BENGALURU: Ever since 1% TDS (tax deducted at source) for virtual digital assets was introduced, the crypto industry has been seeing reductions in trading volumes, but as crypto market rebounds, crypto trading platform CoinSwitch expects TDS reduction in the next budget at least, and this will attract more new users.
CoinSwitch, which has over 2 crore registered users, has plans to introduce Futures and Options on its crypto platform and wants to simplify features for its users at Crypto industry can do much better with TDS reduction: CoinSwitch.
Ashish Singhal, Co-founder and Group CEO of PeepalCo, which houses CoinSwitch crypto retail app, said on Wednesday that since the market has picked up, many new users are getting onboarded and that the industry can do much better with TDS reduction at Crypto industry can do much better with TDS reduction: CoinSwitch.
Regarding the cryptocurrency market, the price of Ethereum (ETH) has been rising significantly, and it is anticipated that prices will continue to rise before to the US introduction of the first spot ETFs. According to market capitalization, Ethereum is the second-biggest cryptocurrency. As of Wednesday, its price was roughly $3,779.
Additionally, Singhal stated that the CoinSwitch app supports a large variety of cryptocurrencies, listing over 150 different coins, such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), and Litecoin (LTC). He also stated that the cryptocurrency sector may benefit greatly from CoinSwitch’s TDS reduction.
Recently, the crypto trading platform, which is valued at $1.9 billion, published the third edition of its Proof of Reserves (POR) and as of March 31, 2024, its total customer holdings (Crypto + INR) stood at Rs 2,774.10 crore and total CoinSwitch holdings (Crypto + INR) was at Rs 3,497.22 crore.
As per CoinSwitch’s India portfolio 2023 report, Bengaluru, alongside Delhi and Mumbai are among the top 10 cities with the highest crypto adoption in India. Out of the total CoinSwitch users, 6.6% are from Karnataka at Crypto industry can do much better with TDS reduction: CoinSwitch.
“Going forward, we will continue our growth trajectory and have plans to expand our product offerings and user base. The focus will remain on maintaining high standards of regulatory compliance,” the co-founder said, adding their focus is on Indian users.
CoinSwitch founders have also launched stock investing platform Lemonn. Singhal said, “Crypto is a new asset class and we believe only 5-6% of your portfolio should be in crypto.” The rest should be diversified at Crypto industry can do much better with TDS reduction: CoinSwitch.
He said Lemonn helps users in their decision-making process and it provides different tools so as to simplify stock investing.