Seeing the exponential boom in cryptocurrency in India, leading Turkish cryptocurrency exchange firm Bitte is planning to enter the Indian market. Bitte also accepts and welcomes India’s crypto tax regulations. The exchange aims to reach out to the age group of 21 to 35 in major cities of the country.
Bite which has an existing user base of 1 million customers, has already set up its office in Gurgaon, India.
The latest Chainalysis data reveals that India ranks second among the highest cryptocurrency Users globally by October 2021. The report also mentioned that the Indian crypto market grew by 641% in the whole of June 2021.
Bite announced its plan to reach out to Indians in the age group of 21 to 35 living in cities such as Mumbai, Delhi, Chennai, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad, Indore, Patna, Jaipur and Lucknow.
Niazi Yilmaz, CEO, Bitte, said, “We are excited to mark our presence in India with a thorough knowledge of the current state of cryptocurrency legal and regulatory guidelines in the country. Considering the immense growth opportunities of the crypto industry, We immediately accept and welcome a government tax of 30% and 1% on cryptocurrency income. TDS Will be applicable from July. We plan to directly or indirectly reach out to Indian traders and investors and inform them about our offerings through our campaigns. Upon connecting to our platform, initial users will receive an airdrop from Bitte after completing their KYC on our platform.”
Yilmaz further added, “We want to target the tech-savvy and hyper-connected Millennials, who comprise 30% of the total population of the country and contribute 38% to the total gross income of the country. Our passionate team makes all our efforts. Will customize and personalize awardees. Offerings by leveraging state-of-the-art technology. We also want to introduce value-added loyalty programs to appreciate our valued customers.”
In addition to India, Bite aims to expand its footprint to other countries including the United States, England, Netherlands and Estonia, given the huge potential for cryptocurrency activities in these locations.
Bite currently has licenses in 12 states in the US. Headquartered in Istanbul, Turkey, Bitte is an exchange platform that enables its users to buy and sell crypto assets quickly, securely and easily through the latest technology trading systems.
Since security is one of the main concerns in digital asset exchanges, the ISO/IEC 27001 and ISO 9001-certified BitTorrents are built with the highest technical security standards available. It stores the customer’s assets in cold storage such as hardware wallets on paper wallets and computers without internet connection.
Having achieved unparalleled growth and success in the Turkish market, Bitte now intends to have a strong footprint in India as the place holds exceptional potential to become one of the largest markets for cryptocurrency, which is important for the growth and development of the Indian economy. Backed by interests in cryptocurrency. by the new generation of users.
In addition to crypto exchange activities, Bitay has built a stable ecosystem by creating initiatives and products such as the Bitay NFT platform, Bitay Visa Card, Bitay Game and Bitay Academy.