Mumbai, Aug. 12: BitBay, based in Poland, is launching a dedicated platform for trading in cryptocurrency in India.

It will kick off with demo trading and exchange of cryptocurrencies without using real money till August 24 to enable users to understand the process. Subsequently, the exchange will go live.

BitBay is one of the top ten cryptocurrency trading platforms in the world with over two lakh users. It facilitates trading in various cryptocurrencies, such as Bitcoin, Litecoin, Ether, Lisk, Monero, Dash, and Gamecredits.

In India, the exchange will initially allow trading in nine kinds of digital currencies, which will later be extended to 17. While the strength of its team in India now stands at 10, the company hopes to increase it to 50 by the end of this year.

Top officials of BitBay said the major objective of the company would be to remove all misconceptions about cryptocurrency, drive more people towards its use and offer an all-round platform to trade as well as exchange multiple currencies on BitBay.

BitBay India has a few advantages over other exchanges. It allows trading in multiple cryptocurrencies, while other platforms allow transactions only in Bitcoin.

Moreover, it offers high security standards, including a non-hackable "cold wallets" policy.

The officials added that the exchange would also have a strong security apparatus and users would have to quote their PAN and Aadhaar number.

"We are No.1 in eastern-central Europe with more than two lakh users and No. 10 in the world, operating since 2014," Sylwestor Suszek, CEO of BitBay, said.