Bitindia is Launching in an International Jurisdiction Amidst Regulatory Bottleneck at Home in India
We would like to inform all members of our community that we shall be launching our exchange globally following regulatory hiccups at home in India.
We are choosing an international jurisdiction that has a conducive Environment regulated by the government and we believe that setting up our foundation at such a place would give us a base to expand globally. We would like to extend our sincere gratitude to all our community members who supported our products and made it possible for the exchange in the current transitioning to a global scene. The recent development at home in India will not allow us to establish our exchange in India.
Why this change in plans? or Why we had to go Global?
Initially our plan was to start with an Indian based cryptocurrency exchange which could compete favorably with other global exchanges and wallet providers form other parts of the world. India has a population of more than 1.3 billion people with a lot of the population still lacking access to financial services and we aimed at improving this.
We always strive to create products that meet the global standards and could compete with similar services from other providers. Going global during the first day is a difficult challenge that we embraced and considered it a rare opportunity to showcase our quality services to a global audience.
With the intervention of the Reserve Bank of India on 5th of April, 2018 and the existing government’s stance on blockchain and cryptocurrency, we had to transform our tactics of launch and eventually go Global for the 7.6 Billion people. This decision was not as easy as it sounds, from tie-ups with payment gateways, to managing a team from India, to the launch date in early April, to dealing with the legalities in accordance with the Indian Law and a lot more had to be changed in the last minute. With all these difficulties that have come along, we are still committed to launching the best platform with an aim to compete with other international exchanges.
We were in preparation to launch in early April underneath the Indian legal outline, but due to the sudden response from the Reserve Bank of India, we had to alter our framework. After reviewing several different locations, the company decided to set up its operations in an international jurisdiction that stands truly supportive of the latest technological advancements.
What going Global Means to Us?
Although the decision to go global was not an easy one for us because of the challenges that are associated with expanding to the international market, we decided to embrace this challenge with a complete determination to succeed. Going global will open up many new opportunities for us and will permit our users/traders from all parts of the world to register and carry out trading on our complete platform.
So far we have registered a significant amount of successes mainly in the development of the core technology needed to securely run the exchange and trading platform. The exchange will have a well established website based trading and exchange platform. All the services on the website will also be available on our smartphone app which has an end to end encryption and a multi-layer security login with two-factor authentication. Our End-to-End data encryption store sensitive user data in a zero-knowledge format meaning that not even our workforce members will have access to sensitive user data.
When are we launching?
With the complete dedication and hard work, we are able to meet the exact requirements we aim at. At the last and final stage, our expected launch date is 28th to 30th April that is similar as before but then again there might be a slight rearrangement only if any delay befalls from our legal team.
What is the plan for launch?
We understand the need of backbreaking effort on our end to compete with international exchanges on an everyday basis and our entire team is committed, giving their best by working day and night to bid a better and safer global product than any presently accessible to trade in digital assets.
Some of our launch strategies are:
Zero trading fees
Bitindia decides to have zero trading fees for the initial 30 days after its launch. We are dedicated to increasing our user base worldwide and offer better services than most global players. During this period all transactions on our platform will be conducted free of charge, no fee will be charged for any transactions for the 30 days period.
50% fee waiver for using our native BDT tokens for trading
We have a long-term plans to increase the value of BDT (BITINDIA) tokens. Using them for trading fee predicts that their value increases over time as the number of trades on the platform increases. We love our community and hope to see our community rise over the globe.
Trading Pairs that will be Hosted on our Platform
We have decided to add trading pairs in USDT, Bitcoin, and Ethereum.
USDT is a cryptocurrency asset issued on the Ethereum blockchain via the ERC20 Protocol. Each USDT unit is backed by a U.S Dollar held in the reserves of the Tether Limited and can be redeemed through the Tether Platform. USDT can be transferred, stored, spent, just like bitcoins or any other cryptocurrency, users can transact and store tethers with any Omni Layer enabled wallets like Ambisafe, Holy Transaction or Omni Wallet.
Other Currency pairs traded on our platform include BTC/USDT, BCH/USDT, ETH/USDT, LTC/USDT, DASH/USDT.
In addition, the following Bitcoin pairs will be available initially: LTC/BTC, BCH/BTC, ETH/BTC, DASH/BTC, BDT/BTC, EOS/BTC, TRX/BTC
Meanwhile, the following tokens will be traded with ether: Bitindia, Tronix, EOS, VeChain, OmiseGo, Icon, Digix DAO, Populous, Veritaseum, Bitquence, Storm, FunFair, Decentraland, Monaco, Bytom, ELF, IOSToken, StatusNetwork, Ziliqa.
The following Ether pairs will also be available from the date of launch: LTC/ETH, BCH/ETH, DASH/ETH, BDT/ETH, TRX/ETH, EOS/ETH, VEN/ETH, OMG/ETH, ICX/ETH, DGD/ETH, PPT/ETH, VERI/ETH, BQX/ETH, STORM/ETH, FUN/ETH, MANA/ETH, MCO/ETH, BTM/ETH, ELF/ETH, IOST/ETH, SNT/ETH, ZIL/ETH
We strive to make our platform the best cryptocurrency trading platform and wallet provider. We will achieve these by having one of the most robust platform security and a dedicated team working on our systems. There will be a reliable customer service willing to help our users 24/7.
This International jurisdiction will be announced as soon as we get a confirmation from the jurisdiction to start our operations.
We would love to hear from our community.
Thanks for your continuing support.