Mumbai: Poland based bitcoin exchange platform Bitbay is all set to open trading in India. The company which allows trading in multiple cryptocurrencies other than bitcoins is planning to expand its technology based workforce in the country as well.

"We will allow six more cryptocurrencies besides bitcoins for trading in India, we wish to associate and work closely with the government to remove all misconceptions around bitcoins and cryptocurrencies of the world," said Chafik Abdellaoui, chief information officer, Bitbay.

The company is planning to start demo operations on August 14 and initiate full fledged trading from August 24. They have a current workforce of 10 people here which they plan to increase to around 50 by end of the year.

At a time when bitcoins are gaining notoreity in this world as a mode of payment for ransomware, Bitbay plans to introduce full KYC norms for traders on its platform along with security applications like two factor authentication to ensure genuine users trade on its platform.

In Europe the platform records 50 million worth transactions on its platform and records around 10,000 to 1 lakh trades per day depending on price fluctuations and allows trading in 17 different cryptocurrencies. The company is also closley working with the Government of Poland to propel wider adoption of cryptocurrency in the country.

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Bitbay to launch cryptocurrency trading platform in India - Economic Times