Turkish cryptocurrency giant Bitay has announced its foray into the Indian market to add to its user base of millions in the region and develop a market less suited to global exchanges amid regulatory uncertainty. Headquartered in Istanbul, Turkey, Bitay is an exchange that enables users to buy and sell security-focused crypto assets. To maintain high-security standards, the platform claims to store customer assets in cold storage, such as hardware wallets instead of paper wallets and computers without an internet connection.

According to the press release, the digital asset trading group has set up an office in Gurugram, India. It will operate as “Bitay India” — the name the company chose for its Indian branch.

Founded in Turkey at the end of 2019, Bitay has achieved some notable milestones in the past two years, with a user base of over 30,000 daily active traders and over 750,000 KYC verified users, with an average daily transaction volume of $250 billion (approx. Rs 1942 crore).

In addition to India, Bitay is expected to operate in other countries, including the US, UK, the Netherlands and Estonia, which have huge potential for cryptocurrency activity. The company currently has licenses in 12 US states. Besides cryptocurrency trading activities, Bitay has also launched other products in this space, such as the Bitay NFT platform, Bitay Visa Card, Bitay Game and Bitay Academy.