Malaysian blockchain tech firm launches Bitcoin exchange operations in India

Malaysia-based blockchain technology firm Belfrics has launched its Indian Bitcoin exchange operations on January 16. Belfrics, with its operations in multiple countries, will be providing a highly liquid marketplace for buying and selling of bitcoins in INR.

Indian bitcoin industry has been growing steadily in the recent months. With demonetisation, the interest towards the digital currency has increased multi folds in India. Belfrics aims to tap the largely unbanked Indian population by providing a “superior, yet simple peer-to-peer” digital currency trading platform through desktop and mobile devices.

Belfricsalso will be introducing POS and bitcoin payment gateway for online and retail merchants in India. Consumers will be able to transact in bitcoins with these merchants without any additional charges. Belfrics said it will be utilising its international expertise in blokchain and decentralised application development to bring transparency, efficiency and neutrality in to the financial sector transactions.

“The element of neutrality that the blockchain can bring to the financial system, without the involvement of an intermediary or a regulatory body, is going to redefine the way in which assets are transacted,” Praveen Kumar, group CEO of the company said.

Belfrics will be partnering with public and private institutions in India to effect a large-scale blockchain adoption.