Tag: crypto trading

India’s WazirX Sees 90 Percent Dip in Crypto Trading Volume Amid Regulatory Delays

WazirX disclosed the trajectory of its business this year only to give an insight into the slump spell that the crypto market is under as India awaits to complete regulatory deployments to oversee the sector. The Indian crypto trading platform, in 2023, managed to generate around $1 billion (roughly Rs. 8,315 crore) in terms of trading volume. This is a sharp 90 percent decline from its previous year’s trading volume of $10 billion (roughly Rs. 83,151 crore) and 2021’s figure of $43 billion (roughly Rs. 3,57,534 crore).

In terms of addressing the potential reasons why trading volumes may have sunk this year, WazirX decided to keep its lips sealed. Interestingly, its competitor CoinDCX crypto exchange fired 12 percent of its workforce earlier this year, clearly pinning the blame for pushing investors away on India’s tax regime.

The exchange, did however, give other insights that it observed in-terms of trading patterns in India for the year of 2023. Bitcoin (BTC), Shiba Inu (SHIB), Ripple (XRP), Ethereum (ETH), and Polygon (MATIC) emerged as the most traded cryptocurrencies among members of the Indian crypto community on WazirX.

Women constituted 22 percent of the total trading volume on the platform, and women aged between 21-40 years made up 83 percent of the total volume traded by all women users. In the case of men, the age bracket of 21-40 years constituted 76 percent of all men users on the platform.

Uttar Pradesh, Maharashtra, Tamil Nadu, Gujarat and Haryana house the bigger shares of traders, whereas the states with the highest trading volumes are Tamil Nadu, Uttar Pradesh, Maharashtra, West Bengal, and Haryana.

The Vice President of the trading platform, Rajagopal Menon, has projected a bright future for blockchain-related sectors in the days to come.

“With the advent of maturing blockchain technologies, cryptocurrencies are set to evolve beyond speculative assets, becoming integrated within supply chain management, healthcare, and digital identity verification. Asset tokenisation is positioned to become a prominent trend. User experiences across Web3 technologies will witness a revolution in 2024, and the Bitcoin halving signals a bull market in coming times,” Menon said, in a rather optimistic forecast for the crypto sector.

Along with CoinDCX, CoinSwitch recently accepted that crypto trading volumes and user queries have indeed taken a hit in India, which have had clear impact on the business.

As far as India’s crypto laws are concerned, it could take another eighteen months leading up to mid-2025 for all crypto regulations to see light of the day in the nation. India is accessing all possible impacts of involving crypto with its existing financial systems.

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Giottus Exchange Announces India’s First Zero-Fee Crypto Trades for Users: Details

Giottus, an India-based crypto exchange, is trying to lure in investors on its platform with a new, pocket-friendly strategy. The exchange on Monday, October 31 announced that it will allow its users to engage in crypto trades with zero fees. This new strategy is Giottus’ way to help potential investors plan their trades with ease and broaden their margins of expected profits. The exchange is looking to let users get the best daily prices for crypto assets that are available for trade in the nation.

While India has emerged as the nation that has reportedly shown the most crypto adoption in the grassroot levels, Indian government’s tax regime over crypto has dented trading volumes recorded by Indian exchanges.

This could be the reason why Giottus is now exploring strategies to spike trading volumes on its platform with this newly introduced zero-fee trading factor.

“We are a customer-centric organisation that believes in making crypto accessible to the masses. The zero-fee move was an easy but necessary decision, given the extended bear market we have witnessed in the past two years,” said Vikram Subburaj, CEO of Giottus as commenting on the development.

The exchange offers an array of crypto investment programmes like staking, fixed rewards, and SIPs. Moving forward, the exchange that claims to cater to over a million users, wishes to improve the liquidity on trading pairs that could fetch the best daily prices on crypto assets for investors.

India, that is yet to finalise laws to govern the crypto sector, levied a tax of 30 percent on all crypto earnings along with a one percent TDS deduction on all crypto transfers. With these tax laws, the government of India wished to keep a financial track record of otherwise largely anonymous crypto transactions to ensure that the assets are not being misused in unlawful activities like money laundering and terror financing.

These tax laws, however, proved to be an axe to the number of crypto trading activities that were recorded prior to these tax laws being passed.

Just earlier this month, Indian crypto exchange and unicorn CoinDCX told the media that Indian exchanges recorded a 95 percent drop in trading volumes in comparison to international exchanges.

“Trading costs and deductions often add up and eat into margins, especially in a bear market. Recognising this, Giottus, with the stated aim of making investing simple for its customers, has taken the lead in enabling the zero-fee initiative,” the exchange noted in a press release.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company’s new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts. 
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Younger Generations of Traders Favour AI Advancements in Crypto, Web3 Sector: KuCoin Report

Millennial and Gen Z members of the Web3 community are hopeful that advance Artificial Intelligence (AI) integration with the sector will finetune investment decisions for younger investors. KuCoin, that claims to be the fifth largest crypto exchange in the word, conducted a detailed study on how AI could be integrated into Web3 elements like crypto and blockchain gaming among others. While AI has been a popular tech tool among developers for nearly a decade now, but discussions around the technology picked pace after AI-based chatbots like ChatGPT recently blew up on social media. Now, as the technology has seen widespread adoption, Big Tech is racing to integrate AI tools in its services.

KuCoin surveyed 1,125 crypto users from different parts of the world to understand how the Web3 community perceives AI. The survey included responses from Gen Z users aged 18-24 (15 percent), Gen Y users aged 25-40 (54 percent), Gen X users aged above 40 (31 percent), with a varied level of experience in crypto investing.

Over 64 percent of the younger respondents confirmed that they were somewhat familiar with the uses of AI in crypto and blockchain. On the contrary, members of the GenX generation are lesser aware about AI utilisation in crypto as well as in other industries as well.

This calls for an acceleration in education and awareness initiatives, especially tailored for the understanding of GenX population, the report noted.

Investors of the GenX category, comprising of those born in the mid-1960s till about 1980, are not really enthusiastic about loading up existing tech services with multiple newer technologies like AI.

Whereas 59 percent of millennials and Gen Z participants supported the addition of AI to crypto trading and educational activities.

“The enthusiastic response from our users about AI integration and blockchain efficiency is incredibly motivating. At KuCoin, we are steadfast in our dedication to staying at the forefront of technological advancements and constantly improving our platform to meet the dynamic needs of the crypto community,” Johnny Lyu, CEO, KuCoin, said, weighing in on the findings of this survey.

Generative AI for text, such as ChatGPT, is favoured across all generations, with 51 percent of respondents preferring it.

Not just AI, but other technologies like Machine Learning (ML) can add more capabilities to crypto and Web3 services.

Industry players have already begun experimenting the integration of blockchain tech with AI and ML.

Earlier this week, Indian crypto exchange CoinDCX announced that it was refreshing its Okto crypto wallet service with AI and ML capabilities, especially around security. CoinDCX claims that Okto has been integrated with an advanced cognitive AI technology, making it the first ever self-custody wallet infused with AI. In addition, the Okto team has also deployed ML to analyse and monitor patterns in usual and unusual crypto transactions.

Samsung Galaxy A34 5G was recently launched by the company in India alongside the more expensive Galaxy A54 5G smartphone. How does this phone fare against the Nothing Phone 1 and the iQoo Neo 7? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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Samsung Teams with Crypto.Com to Bring Asset Trading Services on Galaxy Z Fold Phones

Samsung has joined forces with Crypto.com to make asset trading a smooth experience for the users of its flagship Galaxy Z Fold lineup. The crypto exchange is rolling out an update for its app, that will bring along resources and investment tools from Crypto.com for interested Galaxy Z Fold users to experiment with crypto trading. This move marks a supportive approach towards crypto from an established tech mammoth like Samsung. The development could trigger inflows into the digital assets sector, which at the time of writing stands at the valuation of $1.21 trillion (roughly Rs. 99,00,546 crore).

Samsung’s Galaxy Z Fold users, after they install the latest Crypto.com app update, will be able to browse through the prices of crypto tokens on Galaxy Fold’s unfolded large screen, which will enable people to compare the prices of these digital assets and make an instant investment decision quicker and clearer.

“Together, Samsung and Crypto.com have optimised the Crypto.com App for the large screen experience, taking advantage of the foldable form factor, to bring a more productive way of using the app for the trading and analysis of cryptocurrencies,” Eric Anziani, President and Chief Operating Officer of Crypto.com said in an official statement.

Founded in 2016, Crypto.com claims to have a userbase of over 80 million customers worldwide. Meanwhile, Samsung accounted for 62 percent of the foldable market in the first half of 2022, as per a CounterPoint report. The report had estimated the total foldable sales at nine million in 2021.

Collectively, both Samsung and Crypto.Com could bring in millions of people to try out the crypto sector. This is not the first time however, that Samsung has validated the digital assets sector despite the element of volatility that has kept the market reputation shadowed by financial risks.

In October 2022, Samsung’s Latin American unit forayed into Decentraland to mark its presence in the metaverse space to increase the visibility of its brand in the fully functional virtual universe.

In January 2022, the company had opened its own store in Decentraland and then in July last year, it launched another metaverse project called Space Tycoon as part of the Roblox platform.

Samsung Asset Management, the investment arm of the South Korean conglomerate also listed its Bitcoin Futures Exchange Traded Fund (ETFs) on the Hong Kong Stock Exchange.

The company is working to bring its Bitcoin mining chips into the trial production stage. There 3nm chips are reportedly around 23 percent to 45 percent more efficient than the chips manufactured on previous nodes.

Xiaomi launched its camera focussed flagship Xiaomi 13 Ultra smartphone, while Apple opened it’s first stores in India this week. We discuss these developments, as well as other reports on smartphone-related rumours and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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