DigitX, India's first B2B cryptocurrency exchange, starts operations

DigitX, India's first business-to-business (B2B) cryptocurrency trading exchange, began its trading operations on October 6.

DigitX intends to deliver transparency and security, with features created to build trust and confidence in investors and traders, the company said in a statement.

"At DigitX, with our model of trusted links, we are bringing the advantage of traditional equity and commodity markets in crypto trading," said Ashish Mehta, co-founder of DigitX.

"Crypto is an alternative asset class, which promises to bring a lot of efficiencies, positive disruption, scalability and are quick in adaption backed by a very efficient technology backbone," Mehta added.

The company is in talks with around 25 to 30 mid-size members to get them to participate on the platform. DigitX said it has a target of engaging around 100 members by December 2021.

Mehta said cryptocurrencies should be regulated by legitimate financial institutions in the country.

"We firmly believe in the positive role it can play in our economy riding on Blockchain and Distributed Ledger Technology. It is our view that to further expand this opportunity, the Crypto should be regulated by the legitimate financial institutions of the country. We hope that the industry and all stakeholders can work in this direction," he said.