Giottus aims to provide customers with access to the best daily pricing for cryptocurrency assets that are traded in the country.
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Giottus Exchange Announcement
The Indian cryptocurrency exchange Giottus is attempting to get investors to use its platform by implementing a novel, cost-effective tactic. The exchange announced on Monday, October 31 that it will permit users to trade cryptocurrencies for free.
Giottus’s new approach aims to make it easier for prospective investors to plan their transactions and increase the margins of expected returns. The exchange wants consumers to be able to access the best daily pricing for cryptocurrency assets that are traded in the country.
The Indian government’s tax policy on cryptocurrencies has negatively impacted trade volumes reported by Indian exchanges, despite the country being the one that has allegedly demonstrated the most adoption of cryptocurrencies at the grassroots level.
Giottus investigating increasing trade volumes
It may be investigating ways to increase trade volumes on its platform by utilizing the recently added zero-fee trading feature for this reason.
We are a customer-focused company that supports democratizing access to cryptocurrency for all. CEO Vikram Subburaj commented on the development, saying, “Given the prolonged bear market we have witnessed in the past two years, the zero-fee move was an easy but necessary decision.”
Staking set payouts, and SIPs are just a few of the cryptocurrency investment programs that the exchange provides. The exchange, which says it serves over a million customers, wants to increase trading pair liquidity going ahead to give investors access to the best daily pricing on cryptocurrency assets.
India, which has not yet finalized regulations to regulate the cryptocurrency industry, has imposed a 30 per cent tax on all cryptocurrency earnings in addition to a one per cent TDS deduction on all cryptocurrency transfers.
The Indian government wanted to make sure that the assets were not being used for illegal purposes like money laundering and supporting terrorism, so they created these tax rules to maintain a financial record of otherwise mostly anonymous cryptocurrency transactions.
However, the amount of cryptocurrency trading activity that was documented before these tax rules were established was found to be negatively impacted by them.
CoinDCX, a unicorn cryptocurrency exchange based in India, informed the media earlier this month that trade volumes on Indian exchanges had dropped by 95% when compared to those on foreign exchanges.
Margin is frequently reduced by trading expenses and deductions, particularly during a bad market. Acknowledging this, It has taken the lead in enabling the zero-fee effort, stating in a news release that it wants to make investing simple for its consumers.
The Indian cryptocurrency exchange aims at investors unwilling to pay trading charges and represents a revolutionary step towards it. This revolutionary method makes transactions considerably simpler and lucrative as the Indian crypto taxation by the central government greatly reduces trade volumes.
It will also expand its services by enacting staking set payouts and SIPs to enhance currency liquidity and capitalize on reasonably priced Bitcoin daily rates. It shows that Giottus are serious about making cryptocurrencies equally accessible even in tough economies where price increases tend to eat up their profits.
What is Giottus’s new, low-cost strategy to draw in investors?
Giottus is making it simpler for potential investors to organize their transactions and raise projected returns by enabling users to exchange cryptocurrencies for free.
How can Giottus assist investors in obtaining the most favourable daily price for Bitcoin assets?
Customers should be able to acquire the best daily pricing for Bitcoin assets traded in India, according to the exchange.
Why has the tax policy of the Indian government affected the number of bitcoin trades negatively?
To discourage illicit use, the Indian government levied a 30% tax on all cryptocurrency profits and a 1% TDS deduction on bitcoin transfers. Trade activity has been impacted by these tax regulations.
Aside from zero-fee trading, what other services does Giottus provide?
Giottus offers bitcoin investing programs such as Systematic investing Plans (SIPs) and staking predetermined payments.
What does Vikram Subburaj, CEO of Giottus, think about the drive toward zero-fee trading?
Vikram Subburaj highlights the company’s commitment to democratizing access to cryptocurrencies and believes that the choice to go zero-fee was crucial, particularly given the extended bad market.