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
Bitex is targeting to gain 1 lakh users in the first three months, with 5% being daily active users (DAUs)
Bitex is targeting $10 Mn-worth daily trading volume for the BTC (Bitcoin)-INR (Indian Rupee) pair
Last week, Inc42 reported on global crypto players such as Cashaa and Coinbase. While Cashaa has announced its Indian expansion, Coinbase is actively planning the same. This, despite the prevailing uncertainty around the regulatory scenario for cryptocurrencies in India.
This week, a United Arab Emirates (UAE)-based crypto exchange, Bitex, has formally announced its India expansion. Founded in 2018 by Monark Modi, Bitex has its headquarters in Dubai and has set up another office in Mumbai. Notably, India…