Giottus, a Chennai-headquartered cryptocurrency exchange, is aiming to add over seven million new investors on its platform over the next one year.
“Currently, we have an investor base of one million customers. In the next 12-14 months, we are planning to take our customer base to 8 million,” Vikram Subburaj, Co-founder & CEO, Giottus, said recently.
He also added that Giottus is planning to launch a non-fungible token (NFT) marketplace shortly where customers can buy and sell NFTs. An NFT is a digital asset that represents real-world objects like art, music, games, videos etc. Built using the same kind of programming as cryptocurrency, NFTs are bought and sold online, frequently using cryptocurrencies.
Founded in November 2017, by two IIM-Calcutta alumni Vikram Subburaj and Arjun Vijay, Giottus started its operations in April 2018. The cryptocurrency exchange has added over a million users in the last four years.
“About 70 per cent of our customer base is from South India, especially from Tamil Nadu, Andhra Pradesh and Kerala,” Subburaj said.
Giottus, which allows trading in over 120 varieties of cryptocurrencies including Bitcoin, Ethereum, Ripple, Tron, Dogecoin among others, in 18 plus Indian languages.
“Today, over 40 per cent of our customers are from Tier 2&3 cities, that’s because of our regional focus approach and multilingual support,” Subburaj said.
Concerns over crypti
On concerns about investing in cryptocurrencies, Subburaj said people are apprehensive about it since it is a new technology that requires more understanding and fears due to lack of regulation.
Presently, cryptocurrencies are not regulated in India. However, in the Union Budget 2022-23, the government introduced a flat 30 per cent tax on income from digital virtual assets or crypto. The Budget also imposed a 1 per cent tax deducted at source (TDS) on payment made for transfer of virtual digital assets besides disallowing loss from transfer of virtual digital assets to be set off against any other income.
Subburaj added that investors should allocate only 2 per cent of their overall portfolio to cryptocurrencies.
May 08, 2022