Admin Source : Gadgets 360
Delta, a crypto exchange with global headquarters in Kingstown, Saint Vincent, announced the launch of its India subsidiary on Thursday, June 27. The move comes at a time when the Indian government seems to be warming up to cryptocurrencies as it begins deploying rules to oversee the safety of the otherwise volatile digital assets sector. The exchange has set up its office in Mumbai, India’s financial capital.
Delta Exchange’s plans for India
India’s crypto market, even at this growing stage, has a robust presence of national as well as international exchanges. Binance, Kraken, KuCoin, CoinDCX, WazirX, and Unocoin are among crypto exchanges operating in India.
To compete with these already established players in India, Delta has decided to be the first to offer options trading for crypto assets in the country. In options trading, investors are reportedly allowed to buy or sell crypto assets at a predetermined price and date, which guarantees them profit from market price movements without making them own the underlying cryptocurrency.
It is, however, worth noting that crypto options trading is a risky investment with a high potential for loss, which is why it’s not a popular service offering from crypto investors in India.
Among other services, the platform will also let users facilitate instant transfers and deposits in the INR currency.
“This allows traders to operate on the derivatives exchange without the need of holding stablecoins or any other crypto coins. With a heavy focus on compliance and safety of its users, Delta Exchange India does not accept cryptocurrency deposits or withdrawals thereby eliminating any risks associated with crypto custody,” the exchange said in a prepared statement.
The exchange claims that it has already onboarded over 1,00,000 users from India onto the beta version of the platform. The company sees this development as crucial, especially as the country ranks first among 154 nations showing rapid crypto adoption at the grassroot level, as per Global Crypto Adoption Index.
Focus on India’s crypto laws
India’s finance ministry and the Reserve Bank of India (RBI) have been very meticulous and stringent in deploying rules to oversee the digital assets sector and bring more security to the financially volatile industry.
The Delta exchange has declared that it has registered with India’s Financial Intelligence Unit (FIU-IND) and has set up a 24×7 customer support system to cater to user grievances at all times.
Founded in 2018, Delta exchange is a digital asset derivatives exchange backed by multiple investors, including CoinFund, Sandeep Nailwal’s family office, Aave, Kyber Network, and SinoGlobal Capital, among others.
“Delta offers daily, weekly and monthly expiries for Bitcoin and Ethereum’s Options contracts, thus allowing more opportunities for traders in the market. Our launch in India marks a significant milestone in our mission to bring a secure, compliant and trader-centric platform for Futures and Options (F&O) traders in the country,” Pankaj Balani, Co – Founder and CEO, Delta, said in the statement.
With India reportedly estimated to house over 270 million crypto users by the end of this year, it seems only natural for crypto firms to increase the stakes and help interested investors venture into Web3 through crypto assets of their choice.
