Delta, a crypto exchange with global headquarters in Kingstown, Saint Vincent, announced the launch of its Indian subsidiary on Thursday, June 27. The move comes as India’s government appears to be warming to cryptocurrencies as it begins to introduce rules to oversee the safety of the otherwise volatile digital asset sector. The stock exchange opened its office in Mumbai, the financial capital of India.
Delta Exchange plans for India
The Indian crypto market, even at this stage of growth, has a strong presence of national as well as international exchanges. Binance, Kraken, KuCoin, CoinDCX, WazirX and Unocoin are among the crypto exchanges operating in India.
To compete with these already established players in India, Delta has decided to be the first to offer crypto asset options trading in the country. In options trading, investors are supposedly allowed to buy or sell a crypto asset at a predetermined price and date, guaranteeing them profit from market price movements without owning the underlying cryptocurrency.
However, it is worth noting that crypto options trading is a risky investment with a high potential for loss, which is why it is not a popular service offered by crypto investors in India.
Among other services, the platform will also enable users to facilitate instant transfers and deposits in INR currency.
“This allows traders to work on the derivatives exchange without having to hold stablecoins or any other crypto coins. With a strong focus on compliance and security of its users, Delta Exchange India does not accept deposits or withdrawals in cryptocurrency, thereby eliminating all risks associated with custody of cryptocurrencies,” the exchange said in a prepared statement.
The exchange claims to have already onboarded over 1,00,000 users from India to the beta version of the platform. The company sees this development as crucial, especially since the country ranks first among 154 nations showing rapid local crypto adoption, according to the Global Crypto Adoption Index.
Focus on Indian Crypto Laws
India’s Finance Ministry and the Reserve Bank of India (RBI) have been very meticulous and strict in introducing rules to oversee the digital asset sector and bring more security to a financially volatile industry.
Delta Exchange said it has registered with the Financial Intelligence Unit of India (FIU-IND) and has set up a 24-hour customer support system to address customer complaints 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 expirations for Bitcoin and Ethereum’s Options contracts, allowing more options for traders in the market. Our launch in India marks a significant milestone in our mission to bring a secure, compliant, trader-centric platform for futures and options (F&O) traders in the country,” Pankaj Balani, co-founder and CEO of Delta, said in a statement. .
With India estimated to have more than 270 million crypto users by the end of this year, it seems natural for crypto companies to up the ante and help interested investors tap into Web3 through the crypto medium of their choice.
