Cifdaq plans to launch centralised exchange in August – Banking & Finance News

Cifdaq, a new-age fintech company, has unveiled plans to launch its centralised exchange in August, Sanjay Saxena, CEO and co-founder of the company told FE. This launch aims to provide a platform for trading top crypto currencies and introduce a suite of other financial products.

“Three years of technological development have laid a strong foundation for us, and now, with the right team and resources, we are ready to roll out our central exchange,” Saxena said.

Cifdaq’s exchange will initially support trading for the top 20 crypto currencies paired with the Indian Rupee (INR), with plans to expand to include derivatives and options trading. Further, the company plans to launch an android app and the exchange will also be supported on the website.

“Our exchange will feature OTC, Instant, P2P transactions, and we’re exploring the addition of options trading in the near future… Nobody in India has offered the options,” Saxena said.

Despite India’s cautious stance on cryptocurrencies, Cifdaq remains optimistic about its potential in the Indian market. “Cryptocurrency is not banned in India. We are aligning with government regulations and focusing on integrating blockchain technology to support the formal economy,” Saxena added.

Further, beyond the centralised exchange, Cifdaq plans to introduce a native token with a total supply of 500 million, an MPC (multi-party computation) wallet with enhanced security features, and other blockchain-based services by the end of 2025. “Our aim is to create a comprehensive blockchain ecosystem, providing everything from our own layer 1 blockchain to a suite of financial services,” Saxena said.

Fundraising Plans

Cifdaq is currently entering a fundraising phase, targeting a total of $25 million in the next 12-15 months to expand its team and marketing efforts. “This funding will also support the development of our upcoming products, including a decentralised exchange, custodian services, NFTs, and a gaming platform,” said Saxena.

Looking to the future, Cifdaq is not only focusing on financial services but also exploring the potential of blockchain in gaming and other industries. “We see tremendous opportunities in using blockchain for asset tokenisation, which could revolutionise investment in high-value assets like real estate,” Saxena said.