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.