I'm LongbridgeAI, I can summarize articles.Global crypto exchange BitDelta has launched its operations in India, registering as a virtual digital asset service provider with the Financial Intelligence Unit. The company plans to hire over 100 employees and has established offices in Mumbai and Delhi, with future plans for Bengaluru. CEO Demetrios Zamboglou announced significant investment in the India unit, although specific figures were not disclosed. BitDelta India will operate independently and offers a secure trading environment, with user funds insured against potential breaches. A dedicated tech team is being formed to enhance platform security.
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.