Global crypto exchange BitDelta launches India operations, plans hiring

BitDelta has launched India operations after registering with FIU-IND, planning a 100-member team and investing in security and infrastructure amid intense competition

Global crypto exchange platform BitDelta made its foray into India on Wednesday. BitDelta India said it was registered as a virtual digital asset service provider with the Financial Intelligence Unit (FIU-IND) ahead of its launch in the country.

 

The company plans to have a team of over 100 people in India by the middle of this year, Vikaas M Sachdeva, chief executive officer, BitDelta India, said.

 

The firm said it has offices in Mumbai and Delhi, with plans to have a presence in Bengaluru.

 

The launch of the company in India comes at a time when the country has multiple domestic firms such as CoinDCX, CoinSwitch, ZebPay, and Mudrex, among others. Global players include Binance, KuCoin, and Coinbase.

 

Group Chief Executive Officer Demetrios Zamboglou said the company was allocating “significant investment” in the India unit of BitDelta without disclosing exact figures.

 

“As a group, we are in a very good position to fund India operations. In regard to numbers that we have allocated to India, we cannot share those due to high competition. But there is definitely going to be significant investment and it has been approved by shareholders,” Demetrios said.

 

BitDelta India will be independently structured and operated, the company said.

 

The exchange said it offers a unified, INR-native trading environment across spot and derivatives markets.

 

Demetrios added that user funds on the platform were insured.

 

This comes at a time when multiple global exchanges have been subject to security breaches leading to the loss of user funds.

 

“Every single asset that is held by our third-party providers is insured. The funds of the users are definitely insured. Insurance is scaling up depending on the amount of assets we hold,” he added.

 

“We have a 50-member tech team which is now coming up, which is going to be focusing solely on the platform and the backend security,” Sachdeva said.