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New Indian crypto exchange BITSZ claims higher wallet security

By Vinu Lal

12:16, 11 October 2021

A circle of cryptocurrency tokens with golden bitcoin in the middle
Circle of cryptocurrency – Photo: Shutterstock

Indian homegrown crypto exchange BITSZ commenced operations Sunday with insurance cover for all account holders and claims of higher wallet security than other local exchanges, the company said in a press release reviewed by Capital.com.

“BITSZ is the only platform in the market that ensures every user wallet is secure, compared to other platforms in the market,” Naveen Kumar, founder of BITSZ, said.

The latest crypto exchange has already clocked trading volumes upwards of one million and offers access to more than five crypto exchanges with over 2,000 active investors, the statement said.

Fireblocks partner

“Crypto currencies are growing, and we are positive it will lead the market. There is a lack of awareness of digital currency, and this issue can get solved with the support of this platform.

“The platform does not have bugs, and safeguards from anti-money laundering activities,” Naveen Kumar, founder of BITSZ said.

BITSZ has partnered with digital asset management and settlement platform Fireblocks.

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The New York-based firm will provide insurance to users on all types of wallets. Along with this, BITSZ will become the fastest exchange to 30 million transactions on the platform, the statement claimed.

The new exchange also claims to have introduced a platform that provides faster transactions, an extremely easy user interface, 24/7 multilingual live chat, customer support, and artificial intelligence suggestions.

India a crypto leader

A Times of India report mentioned that crypto trading volumes in the country grew more than seven-fold from $923m to nearly $6.6bn between April 2020 and May 2021. The report added that India currently ranks second in the world in cryptocurrency adoption, thanks to faster internet adoption and bandwidth.

Another recent report by PricewaterhouseCoopers stated that the future of money in India will be a combination of centralised, decentralised, account-based and token-based models. It said that adopting crypto currencies will support India’s financial inclusion drive and also lower the cost of transactions.

Read More: Indian energy stocks in BSE surge on power sector reforms

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