adopting Bitcoins legally. The move has led to a sudden rise in demands and thus prices. Since then Indians are rushing to invest in the fastest growing currency.