Tag: giottus

Asset Tokenisation, DeFi for Masses: Giottus CEO Lists Crypto Trends Poised to Succeed in 2024

The Web3 industry seems to be on an ever-evolving movement where blockchain-based concepts arrive and die on an everyday basis. Last year, for instance, the sector of non-fungible tokens (NFTs) dropped to its record low in-terms of sales – but then the Ordinals category of these digital collectibles managed to re-ignite the interest of the buyer community. In conversation with Gadgets360, Vikram Subburaj, the CEO of the Giottus crypto exchange shared a list of some Web3 trends that are expected to gain traction this year.

Real world assets (RWAs) and Decentralised Finance (DeFi), as per Subburaj, are enroute mass adoption this year. Through RWAs, digital versions of physical or traditional assets are recreated on a blockchain network as tokens. Each token of an individual property, amount for some percentage of the entity. Tokenising an asset can increase the liquidity of the assets. A property owner, for instance, could sell 50,000 tokens of a tokenised real property instead of selling the entire property and losing its utility as a liveable space.

“Think of them as NFTs for things like real estate, art, or even bonds. Today, the tokenised RWA ecosystem accessible on-chain is about worth $2 billion (roughly Rs. 17,452 crore) currently,” Subburaj said, predicting that tokenising assets is expected to pick pace this year as more people understand the concept.

About DeFi taking the masses by storm, the Giottus chief said, its nature to give people independence and control over their finances is what will propel DeFi to be experimented with heavily this year. DeFi projects like Uniswap, Aave, and Lido among others use smart contracts and cryptocurrencies to offer financial services without involving a middleman. The smart contracts, essentially replace the intermediary.

As per Finbold, the total value locked in DeFi as of December 2023, stood at $52.71 billion (roughly Rs. 4,38,040 crore).

“From staking, lending to market making, there are multiple avenues to earn in this space – DeFi is the fastest growing segment of Web3,” Subburaj added.

2024 marks the fifteenth year since the first cryptocurrency, Bitcoin, was mined in 2009. In these fifteen years, several crypto concepts and projects have matured to accommodate more use cases linked to their ideas – escalating the network’s scalability. This year, some already established blockchains could support ‘layer-2s’. A layer 2 refers to a network, that is built on top of an existing blockchain, that serves as the layer-1 network.

“Ethereum’s upcoming 2024 Dencun upgrade is a pivotal development, poised to significantly benefit Layer 2 solutions by reducing gas fees and improving overall network efficiency. This upgrade and with the support from ecosystem programs, Ethereum’s Layer 2 platforms are well-positioned to gain prominence soon. Key layer 2s to watch out for are: Arbitrum (ARB), Optimism (OP) and Polygon (MATIC),” Subburaj told Gadgets360.

Along with these projected trends, the Giottus CEO said Artificial Intelligence (AI) will boost the overall ecosystem of Web3. The emergence of ChatGPT and Bard ignited a rally for AI tokens in 2023.

As per Indian exchange ZebPay, the top five AI crypto tokens are – Injective, Graph GRT, Render, Oasis, and Singularity (AGIX).

“As more companies integrate AI and Web3 solutions, the AI narrative will stand out over time, particularly in sectors like healthcare and finance. As the year 2024 unfolds, these trends collectively shape a dynamic environment, offering promising prospects for the future of crypto assets,” Subburaj noted.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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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.

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India’s Giottus Crypto Exchange to Give ‘Proof of Reserves’, Rivals Keep Quiet

Giottus, an Indian crypto exchange, has taken a bold step to mark its impression in the crypto sector and make it to the headlines. Amid silence from rival crypto exchanges on the subject, Giottus has said that it will provide proof of reserves in order to add another layer of transparency to its business operations in the country. Proof of reserves are documents and evidence that demonstrate that a crypto exchange has sufficient assets to handle all withdrawals in cases of emergencies.

Digital currencies were slammed this week after the FTX crypto exchange was thrown into turmoil this month due to lack of liquidity.

The sequence of events slashed the total crypto market cap to $857.16 billion (nearly Rs. 69,27,325 crore) from its trillion-dollar valuation in the last two days, owing to bubbling sentiments of fear and distrust in the global crypto community.

Amid the chaos, Giottus has said that it was ready to provide proofs of internal finances to maintain the trust of its users.

“We are working on it. As a matter of fact, it’s high time, we all did. We should have something within the next three months. This is also an ideal point for regulators to start looking at providing proof of reserves from exchanges as part of their filings,” a Coindesk report quoted Giattus as saying.

The platform, founded in 2017, has agreed to publicly publish their fund reserves or do a ‘Merkle tree’ proof of reserves. The ‘Merkle tree’ proof is a cryptographic data structure that maintains privacy but allows users to verify the stability of their holdings on exchanges, thereby creating trust.

As of now, other Indian exchanges including CoinSwitch Kuber and WazirX have not addressed their stance on providing proof of reserves.

India, by several industry experts, has been touted among the nations with most potential to explore and develop the crypto and Web3 technologies.

Johnny Lyu, the CEO of KuCoin crypto exchange, recently told Gadgets 360 that India is among the best producer of computer coders in the world and majority Indian engineers who are swarming towards Web3 are proficient in those computer languages that are required to tilt and shift the blockchain technology as we know it today.

India’s crypto activity churned $172 billion (roughly Rs. 13,85,800 crore) in cryptocurrency-related activities from July 2021 through the June of this year, a Chainalysis report released in September claimed.

A new crypto advocacy group called Bharat Web3 Association (BWA) has been launched in the country in a bid to monitor the growth and development of these nascent technologies.

Meanwhile, data oracle provider Chainlink has taken the opportunity to promote its proof-of-reserve tools.

The company claims this proofing could solve the transparency issues currently plaguing the industry.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Affiliate links may be automatically generated – see our ethics statement for details.



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