Tag: Crypto Investment

CoinSwitch Kuber Success Story – How is it Easing Crypto Trading?

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Indians are slowly and steadily considering Cryptocurrency as a safe mode of investment. Mostly the younger generation is taking interest in Cryptos. According to some reports, the average age of crypto investors in India is around 24 years. However, there are still many speculations about crypto trading and many investors are not comfortable with Crypto trading still. This is why the Bangalore-based startup, CoinSwitch Kuber was formed in 2017 to make crypto trading simpler for Indian Investors.

The startup enables trading in several cryptocurrencies, including Bitcoin, Ripple, Ethereum, Litecoin, Dash, and many others, using INR. You just need to download the CoinSwitch Kuber iOS or android app and start trading. In this StartupTalky article, we are exploring more about CoinSwitch Kuber, the story behind the startup, and what the startup is offering, which includes CoinSwitch Kuber website, CoinSwitch Kuber reviews, CoinSwitch Kuber deposit, CoinSwitch Kuber investors, CoinSwitch Kuber login, CoinSwitch Kuber fees, and how it is growing!

CoinSwitch Kuber – Company Highlights

Startup Name	CoinSwitch Kuber
Also Known As	Coinswitch.co
Headquarters	Singapore
Industry	Financial Services, Fintech, Trading Platform, Cryptocurrency
Founders	Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari
Founded	2017
Valuation	$1.9+ bn
Current CEO	Ashish Singhal
CoinSwitch Kuber website	coinswitch.co

About CoinSwitch Kuber and How it Works?

CoinSwitch Kuber is a cryptocurrency trading platform that aims to simplify investing in cryptocurrencies. CoinSwitch Kuber aggregates liquidity across major Indian and global crypto exchanges. The platform’s order matching engine provides the traders the best rates at the click of a button, thus making trading simpler than ever.

“We discovered that the price of crypto swings between exchanges based on supply and demand when trading in crypto ourselves. Choosing the correct exchange is crucial if you want to obtain greater profits from the market. “We created an aggregator of various exchanges that offered us real-time data on which exchange is the best to trade at any particular instant to obtain the highest return,” co-founder Ashish says explaining the idea behind the startup

CoinSwitch Kuber lets users trade across 100+ cryptocurrencies. Users can buy cryptocurrency using a credit or debit card at competitive prices on the CoinSwitch platform. After completing the KYC/AML processes, customers may use the pooled liquidity of India’s top exchanges to receive the best rate and trade instantly.

The CoinSwitch Kuber mobile app comes with a simple user interface that makes crypto trading a breeze.

While customers from over 200 locations in India invest in crypto through its platform, tier I cities account for 40% of its users, while tier II (36%) and tier III (24%) make up the majority of its clientele. On CoinSwitch, the average ticket size per user is 9,000 per month, however, this varies by city. The average ticket size in Tier I is Rs 11,600, compared to Rs 6,600 in tier II and Rs 3,500 in tier III.

What’s interesting or concerning, depending on one’s perspective, is that the average age of a crypto investor on CoinSwitch is 24 years, and Singhal claims that crypto is the first investment in any asset class for 65% of his customers outside of savings bank accounts and fixed deposits!

CoinSwitch Kuber – Industry

India is one of the fastest-growing crypto markets, as per research firm Chainalysis, which said that the Indian market for crypto increased by a whopping 641% between July 2020 and June 2021.

CoinSwitch Kuber – Logo, Tagline, and Slogan

Company Logo of CoinSwitch Kuber

CoinSwitch Kuber’s tagline says, “Buy, Sell, Trade.” CoinSwitch Kuber has launched a new campaign with the catchphrase “Trade Kar, Befikar.”

CoinSwitch Kuber – Founders and Team

CoinSwitch Kuber was founded by Vimal Sagar Tiwari, Govind Soni, and Ashish Singhal in 2017.

Ashish Singhal

Ashish Singhal is the Co-founder and CEO of CoinSwitch Kuber. Former Amazon employee who interned at Microsoft, Ashish Singhal, is a computer science graduate from Delhi’s Netaji Subhas Institute of Technology. Besides handling various technical roles in companies like Livspace.com and Reap Benefit, Ashish founded startups like CRUXPay (an open-source protocol for blockchain naming services) and Urban Tailor, which is the first of its kind at home tailoring services. He left the position at Urban Tailor in September 2016, but continued with CRUXPay, before stepping down from that too in April 2020.

Govind Soni

CoinSwitch Kuber Co-founder and CTO, Govind Soni was also a former Amazon and Livspace employee. Besides CoinSwitch Kuber, Govind co-founded CRUXPay along with Ashish and Vimal. Soni was also a student of the same college as Ashish, where he studied Computer Engineering, and served as the Co-founder and CTO also at CRUXPay, before stepping down from it in January 2021.

Vimal Sagar Tiwari

CoinSwitch’s Co-Founder and Chief Operating Officer (COO), Vimal Sagar, worked with organizations like Zynga and Accenture. He graduated from the Jaypee University of Information Technology. Vimal is also a Co-founder of CRUXPay, and is still retaining the positions of Co-founder and COO at CRUXPay.

The CFO, CBO, and SVP quit their roles to start up a new initiative that will offer insights to web3 investors. Sarmad Nazki, Sharan Nair, and Krishna Hegde of CoinSwitch Kuber haven’t finalised the name of the startup yet, as per news dated July 8, 2022. Nazki has served in the position for a little more than a year. Nair joined CoinSwitch Kuber just after the company was launched in 2017, and held numerous positions during his long stint, whereas Hegde joined the unicorn crypto company in September 2021. CoinSwitch Kuber confirmed that the positions of CFO, CBO, and SVP will be taken up by Ramesh Bafna, Rishav Dev, and R Ventakesh. The trio has already been talking to Web3 focused-investors to raise a seed round ahead.

The CoinSwitch Kuber team has an employee count that somewhere ranges between 501-1000, as per its Linkedin profile.

CoinSwitch Kuber – Startup Story

The origin of CoinSwitch Kuber can be traced to the realisation of Govind, Vimal and Ashish, all of whom were computer engineers and friends, when they discovered that the price of cryptocurrency is dynamic. It varied slightly across all the prominent crypto exchanges, based on the demand and supply. Therefore, they thought that if the users wanted to get better returns from the market, especially when it comes to scale, they needed to choose a good cryptocurrency exchange. This is what made them decide to create an aggregator of crypto exchanges. Here, their main aim was to provide real-time data on the best prices and exchanges for cryptocurrencies to be traded.

Ashish, Govind, and Vimal, who are all in their early thirties, have been friends since their college days when Ashish and Govind were batchmates, and Vimal was a mutual friend of theirs. They were also tech whizzes who competed in hackathons as a group. Almost every big hackathon in India was won by the trio, including the ones organised by Sequoia, Google, Amazon, and LinkedIn. Surprisingly, CoinSwitch was inspired by a hack that the trio subsequently made public.

On one occasion, the founders-to-be of CoinSwitch created a simple crypto exchange aggregator in a hackathon, but little did they know that the hack would later turn into a full-fledged company.

CoinSwitch Kuber was founded in 2017, and as soon as it launched, the startup started to take users on board at a rapid scale. The users “needed simplicity in the crypto world”, said Ashish, and this made the simple and intuitive nature of the product work. The only goal that the founders of CoinSwitch had while working on the product was to make crypto easy to understand and accessible to the masses.

However, soon after CoinSwitch was launched as a product, RBI’s announcement came, where the body signaled a ban on the cryptos by asking the banks to refrain from supporting these currencies in 2018. This made the founders take their product, which was then simply known as “CoinSwitch”, to the global market.

Eventually, Sequoia Capital backed their venture, thereby making the CoinSwitch foray into success. Though the platform turned successful indeed outside of India, the hearts of the CoinSwitch founders were set only on their country.

This turned real when Supreme Court intervened, overruling the previous RBI ban, thereby making it an open season for the crypto-based businesses like WazirX, ZebPay, CoinSwitch and more. This was more than a silver lining for them. They soon launched CoinSwitch Kuber app just for the Indian market.

CoinSwitch Kuber – Mission and Vision

The CoinSwitch Kuber team believes in financial inclusion, which means that wealth, investment, and financial education should be accessible to all people.

CoinSwitch Kuber’s mission statement says, “Our Mission is to challenge the status quo. We believe that our platform democratizes cryptocurrency investment so the everyday man can make his money work for him – without a fancy degree or a boatload of money.”

The company’s vision is to make crypto trading simple and transparent.

CoinSwitch Kuber – Partnerships

NDTV and CoinSwitch Kuber have established a strategic collaboration to provide comprehensive and best-in-class cryptocurrency programming in August 2021. NDTV will create unique crypto destinations on gadgets360.com, ndtvprofit.com, and ndtvindia.in as part of this relationship. This bridge expansion includes a refreshing show on NDTV 24X7 and NDTV India every other weekend.

The need for trustworthy and accurate information is more important than ever as cryptocurrencies become more mainstream and more individuals begin to evaluate this asset class. With NDTV’s credibility and confidence, as well as CoinSwitch Kuber’s subject expertise and powerful trading platform, this collaboration aims to bridge that gap.

CoinSwitch Kuber Partners with Startup Karnataka for Blockchain Hackathon

The Blockchain Hackathon, Building Future Cities, an initiative decided by Startup Karnataka of Karnataka government, and Tejasvi Surya, Bengaluru South MP, will also have CoinSwitch as its partner. This initiative is aimed to recognize blockchain-based solutions and bring them to the citizens from across the country, in order to dissolve the everyday problems they face. Sequoia India will also be backing this hackathon.

CoinSwitch Kuber – Business Model and Revenue Model

CoinSwitch Kuber is one of just a few cryptocurrency companies currently functioning. Users may acquire shards of various major cryptocurrencies on the crypto market. On CoinSwitch, for example, a user may buy bitcoin and other currencies in tiny sachets for as little as 100 Indian rupees ($1.30), which proves really profitable for the users. Besides, where other crypto exchanges came up with products for the traders who are acquainted with the order books, and are well-versed with buying/selling orders, CoinSwitch distinguished itself by targeting the users who hadn’t see an order book before, and wasn’t aware of what it was.

CoinSwitch Kuber presents itself as an aggregator and don’t charge the users, in contradiction to other crypto exchanges, which usually charge transaction fees from the users. CoinSwitch Kuber, instead, of a maker, negotiates with the crypto exchanges on transaction fees.

Speaking on the business and revenue model of CoinSwitch Kuber, Founder and CEO, Ashish Singhal said, “We give a fixed price to users and aggregate supply on the backend, Our execution engine is where the revenue comes from. But going forward, earning models may evolve as innovations and regulations come into play.”

CoinSwitch Kuber offers its users free trading, deposit, and withdrawal facilities for the first 100 days. After that, a fee is charged on each transaction made through the platform. As per the terms of the company, there is no fee for the transfer of digital assets to the CoinSwitch Kuber wallet, however, withdrawal of digital assets from the wallet may attract charges. The platform also charges for the transfer of fiat currency through credit/debit cards or net banking.

CoinSwitch Kuber – Growth and Revenue

CoinSwitch Kuber has managed to impress investors with its concept and performance. In addition to Tiger Global Management’s $25 million investment in April 2021, Sequoia Capital, Ribbit Capital, Paradigm, Kunal Shah, the creator of Cred, and others have backed CoinSwitch. With the recent funding received from Andreessen Horowitz and Coinbase Ventures in October 2021, CoinSwitch Kuber reached Unicorn status with a valuation of $1.9 billion.

CoinSwitch Kuber boasts of witnessing the highest number of downloads among the crypto startups in India in 2021 when it was downloaded more than 6.1 mn times.

CoinSwitch Kuber is the most download crypto exchange app in 2021 — CoinSwitch Kuber is the most downloaded crypto exchange app in 2021downloaded

Ever since CoinSwitch was started and was taken global after the RBI ban, the company started seeing huge transactions through their app. Within just 2 years, CoinSwitch Kuber has seen more users onboard its app than any other crypto exchange in India. This growth has been mainly due to the simplified UX that the app brought in, and its decision to not provide the users with certain trading features.

Singhal points out that unlike other startups they did not knock on the investors’ doors.

“We did not reach out to Tiger Global for funding. They contacted us and expressed their willingness to invest in our company. Tiger doesn’t invest less than $100 million but we said we just need $25 million,” says Singhal.

Kuber claims to have over 15 million users in India, and the monthly active user count of CoinSwitch Kuber is over 7 million. It has also been disclosed that more than half of them are under the age of 25. CoinSwitch Kuber claims to have handled $5 billion in transactions in the last 11 months.

The firm intends to expand its operations outside cryptocurrency in the future.

“We intend to expand into traditional finance, such as equities, mutual funds, exchange-traded funds, and bonds, and provide a full portfolio on our platform to retail customers,” says the company.

“We are not a capex-intensive business, and don’t need too much money. Hence, our EBITDA margins are in the range of 60-65%,” reveals Singhal.

CoinSwitch Rolls Out the Web3 Discovery Fund

CoinSwitch has launched the Web3 Discovery Fund, which is a fund that will invest in and help incubate early-stage startups that are engaged in building blockchain solutions for the Web3 space. This Web3 startups funding initiative of CoinSwitch is currently aiming to help up to 100 Indian startups, as per the reports dated August 10, 2022. Ashish Singhal, the CoinSwitch Co-founder and CEO stated that the fund has already received an initial corpus of $10 mn and the company is further looking to raise some more funds from marquee investor partners ahead.

CoinSwitch: some of the major growth highlights are:

It has over 2 crore+ users as of February 2024
It is backed by some of the world’s leading investors including a16z, Tiger Global and Sequoia Capital India.

Financials

CoinSwitch Financials	FY22	FY23
Operating Revenue	Rs 249 crore	Rs 46 crore
Total Expenses	Rs 763 crore	Rs 482 crore
Profit/Loss	Loss of Rs 513 crore	Loss of Rs 385 crore

EBITDA

CoinSwitch FY22-FY23	FY22	FY23
EBITDA Margin	-204%	-396.3%
Expense/Rs of Op Revenue	Rs 3.07%	Rs 10.57%
ROCE	-25%	-24%

CoinSwitch Pro

On November 22, 2023, CoinSwitch launched the multiexchange trading platform CoinSwitch Pro on November 22, 2023. This platform marks a significant advancement for cryptocurrency enthusiasts and traders. This cutting-edge platform not only provides users with a comprehensive view of multiple tokens across various exchanges but also empowers them to make informed decisions by comparing prices and selecting the most suitable options.

What sets this platform apart is its seamless functionality, allowing users to effortlessly trade crypto assets in INR across a multitude of exchanges, all through a single login. This streamlining of the trading process not only enhances the user experience but also signifies a pivotal step towards greater accessibility and user-friendliness within the cryptocurrency realm.

There is a variable transaction charge associated with using the cross-exchange platform, depending on the crypto exchange that is used. The CoinSwitch Pro platform stands out for its flexibility in serving various users and exchangers.

CoinSwitch Kuber – Funding and Investors

CoinSwitch Kuber has raised over $300 mn over 4 funding rounds. It is now counted among the unicorn startups of India, with a valuation of over $1.9 bn.

Date	Round	Amount	Lead Investors
October 6, 2021	Series C	$260M	Andreessen Horowitz, Coinbase Ventures
Apr 22, 2021	Series B	$22.7M	Tiger Global Management
Jan 13, 2021	Series A	$15M	Paradigm, Ribbit Capital
Mar 24, 2018	Seed Round	$1.5M	–

Andreessen Horowitz is a CoinSwitch Kuber investor, who invested for the first time ever in India in the $260 mn funding round of CoinSwitch, and was joined by Coinbase Inc., which turned CoinSwitch into a unicorn. Some other investors of CoinSwitch are Tiger Global, Paradigm, Ribbit Capital etc.

CoinSwitch Kuber – ESOPs

CoinSwitch Kuber recorded their first-ever ESOP buyback programme on March 21, 2022, worth $2.5 million. This buyback round was a mixture of funding that came from both the internal and external sources.

CoinSwitch Kuber – LayOffs

CoinSwitch in a recent move, has undertaken a strategic restructuring initiative, resulting in the reduction of its workforce by 8%. This decision translated to approximately 44 employees being laid off from various departments. Presently, CoinSwitch boasts a total workforce of 519 employees, as per their LinkedIn profile.

The impact of these layoffs has predominantly been felt within the customer support team, where the majority of the affected employees were stationed. While such decisions are often undertaken as part of broader efforts to optimize and realign company resources, they undoubtedly bring about significant transitions for both the organization and the employees involved.

In the official statement company spokesperson said, “we right-sized our customer support team to align with the present volume of customer queries on our platform. This impacted the roles of 44 members of our customer support team, who voluntarily resigned from their roles after a detailed discussion with their managers earlier this month.”

CoinSwitch Kuber – Competitors

To mention, the top 10 competitors of CoinSwitch Kuber are:

Coinbase
WazirX
CoinDCX
Instamojo
Glidera
ZebPay
SmartCoin
IPaxful
Bitxoxo Bitcoins
Unocoin

CoinSwitch Kuber – Challenges Faced

CoinSwitch Kuber employs over 120 people and has over 4.5 million users on its network. In comparison to other applications on the market, the app provides consumers with a clean UI and UX design. However, it was recently discovered that the app does not support UPI payments.

On April 21, 2021, the organization announced on all of its official social media accounts that INR deposits in the CoinSwitch Kuber App will be disabled. CoinSwitch Kuber said on Twitter that the firm has temporarily blocked all INR deposits owing to unforeseen problems with their banking partner. The issue was later resolved and now INR deposits are enabled.

Cryptocurrency is a murky area in India. Despite the legalization of crypto investments in India, there are many fears and doubts related to the topic. When it comes to difficulties, Ashish believes the company’s sole issue is teaching people in India about cryptocurrencies and the ecosystem.

CoinSwitch Kuber had got into trouble in association with the idea of lending feature with the SEC, and as a result, Ashish had to drop the idea. However, the founders still are of the opinion that they would be able to use the lending and stakes feature to utilise them for earning revenues in the future. They have already started working to make it possible by working with regulators and gaining their confidence.

As the trading of cryptocurrency lacks defined regulations, CoinSwitch Kuber temporarily paused crypto withdrawals.

CoinSwitch Received ED Notice in Association with FEMA investigation

CoinSwitch reportedly received a notice from the Enforcement Directorate (ED) along with some other cryptocurrency firms like CoinDCX in association with the Foreign Exchange Management Act (FEMA) investigation. Here, ED is determining whether or not these companies were engaged in offences related to foreign currencies. On this, CoinSwitch mentioned that it has received notifications from ED and is ready to comply with them, as per reports dated July 12, 2022.

CoinSwitch Kuber – Future Plans

CoinSwitch has revealed plans to build a cryptocurrency investment platform by June 2024 that is targeted at retail investors as per news report of March 11, 2024. Through the provision of user-centric technology, this program seeks to democratize access to digital asset trading and enable users to navigate investments with confidence.

FAQs

What does CoinSwitch Kuber do?

CoinSwitch Kuber is a crypto trading platform for individual investors that is available only in the Indian market via a mobile application. It enables trading in several cryptocurrencies, including Bitcoin, Ripple, Ethereum, Litecoin, Dash, and many others, using INR and is available as a mobile application (INR).

Is CoinSwitch Kuber an Indian company?

Yes, CoinSwitch Kuber is an Indian company.

Where is the CoinSwitch Kuber headquarters?

CoinSwitch Kuber is currently headquartered in Singapore.

Which companies do CoinSwitch Kuber compete with?

Unocoin, WazirX, CoinDCX, Instamojo, Glidera, ZebPay, SmartCoin, IPaxful, Bitxoxo Bitcoins, and Coinbase are the top ten competitors of CoinSwitch Kuber.

When was CoinSwitch Kuber founded?

CoinSwitch Kuber was founded in 2017.

Who founded CoinSwitch Kuber?

CoinSwitch Kuber was founded by Vimal Sagar Tiwari, Govind Soni, and Ashish Singhal in 2017.

What is the CoinSwitch Kuber website?

The CoinSwitch Kuber website is coinswitch.co

What are the CoinSwitch Kuber fees?

CoinSwitch Kuber doesn’t ask the users anything such as the CoinSwitch Kuber fees. It rather poses itself as an aggregator and negotiates with the crypto exchanges on transaction fees.

The CoinSwitch Kuber login procedure is really easy where the users need to download the app of the company and then they need to first have an account to log in to the same, with the same login credentials.

What are CoinSwitch investors?

Some of the prominent CoinSwitch investors are Ribbit Capital, Andreessen Horowitz, Tiger Global, Coinbase Inc., Sequoia, Paradigm and others.

What was the CoinSwitch deposit issue?

CoinSwitch deposit of rupees was temporarily disabled, but it was fixed after 2 long weeks.

What is wrong with CoinSwitch Kuber withdrawals?

When it comes to CoinSwitch Kuber withdrawals, the company has announced that it has temporarily disabled the withdrawal of cryptocurrencies.

August 30, 2023

Has Crypto Died as an Investment After FTX’s Collapse?
The recently unveiled FTX crypto scandal has sent shivers down the spine of the crypto world with crypto prices reaching an all-time low. In October 2021, Bitcoin witnessed a massive peak of over $65,000 whereas now it struggles to conquer the $20,000 mark.

Thanks to the stunning collapse of FTX, investors are believed to have lost over a trillion dollars since. Not only have crypto prices gone to the ground, but the industry now faces several macroeconomic challenges, market forces, and multiple other scandals.

What was deemed a spectacular winter of 2022 for crypto inventors suddenly turned into a disastrous week since the news of the FTX scandal. Back in November 2021, there was an explosion of non-fungible tokens (NFTS) in the crypto market with crypto investors deeming Ethereum as the world’s most influential developer.

But just a year after peak crypto, crypto now lingers at the bottom with Bitcoin and Ethereum believed to have lost almost three-quarters of their value. Moreover, the entire crypto industry once valued at a whopping $3 trillion now sits at a bare minimum of $900 billion.

Which was widely used as a hedge against inflation has taken a deep plunge leading to investors questioning whether crypto has died as an investment.

Why Have Crypto Prices Plunged?
What Is the FTX Scandal?
How Do FTX’s Troubles Impact the Crypto Market?
Will Crypto Bounce Back?

Why Have Crypto Prices Plunged?

As we mentioned above, a three trillion dollar market now sits in the billions. In 2021, crypto prices witnessed an all-time high. However, just a year later, crypto faced its worst days after having lost over half its market valuation.

The impact of the FTX scandal can be seen throughout the entire crypto market. Since the incident, the company has officially filed for bankruptcy with founder and CEO Sam Bankman-Fried having already resigned from his post.

As per official reports, lack of liquidity and mismanagement of funds were the primary reasons why the FTX scandal happened. Moreover, the rapid withdrawal in large volumes by customers has further dipped the value of FTX’s native token, FTT.

But apart from the FTX saga, here are some of the reasons why crypto prices plunged:

Regulations

The money market and regulations have never had a good history and usually don’t get along. The crypto industry regulations are marred by multiple misconceptions and trust issues about the use of digital assets.

But with crypto having no central authority, every country tends to have its unique set of regulations for the crypto sector and a plethora of policies on what makes crypto a legal payment system. However, the lack of clarity on the matter is the reason why many analysts believe that crypto cannot be mainstreamed anytime soon.

Following the FTX scandal, analysts believe that governments may further amp up the regulations to enforce strict enforcement laws to improve regulatory scrutiny.

Scams and Ponzi Schemes

The lack of regulations around the crypto market has made it vulnerable to scams and several Ponzi schemes. These scams and Ponzi schemes, in addition to market volatility, have led to several events that have compromised market liquidity in turn leading to catastrophic situations.

Not only did FTX take down its native token FTT, but it also managed to drag down other popular crypto tokens such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and so on. The prices have corrected sharply following multiple liquidations caused by the FTX issue.

Value of Venture Capital, Private Equity, and M&A Investments Made in Blockchain and Cryptocurrency Worldwide

What Is the FTX Scandal?

FTX was a digital market-placed launched by founder Sam Bankman-Fried in 2019 to buy and sell digital assets. This launched marketplace soon emerged as an accessible crypto exchange that went on to outsize its origin and found itself becoming a source of mainstream attention.

By the summer of 2022, the company had made several headlines with its name in the NBA arena. In 2022, FTX managed a whopping $32 billion valuation from some of the most brilliant minds in Silicon Valley. However, a conducted audit concluded that FTX’s books didn’t tally and were completely out of sorts.

Furthermore, the audit also stated that the company had misused its customer funds with a trading firm for nearly two weeks. This led to a massive fallout shifting the entire business into the hands of the regulators and the cash nowhere to be found.

What was once valued at $32 billion has now sunk to bankruptcy with its liquidity all dried up due to intense customer withdrawals. Instead of the situation, Binance, the rival crypto exchange that was in the frame to buy FTX, ripped up the non-bidding agreement of buying the company.

The FTX crash took several major tokens down with them. Not only did the crypto exchange tank in the crypto market, but the company also faced an apparent hack that drained over $600 million from user wallets on the same day.

Moreover, Bloomberg’s report further states that the company might have limited funds to repay its investors. Founder and CEO Sam Bankman-Fried has officially resigned as the firm filed for Chapter 11 bankruptcy in November 2022.

The Rise and Fall of FTX, FTT And Alameda Research

How Do FTX’s Troubles Impact the Crypto Market?

The first major impact of the FTX scandal is already visible with the entire crypto industry’s massive drop in valuation. Additionally, it has had a profound impact in various ways on the crypto market. Here is how FTX troubles have impacted the crypto market in its entirety:
- Bitcoin’s value has dropped considerably with the latest amounting to $16,000 as of November 9. Also, bitcoins worth $3.2 billion were taken off numerous crypto exchanges between the 8th and of 15th of November 2022.
- Furthermore, Ethereum too has dropped below $1,100.
- A report from Coindesk indicated that Alameda held a huge chunk of Solana which had dropped below $13 on November 9, 2022, respectively.
- In addition, Solana’s networking applications have also felt the heat following a loss of $700 million in assets.
Every major token such as bitcoin, Ethereum, and other Defi tokens too has fallen by a much greater percentage than the rest. According to Coinmarketcap.com, the crypto market cap further fell to $831 billion as dated on 17th November.

Bitcoin recorded its lowest intraday trading volume followed by a massive drop in price and valuation. In addition, Ethereum too was volatile and completely directionless with no price moves. However, it did manage to keep up a steady trading value.

Will Crypto Bounce Back?

If crypto has taught us one thing is that the entire crypto market works in cycles. This means there are going to be a few lows before the market finally rebounds. From what we’ve seen so far, the crypto market pattern is definitive enough to tell us that it will bounce back and register new highs.

However, amid the recent FTX scenario, the future of cryptocurrency seems bleak as analysts believe that the FTX scandal has pushed back the cryptocurrency by at least 5 years. The trillion-dollar industry now sits in the billions and it will be interesting how it will make up for lost time and valuation.

If history is evidence, then it’s evident enough to state that this isn’t the only time the crypto market has reached a new low. Back in 2011, when barely anyone knew about digital currencies, Bitcoin crashed from $32 to $2 between July 2011 and January 2012 and it wasn’t until 2013 that prices slowly started rallying up.

This bearish trend was once again visible between 2014 to 2016 when Bitcoin plunged from $1,135 in December 2013 to $175 in January 2015. This was back when Mt Gox, one of the biggest crypto exchange platforms was hacked where hackers stole nearly 850,000 worth of Bitcoin.

The consequences were severe as BTC dipped to nearly 85% in value and it wasn’t until August 2015 before the market started rallying up once again. Following the 2014-2016 debacle, the 2018 bearish trend saw BTC drop from $19,640 in December 2017 to $3,185 in December 2018.

Unlike the previous bearish trend, there was more than just one reason that contributed to Bitcoin’s downfall, which sank nearly 84% in 2018. The recent FTX scandal marks yet another bearish trend of 2022. Bitcoin tumbled nearly 8 times in September 2022 before finally picking up the pace in October 2022.

However, just when people thought the crypto market was stabilized, it was met with the FTX scandal. In addition to the FTX implosion, inflation, and rising interest rates have already led to a level of economic uncertainty in the country. All this is slowly driving investors to sell their risky crypto assets throughout the year.

But as we said, the crypto market is cyclic and there will be few bearish trends before we witness a trend reversal into a bullish trend.

Can cryptocurrency change your financial life?

The article has been published in collaboration with the Binance TeamCrypto is a hot topic nowadays, so wanting to know more about it is only natural. Why do so many people invest in these digital assets? Are they reliable? Can you really become rich by investing in them? When learning

StartupTalkyTeam Binance

Conclusion

The 2022 bloodbath has raised significant eyebrows on whether crypto is forever doomed. While pundits believe that it’ll eventually bounce back, financial experts worldwide expect crypto to never recover. Nevertheless, it could take a while before you can see the gains on the existing cryptos in the market.

Having said all that, crypto remains a vital part of the modern-day market. Despite this year’s major tank, there are several crypto projects in the pipeline that will encourage you to invest. You don’t have to keep your arms folded until these projects go public as you can invest in them anytime.

Although there are multiple tokens available on crypto exchanges, cryptocurrency as a whole remains a highly volatile market and a relatively risky investment. As an investor, one should always be looking to expand their portfolio. However, high-risk investments such as crypto should always make up only a small part of your portfolio. To tackle this high risk, diversifying your range of crypto tokens is perhaps the best solution.

FAQs

Why did the FTX scandal happen?

As per official reports, lack of liquidity and mismanagement of funds were the primary reasons why the FTX scandal happened.

Is crypto still a good investment?

Cryptocurrency is still a high-risk investment and should be approached with caution. Investors should consider their overall portfolio and only allocate a small portion to crypto investments.

Will crypto bounce back?

If crypto has taught us one thing, it’s that the entire crypto market works in cycles. From what we’ve seen so far, the crypto market pattern is definitive enough to tell us that it will bounce back and register new highs.
March 17, 2023
Can cryptocurrency change your financial life?
The article has been published in collaboration with the Binance Team

Crypto is a hot topic nowadays, so wanting to know more about it is only natural. Why do so many people invest in these digital assets? Are they reliable? Can you really become rich by investing in them? When learning about the crypto craze, these questions have probably come to your mind. As you’ve probably figured out until now, crypto is more than a fad and isn’t going anywhere. Some even say digital currencies will be the future of your money, so it only makes sense to learn how they can impact your financial life.

Crypto’s advantages are appealing to many people

Cryptocurrencies are available only in a digital form. They are decentralized, meaning that no financial institutions control them. Bitcoin is the 1st cryptocurrency ever created, which has managed to keep its position as one of the most reliable digital assets. Investors trade cryptocurrencies on exchanges, such as Binance, and they can experience fluctuations in value. For some, they can be a risky investment due to their high volatility. But that doesn’t make cryptocurrencies less valuable. In fact, if you research thoroughly and understand the crypto space, these assets can even give you a passive income. Crypto isn’t tied to the government or financial institutions, which is one of its main advantages, as it gives people control over their money. They don’t have to rely on third parties to store and transfer funds.

Moreover, cryptocurrencies are convenient and provide flexibility. You can use them to purchase services or goods without an intermediary. This makes them a viable option for fiat currencies and traditional banking. They are also more stable since inflation can’t affect them. However, despite these advantages, it’s essential to understand the risks before entering the market because that’s how you’ll increase your profits and avoid unpleasant consequences.

Can you really make money by investing in cryptocurrencies?

Even if cryptocurrencies are risky, they still bring an opportunity to make money. But you must understand how the market works and learn the best strategies to make a profit. For instance, one essential rule is to buy low and sell high, which means taking advantage of the fluctuations in price. Another common strategy investors use is holding crypto until they see an increase in the price. Technical analysis can also be effective, although it can be a bit more complicated.

Whether you can make money with crypto can’t be answered with a yes or no, because your understanding of the market plays a huge role in the final result. And it also depends on your willingness to tolerate risks and accept that there will inevitably be losses. If you can overcome these challenges, cryptocurrency can be a lucrative investment opportunity that can help you grow your wealth. If you study the market carefully, you can make informed investment decisions and earn considerable returns. Plus, crypto can be an efficient way to handle your finances and build another revenue stream.

There are multiple ways to earn with crypto besides buying and selling. For instance, you can mine it, which means verifying transactions and adding them to the immutable ledger, namely, the blockchain. But if this seems too complicated, you can consider staking instead. This is the process of holding coins until they stake and earning rewards for contributing to the network’s security. Lastly, you can also earn crypto through games, which can be fun. These are all efficient ways to enhance your financial life using digital assets. Cryptocurrency provides a unique opportunity, whether you want to save, invest, or earn. Ultimately, you can build up a considerable amount of crypto and increase your earnings along with the rise in the coins’ value.

To build wealth long-term, you need to learn how to take advantage of Crypto

No one would ever say no to wealth. However, you can only become financially comfortable if you put in the effort and take some risks. That also applies to the crypto space. Here’s how you can reap the benefits of investing in cryptocurrency.
- Familiarize yourself with the market’s ins and outs. Instead of jumping into crypto investing right away, you should first learn the ins and outs of the market and how it has evolved throughout time. Thus, make sure to educate yourself on aspects such as crypto vocabulary, the different kinds of cryptocurrencies, regulations, market volatility, exchange rates, crypto trends, etc.
- Ask for professional support. Don’t hesitate to seek professional support if you feel you can’t navigate the crypto space alone. A financial planner can help you make better investment decisions and develop an efficient plan. Look for financial experts in your area and make sure they specialize in crypto. Then meet up with a few of them and see which one you find most reliable.
- Evaluate your financial situation regularly. Your financial outlook won’t always stay the same. Even if you start with a substantial investment, that can change in time due to unforeseen events like a job loss. In that case, your investment commitments will inevitably be altered. This is why it’s essential to evaluate your financial situation constantly and adjust your investments according to your budget. Instead of stopping the investments completely, it’s best to lower them.
- Set financial goals. Establishing financial goals is also crucial. While your budget can change, goals can help you stay invested in crypto. Diversifying your portfolio should be among your top goals, as this is key to growing your wealth. Thus, add other investments to your portfolio, such as stocks and mutual funds.
- Use crypto where accepted. Some companies accept payment in the form of crypto, so you should use it for purchases whenever possible. Reading about crypto evolution in the business world is different from experiencing it. Paying with crypto can offer a new perspective on digital currencies’ future, which can impact your investment decisions positively.
Conclusion

Your finances matter, so it’s vital to learn how to handle them efficiently and look for opportunities to make a profit. Cryptocurrencies can help with that, but you must understand the rules of investing first; otherwise, you could even end up losing your money. Opportunities are just around the corner in the crypto space, but you must commit to your investments and act strategically.
November 22, 2022
Is EOS Coin a Good Investment? | Analysis and Experts Views

The EOS Coin has gained a lot of popularity in the crypto market. The crypto token had a very successful ICO of all time as it raised more than $4 billion.

Due to this many investors are closely looking at the EOS price.

But, is it really worth investing? Read this article till the end to find the answer to this question.

What is EOS?
What is Unique about EOS Coins?
EOS Price Analysis and Price Potential
Long Term EOS Price Prediction 2022-2031
Expert Views on EOS Coin
Is EOS a Good Investment?
FAQ

What is EOS?

EOS is developed by Block.one and was founded in 2017. It was released as an open-source platform in 2018.

You must have seen many people comparing EOS to Ethereum. This is because EOS is also a blockchain ecosystem through which individuals can create and develop decentralized apps (dApps).

Like many other cryptocurrencies, EOS was created to solve flexibility, scalability, speed issues, and high fees in Ethereum and Bitcoin.

The whitepaper for EOS is written by Dan Larimer and Brendan Blumer and was released in 2017.

EOS wants to be the most powerful infrastructure for dApps. Block.one has provided all the necessary tools and resources to help developers make functional apps quickly. The user-friendly design is its highlighting feature.

Many investors believe that EOS will change how corporations interact by providing decentralized enterprise solutions which can significantly increase productivity.

Interestingly, the owners of EOS coins also have the right to vote on various issues. Using blockchain they can participate in on-chain governance. EOS is also supported by famous investors like Peter Thiel and Michael Novogratz.

What is Unique about EOS Coins?

In the crypto market EOS is a controversial crypto token. But, due to its powerful technology, it has long-term profit potential.

The blockchain technology behind the EOS.IO can empower many industries and businesses. It can change computer resources and how various applications work.

Due to all these impactful reasons, the value of EOS in the long term can increase. The most overlooked factor is that the Block.one CEO and EOS cryptocurrency token’s main developer is Dan Larimer.

He is the person who generated the concept of decentralized autonomous organizations (DAO) and invented proof-of-stake. No wonder he is known as Bill Gates of blockchain.

He was an integral part of the founding of companies like Steemit, Bitshares, and Graphene. Larimer’s involvement in EOS suggests that EOS will be in this race for the long term and its price can also increase.

EOS Price Analysis and Price Potential

To analyze the price potential of EOS we first need to check its history. EOS was traded at around $1 in 2017. But, by the end of the year, it reached a very high price of $11.39.

In April 2018 it skyrocketed and reached its all-time high of $22.89 but it eventually fell to $2.56 by December 2018.

In 2021 the EOS cryptocurrency had a price of $2.61 and increased to $8.72 in April. At the beginning of May, the EOS price spiked to $13.47 and then was fluctuating between $6.15 – $6.30 on 1st June.

Now, predicting the actual value of EOS is quite tough. This is because blockchain technology like EOS is new and still has many years left to show its true potential.

Many investors speculate that blockchain technology will upgrade more and revolutionize many industries. If this happens then EOS has the potential to break its all-time high price.

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Long Term EOS Price Prediction 2022-2031

EOS will continue to jump up and down in the coming years. The analysis given below is by Cryptopolitan.

Note: These are all predictions and not actual figures. No one can accurately predict the price changes of EOS. With that in mind let’s see the predictions.

In 2022, the anticipated minimum price of EOS is $1.64. Considering the average EOS price prediction of $1.70, the price may go as high as $1.92.

In 2023, the EOS future price of EOS cryptocurrency can reach a minimum value of $2.37. The average price for EOS could be $2.45 with a maximum price of $2.85.

The minimum price of EOS in 2024 could be $3.57 and the average selling price can reach $3.67. It can touch a maximum price of $4.14.

In 2025, the cost of 1 EOS can reach $5.09. Throughout the year the coin will carry an average price of $5.28. The EOS price can go as high as $6.18.

The minimum price of EOS in 2026 is predicted to be $7.45 with an average anticipated price of $7.67. The coin can go as high as $8.64.

In 2027, the lowest price of EOS is predicted to be $10.86 with an average trading value of $11.25. While the highest price of EOS could be $13.12.

In 2028, the minimum price could be $15.89 with an average selling price of $16.34. The highest the EOS could reach is $18.99.

It is predicted that EOS in 2029 will reach a minimum price of $24.27 with the average price being $24.92. The maximum price of EOS in 2029 will be $27.76.

In 2030, the lowest the coin could reach is $34.17. EOS will have an average trading price of $35.17 and the highest price predicted is $41.52.

In 2031, EOS will have the lowest price of $49.33. The highest it can reach is $60.40, with an average prediction price of $51.09.

You need to understand that the crypto market is unpredictable and these predictions shouldn’t be your only deciding factor for investing in crypto.

Expert Views on EOS Coin

Jihan Wu, CEO of Bitmain said that the EOSIO protocol is a great example of blockchain innovation. Its performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption.

Galaxy Digital which is a crypto investment firm has made a huge investment in this project. Founder Michael Novogratz said that EOS had significant outperformance compared to the rest of his company’s portfolio.

Wallet Investor suggests that EOS can be a good long-term investment.

Edgar Fernandez, EOS Costa Rica Co-Founder said, “EOS has the potential to create millions of verified human EOSIO based accounts if there’s a use case behind it, whether that’s regulatory, in the private industry, or public sector. It could be anything from decentralised ID to efficiency in customs agencies, to issuing bonds on a blockchain, to tokenized fiat money, or the traceability of vaccines”.

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Is EOS a Good Investment?

EOS is a good investment in the long run. But, if you are looking for a short-term investment then EOS is not a good choice for you. Your investment decision will depend upon your price analysis, fundamental analysis, and future situations in blockchain technology.

The development in blockchain development and how it will replace a lot of things indicate that EOS has a bright future. Although there is no definite answer to this question. It depends upon your investment style and taste.

As you know the crypto market is unpredictable and we cannot advise you anything. How much risk investors should take will depend upon their comfort and income. But, as you have noticed through the EOS coin numbers and what other investors think EOS can benefit you if you make the right decisions at the right time.

FAQ

Who is the founder of EOS?

Dan Larimer is the founder of EOS.

When was EOS crypto founded?

The Alpha release of EOS crypto was in 2018 and the latest release was in 2020.

Is EOS a good investment?

According to experts and forecasts, EOS is a great long-term investment.

August 15, 2022

Vauld – How Does This Crypto Lending Startup Make Money?

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Vauld.

If we talk about investments, assets such as gold, bank deposits, buying of lands, real estate, and the stock market come to our mind. It has been a while, and a new form of investment is drawing attention in the market today – cryptocurrency.

This latest type of investment sometimes referred to as crypto-currency or crypto, is a form of digital currency that is backed by a technology called ‘blockchain’ that allows users to exist outside the controls of the government and other central authorities. Over the years, the world seems to have a knack for this, particularly bitcoins, which is boasting 14 million value of bitcoins in circulation.

‘Crypto’ generally means virtual currencies that are secured by cryptographic systems. These systems allow users to make payments securely without the help of any third-party intermediary.

Today, many investors are speculating about the possible outcomes of cryptocurrency in the current market. They are assuming that the use of crypto is likely to continue until a certain level of pricing stability and market acceptance is attained from the government and bank sectors.

The government and banks’ recklessness in changing monetary policies at any time and any moment made many taxpayers suffer. No matter how irresponsible the government and bank sectors can be, it is always the taxpayer who has to pay for them. This way, the concept of cryptocurrency was introduced with the intent to change the financial infrastructure.

This is where the company Vauld comes into the scene. Founded in 2018, Vauld is a crypto-lending startup that was built to offer banking solutions to its customers through blockchain technology. To have a full understanding of Vauld, read this article to know about its journey so far, its founders and team, its business model, revenue, and the challenges faced by them.

Vauld – About and How It Works
Vauld – Founders
Vauld – Mission and Vision
Vauld – Name, Tagline, and Logo
Vauld – Growth
Vauld – Business and Revenue Model
Vauld – Funding and investors
Vauld – Challenges Faced
Vauld – Competitors
Vauld – Future Plans

Vauld – Company Highlights

Startup Name	Vauld
Founded	2018
Founders	Darshan Bathija and Sanju Sony Kurian
Sector	Financial Software
Headquarters	Singapore
Total Funding	$27.5 million
Revenue	$197.7 million (June 2022)
Website	vauld.com

Vauld – About and How It Works

Vauld started with an aim to offer its services as a customer-centric banking solution leveraging blockchain. They intend to treat customers’ cryptocurrencies as separate assets nullifying the need for the government’s acceptance.

Vauld works in a way that when any customer deposits funds to their wallet, it goes into a centralised pool. From there, the funds are allocated to borrowers, which are maintained for withdrawals on the platform.

This allows the company to give interest to its users. The loans offered by Vauld to borrowers are totally-risk free. All these loans are over-collateralised, which are usually repaid to the users after 30 days.

Vauld also has a community where they encourage everyone to discuss about crypto. From feedback and ideas, a crypto circle to discuss topics related to crypto, developers to build a system using Vauld’s APIs, to know everything about them under the news community.

Vauld – Founders

Darshan Bathija

Before starting his own company, Darshan Bathija worked in companies like TapChief(acquired by Unacademy) and Piramal Enterprises Limited. A graduate from BITS Pilani, Darshan founded Vauld in 2018 intending to decentralise money through blockchain. He is the co-founder and CEO of Vauld.

Sanju Sony Kurian

Sanju Sony Kurian holds a degree from the Cochin Institute of Science and Technology. Before becoming the co-founder and CTO of Vauld, Sanju worked as Technology Director in Kings Learning. He is passionate about engineering and loves to volunteer and give speeches.

Vauld – Mission and Vision

Vauld wants to execute its vision with one aim: that is by offering a holistic banking system.

The company wants to set an easy and convenient platform for its customers to spend money in the place of their choice on an efficient system.

The company’s vision statement reads, “We aim to enable the core elements of banking to every crypto user. So that Vauld user would get: Store of Value, Easy Spending, Capital Growth, and Exchange.”

Vauld – Name, Tagline, and Logo

Vauld’s tagline says, “Earn. Borrow. Trade.

Vauld Logo

Vauld – Growth

Vauld was founded in 2018. In that year, Vauld used to be Boh (Bank of Holders) and came up with secure Bitcoin and Ethereum Wallets.

In 2019, the company introduced peer-to-peer lending and borrowing of funds. Later that year, the company had its major website revamp with an instant token swap, which led to instant buy and sell in INR.

In 2020, Boh was rebranded to Vauld and introduced Android and iOS apps. In 2021, the company raised $25 million in funds from Valar Ventures and Coinbase ventures.

Vauld – Business and Revenue Model

Vauld lets its users deposit funds in their centralised pool system. The funds which are allocated are lent out to borrowers with a certain interest amount. The loans are collateralised to an extent up to 150% and are usually repaid within 30 days.

Vauld stores the funds collected in their trusted exchange system called Binance to facilitate trades on their order books.

Vauld gives about 11.57% interest rates to its customers. The company boasts of having the best interest rates and trading fees in the industry today. They do not charge anything extra for every deposit a customer makes. Their entire process is based on transparency with no hidden charges.

Vauld – Funding and Investors

Vauld has raised funds of about $27.5 million. The company has a total of 20 investors.

Date	Funding Round	Funding Amount	Investors
Jul 29, 2021	Series A	$25M	Valar ventures, Pantera Capital
Dec 28, 2020	Seed	$2M	Pantera Capital, Coinbase
Jun 1, 2020	Seed	$500k	LuneX Ventures

Vauld – Challenges Faced

Quite recently, the crypto market saw a crash that had never been seen before. Reports suggest that this happened in May and June after the collapse of the group Terraform Lab’s UST stablecoin and Three Arrows Capital defaulted their loans.

The aftermath of this crash has led the Co-founder of Vauld to halt their withdrawals, trading, and deposits by 30%. The decision has been made because of the economic slowdown and inconsistent marketing conditions.

Due to this uncertain circumstance, the company is currently facing financial difficulties, as a result, a lot of customers have withdrawn amounts exceeding over $197.7 million since the crash of the cryptocurrency market.

Moreover, the company has reduced its marketing expenses and executive compensation by 50% and paused every vendor engagement. However, the company claims to make specific arrangements for certain customers who need help with their collateralised loans if necessary.

Vauld – Competitors

The following are some of its competitors of Vauld:

Bakkt
Abra
BabelFinance
Amber Group
WeAlwin Technologies
Ramp network
CoinDCX

Vauld – Future Plans

Although the company had planned to introduce cards and cross token payments, and bank accounts for the future. The current condition of the economy made them take a painful decision.

As of now, Vauld has suspended all its operations because of the unexpected crypto market crash. The company is currently having a difficult time, which is why it is challenging to know what the future holds for them.

FAQs

Is Vauld an Indian Company?

No, Vauld is a Singapore-based crypto platform founded by Darshan Bathija and Sanju Sony Kurian in 2018.

How does Vauld work?

When you deposit funds to your Vauld wallet it goes into a centralised pool. From there, the funds are allocated to borrowers, which are maintained for withdrawals on the platform.

Who are the founders of Vauld?

Vauld was founded by Darshan Bathija and Sanju Sony Kurian in 2018.

July 11, 2022

5 Ways You Can Make Money With Non-fungible Tokens (NFTS)
With the growing digitalization, a famous crypto trend is moving along. And that’s NFTs, Non-Fungible Tokens. NFTs are shining all over the internet. Through this, many creators and investors have made remarkable figures that have literally changed their lives.

NFTs began with 69.3 million sales, which broke over the internet and transformed the perspective of people towards these digital collectibles. Today, numerous people are getting on with NFTs. They are buying, selling, and investing tons in order to get the fancy outcome.

With such immense popularity of these crypto – NFTs, people are researching it more vibrantly. And on that note, we have presented this article carrying all the requirements information and ways to make money from NFTs. The world is growing and in order to keep up with it, you need to be smart and advanced. So, let’s get started with how to make money from NFTs.

What are NFTs?

Number of NFT Users in 2021

Before we move further with the ways to make money, let’s discuss what are NFTs?

NFTs are known as a collectible digital asset that carries value as cryptocurrency and art or culture. NFTs are elaborated as Non Fungible Tokens. NFTs are quite similar to Bitcoin and Ethereum. But, it’s a very distant form of crypto that can not be exchanged aka non-fungible.

The most significant thing about NFTs is that it is formed to store extra information, equalized above a pure currency and makes it into the vicinity. NFTs are classified into various exclusive parts, plus they can be formed in digital art form or music files, that can be easily sorted digitally and can carry a value. For example, you will get a JPG file instead of getting a physical oil painting on canvas.

Let’s move forward to understand how to make money with NFTs.
How to make money with NFTs?

Creating and Selling NFTs

OpenSea – NFT Marketplace to buy & Sell NFTs

If you are some sort of creator or artist and you want any of your work to monetize, then you can use them as NFTs. Basically, you create something and sell it as NFTs. Through this, you will increase your income. You can create original memes, music, audio clips, digital art, or any other.

This is a great chance for you to increase your income through your work as NFTs. Go, Get started with it!

NFTs Stake

In crypto, you can safely keep your digital assets in the form of a stake and allocate them to only those who are willing to manage their upkeep.

As in return, you will be rewarded with some share of the stake. Through this, you can win tons of rewards and inducements on numerous famous websites just by staking your NFTs.

Trading NFTs

NFTs Trading

Among the numerous ways, trading NFTs are quite popular. You can easily trade NFTs by selling and buying them in profitable deals. In fact, one of the creators has made 1,000 times more than their work’s initial price.

Although all NFTs don’t come out with the counterpart. As some of them hold a worth even higher than a million while some are as good as worthless. That’s why before getting started with your NFTs, you need to do a thorough analysis on where to trade and how.

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NFTs Games

NFTs also come with various games with advanced technology. Although NFTs games aren’t that much popular but with high potential as these have, they will rise pretty soon.

The gamers invest with tremendous fortune into virtual gaming. If any gaming company sells their potential game as NFTs, then this will bring enormous profit to the gamers as well as gaming companies.

Some of the NFTs game developers are known to be with the biggest ambitions towards the non-fungible tokens. Its in-game commodities are even more fascinating and are considered the future of the whole non-fungible technology. NFTs games carry a great future in hand with immense technology.

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Get into NFTs Startups

NFTs are known to have dozens of applications in several companies that hold the potential to transform the world. Therefore, investing in any of the NFTs startups is a great indirect way to earn money from NFTs crypto.

NFTs startups are growing vibrantly and are proven extremely innovative as well as promising. That’s why investing in these would bring great results to you.

Conclusion

In the upcoming future, NFTs crypto is going to rise even more brightly. It comes with various distinct applications that carry great potential in itself. And this is just the beginning of it. NFTs carry great potential but still, in the market, it does not have that much recognition and is very underrated. These are built with huge advancements and soon, they would be on the top.

Those who know its potential and capabilities are earning enormously. Celebrities are also promoting NFTs. These are making tremendous profits through NFTs. There are various ways through which you can earn by NFTs. And as we have listed those in the article, you’d find it very intriguing.

There’s still a long run for crypto, but with such growth and development, people are getting more and more attracted towards it. Stay tuned for more updates!

FAQs

What are NFTs?

NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

What is the best marketplace to sell NFTs?

Some of the top NFT Marketplaces are:
- OpenSea
- Rarible
- SuperRare
Can anyone sell an NFT?

Yes, anyone can create and sell NFTs.

How to buy and sell NFTs for profit?

The most popular way is to buy an NFT at a low price and then sell it at a higher price for a profit.

How to make money with NFTs?

Best 5 ways to make money with NFTs are:
- Creating and Selling NFTs
- NFTs Stake
- Trading NFTs
- NFTs Games
- Get into NFTs Startups
May 12, 2022
Analysis of the Cryptocurrency Industry in India

Cryptocurrency is creating a lot of buzz these days. It is getting popular and gaining acceptance at various levels. In India, cryptocurrency cannot be labelled as completely legal or illegal. It is kind of a grey area. So, analyzing the cryptocurrency industry in India becomes crucial.

In this article, we will discuss about cryptocurrency industry in India. We have brought you the cryptocurrency market insights, legal issues, and its future in India.

So let’s begin…

“Bitcoin is exciting me because it shows how cheap transactions can be” -Bill Gates

What is Cryptocurrency?
Analyzing the Crypto Industry in India
Is Cryptocurrency Legal in India?
Future of Cryptocurrency in India

What is Cryptocurrency?

Cryptocurrency is a decentralized digital currency based on a blockchain platform that has been named crypto as it verifies transactions through encryptions. However, it is not any normal digital currency that you may use to pay your bills.

There are two major differences. First, it is decentralized i.e. it is not controlled by any government or third party. This means that all the transactions are made independently not relying on banks. Thus, the value of cryptocurrency does not get affected due to any geopolitical problem.

Second, it is only available in a limited amount i.e. the amount of crypto of any particular cryptocurrency is predetermined. It will never change. For example, the limit for bitcoin is 21 million. So, there will always be only 21 million bitcoins in the world.

Cryptocurrencies are generated through a process known as mining. Thereafter, they can be stored or spent through crypto-wallets. These wallets let you exchange crypto for any particular currency. They also allow you to make payments at places where cryptocurrency is accepted.

Some people like Bill Gates and Elon Musk support cryptocurrency. As per them, it is much better and more secure than physical money. Also, it holds great value for the future.

On the other hand, some people like Warren Buffett and Ajay Banga, consider it a bane to the world economy. They feel that cryptocurrency is the platform for criminal activities.

This actually makes us think is it actually a safe platform? This is especially important when no government or bank is involved for guarantee.

So, let’s take a look at its safety measures.

The transfer or purchase of cryptocurrency is guarded by cryptography. This means that advanced coding is used to safeguard the storage and transaction data. Thus, it is almost impossible to hack this currency. This makes crypto quite a secure platform.

Moreover, blockchain technology maintains distributed ledgers across a network of computers. The records of transactions are automatically updated in the systems of currency holders. This enhances traceability and visibility.

Anyways, cryptocurrency is not a tangible asset. However, it can be called a digital asset. Its applications are still being explored and expanded in financial terms.

Crypto charts represent the price history, volumes, and time intervals of the digital currencies, in graphical format. These are meant to help investors in making better decisions by picking equities and commodities.

Usually, a chart known as the Japanese candlestick chart is used by crypto traders. The colour, shape, and size of the candles in the chart are used as indicators. For example, a red candle is an indicator that the closing price was lower than the starting price. Similarly, a green candle represents that the closing price was higher than the starting price. The specified time frame is demonstrated in the graph.

Analyzing the Crypto Industry in India

As per a report by the Economic Times almost 20 million people invested in cryptocurrency in India, in 2021. Currently, Indian investors hold cryptocurrency worth about $5.3 billion.

The bitcoins touched their all-time highs in 2021, touching a mark of $63,729 on April 3. This has encouraged many small investors from India to focus on cryptocurrency. If the experience and sources of these investors are to be believed, the future of money lies in cryptocurrency.

Bitcoin was the first and most popular cryptocurrency, launched in 2009. It was later followed by other cryptocurrencies named Ethereum, Solana, Dogecoin, Polygon, etc.

In India, CoinSwitch Kuber is the biggest cryptocurrency exchange platform. It has recently touched 14 million users and registered a rise of 3500% in the transaction volume. The leading exchange apps WazirX and BitBns have also witnessed a growth of 1735% and 849%, respectively.

This data certainly speaks a lot in itself. The popularity of cryptocurrency is rising in India and appears to keep rising in the future as well. Also, owing to more number of buyers the demand for cryptocurrency is increasing. This has led to a several-fold hike in its price.

The cost of a bitcoin was about $0.008 – $0.08 in 2009 when it was launched. However, the present cost of a bitcoin is about $40,0000. Further, looking at the pace at which its value is increasing, more people are turning towards this form of investment.

Bitcoin Price

Is Cryptocurrency Legal in India?

On April 6, 2018, RBI imposed a ban on trading in cryptocurrency. However, on March 4, 2020, Supreme Court quashed this ban. Post this decision, RBI has taken back its earlier circular and has urged the banks to follow the decision of the apex court.

The Reserve Bank of India is responsible for managing currency and money transfers in the country. So far, the bank has supported the ban on investment in cryptocurrency. As per RBI, these investments would adversely affect macroeconomic stability.

As per RBI Deputy Governor, T Rabi Sankar, cryptocurrencies do not pass the basic scrutiny. Therefore, it will never be legalized in India. On the question of advanced economies not banning crypto, he said, most cryptocurrencies are valued in dollars and thus, do not pose any threat to convertible currencies of these countries. However, some people refer to it as the statist approach. It is assumed that if private cryptocurrencies are launched in India, RBI would lose the hold.

Presently, RBI is also set to launch their Central Bank Digital Currency (CBDC) in 2022-23. It will be a digital legal tender issued by the Central Bank. It will be the same as fiat currency, only in a different form. It will be exchangeable with fiat currency.

In Union Budget, 2022, cryptocurrency was given legal sanction, virtually. While presenting the finance bill, Finance Minister Nirmala Sitharaman did not refer to crypto as a “currency”. However, she someway gave it a legal status by labelling it as “digital assets”.

She has stated that this decision was taken in light of the phenomenal increase in the frequency and magnitude of transactions. This has ended the uncertainty over the future of cryptocurrency in India.

A heavy tax of 30% has been imposed on the income generated through crypto transactions. Also, this tax cannot be claimed for deduction. In addition, to keep track of transactions 1% TDS will be charged on the payments made using digital assets.

However, since this declaration, a number of questions have been raised. This is because the budget does not talk about regulations of crypto exchanges or investor protection. Also, how can government impose a tax without bringing the Cryptocurrency bill to legalize it?

All-in-all, the government has still not cleared the legal status of cryptocurrency in India.

Crypto Industry Market Size India

Future of Cryptocurrency in India

As per Purushottam Anand, Founder of blockchain law firm Crypto legal, “Taxing income from cryptocurrencies does not necessarily and explicitly legalize cryptocurrencies because income tax is not concerned about the manner or means of acquiring the income.” However, tax provisions for cryptocurrencies can be a step towards legalization.

Prime Minister Modi, in his speech at the “Summit for Democracy” organized by the U.S in 2021 has stated that world leaders must jointly shape global norms for emerging technologies like social media and cryptocurrency. It would help in utilizing these to empower democracy.

Also, while speaking at the virtually organized India-Central Asia summit, Prime Minister has urged a common approach to cryptocurrency.

Further, the general approach of India is going with the majority. As the majority of countries especially advanced economies are favouring this innovation, it is expected that India too will legalize it in the future.

Conclusion

The investment in cryptocurrency has enhanced several folds in India since last year. Even though the legal status is still unclear, it appears that the investors are not bothered by it.

Further, the cryptocurrency banning bill, due for the last winter session, has not been proposed by the government. Moreover, Finance bill-2022 has imposed a 30% tax on the income generated through crypto investment. This appears to be a good sign for the future of cryptocurrency in India.

Overall, it can be said that although the cryptocurrency industry in India is expanding tailing uncertainties cannot be denied.

FAQs

Is cryptocurrency legal in India?

Crypotuccureny is not a legal tender in India nor it is banned by the Indian government.

Is crypto taxable in India?

Yes, income from Crypto and NFTs are taxed at 30%.

April 17, 2022
Everything Marketers Should Know Before Advertising Crypto and NFT in India | Latest Government Guidelines for Crypto and NFT Advertising
Cryptocurrency and NFT have taken the world by a storm in just a few years, people have started taking them seriously and are investing in them. They are said to be the new future of currency, Bitcoin announced its existence in the year 2009 and since then, a number of cryptocurrencies have launched. Although the future of cryptocurrency is uncertain, young people are not shying away to show their interest in them.

At this age, there is hardly anyone who is not aware of NFTs and Cryptocurrency, they are becoming a medium of exchange and there are big companies who are accepting cryptocurrency as a form of payment.

With so many new rules, regulations and states of NFT and Crypto, the status of them has changed. For any kind of product or service, advertising is one of the most aspects; if not the most important factors for letting the world know that they exist.

Naturally, to make people more aware of cryptos and NFT and their features, advertisement is definitely going to be a strong need for marketing for all the business that is dealing with this industry.

Cryptos somehow are able to get recognized and are not banned entirely in the country, but the advertisement of these products needs to follow some guidelines. In this article, we will talk about the guidelines that companies have to follow while advertising cryptos and NFT related things in India. So let’s get started.

“A good advertisement is one which sells the product without drawing attention to itself.” –David Ogilvy

Guidelines for Crypto and NFT Related Advertising Released by ASCI

The Advertising Standards Council of India (ASCI) as per the Government of India set some rules while advertising for Crypto and NFT related products as they are extremely risky. So people must be aware of the risks that they are going to take while investing in them.

All these guidelines will be applicable to all the ads released on and after April 1, 2022, and not to forget ads that are not complying with the guidelines will not appear in front of the public after 15^th April 2022.

ASCI Guidelines Tweet

Some of the guidelines related to Virtual Digital Assets (VDA) are:
- One of the disclaimers is “Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.” It must be placed in every advertisement in such a way that it cannot be missed by anyone watching the advertisement.
- If the advertisement is in print, then the disclaimer must be placed in a space that has to be at least one-fifth of the space in the bottom, the font has to be big and clear enough, that it can be read properly.
- In a video ad, the disclaimer should be placed at the end and it must remain on screen for five seconds and the voiceover should be at a normal pace.
- If the ad is an audio one, then it should be spoken at a normal pace at the end.
- In social media advertisements, the disclaimer must be present in the caption as well as in the pictures and video attachments.
- Several words are forbidden to be used in the advertisement of Crypto and NFT related products and services. Worlds such as, ‘Custodian’, ‘Currency’, ‘Securities’ and ‘Depositories’
- Whatever information the advertisement of the products will provide to the consumers must not contradict the guidelines given by the Government of the country.
- The past performance of any products shall not be included in any biased form in the advertisements.
- The name and contact of the advertisers of VDA products and services advertisement must be clear in the advertisement so that a consumer can contact them if the need arises.
- Advertisements must avoid making any kind of promise that states that there will be an increase in profit related to those products.
- Minors are not allowed to be in the advertisements dealing with the products and services.
- Ads must not be presented in such a way that it will show the consumers that while investing in them, one does not have to think twice.
- Advertisements must not show that if anyone invests in the products, it will solve their money or personality problems.
- Comparison with others assets must be avoided.
- Any kind of celebrity, who is going to be present in the advertisement and endorse the products or services, must be very careful. They should avoid making any claims that can lead to a misunderstanding that may confuse the consumers.
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Conclusion

Cryptos and NFT related products status are quite uncertain in the country. All the guidelines by the ASCI are to protect the common people from facing any kind of uncertain future while investing in these products. By following these guidelines, the companies can advertise their products without any hindrance.

FAQs

Why were the guidelines released by ASCI?

As to protect the investors from investing and losing money after watching misleading ads, ASCI released a few guidelines that every advertiser has to follow.

Is investing in cryptos safe?

Crypto is a highly volatile currency, so it is quite risky but it can be profitable as well.

Can you run Facebook ads for crypto?

You can run ads on Facebook but you have to follow the guidelines and get approval from the company.
March 2, 2022
Everything You Need to Know About the Digital Rupee – What Is It and How Will It Be Different Than UPI?

The rate of growth in the world right now is at probably the topmost pace. The fuel for this growth is simply the technology sector behind every organisation. Lines and walls between companies are getting more and more transparent. Every company and entity is becoming a technological entity. All these utilities of technology have induced certain dependence in the world. That utility is worthwhile too, too much of an extent.

Technology, in a nutshell, has made our surroundings more convenient than ever before. We see transactions are getting easier and easier. We see that the entertainment sector is at an all-time high, in terms of revenue generation and visibility. We see that technology has invaded our homes and hands, the utilities it provides are endless.

All the utilities that the technology provides, make it a lucrative port for every other activity. Paying someone has become easier, and in fact, the transactions have become easier. Digital cryptocurrency is the new buzzword around the world corridors.

Most people support this trend of bitcoin and other crypto asset classes. India recently announced the commencement of a digital currency. The digital rupee is a new term for every Indian and this is a move that no one has ever imagined. There is a lot of hype among people about this but most people don’t know what it will be like. In this article, we will discuss what is a digital currency and how will it be different from the UPI method or unified payments method.

What Are Digital Payments?
A Small Brief About Digital Currency
What is Digital Rupee?
What is UPI?
How Digital Rupee Will Be Different From UPI Transactions?

What Are Digital Payments?

A digital payment mechanism is a tunnel through which payments can travel digitally. For instance, UPI is a digital payments mechanism. A Unified Payment Interface is a method by which people can transfer funds digitally and directly from the bank to another bank account.

The sole purpose of the digital setup of payments is the ease and convenience which it provides. The craze of digital payments grew so much in a very small time that it shifted to more serious business.

A Small Brief About Digital Currency

When digital payments are so easy and convenient, then why not all shift to digital payment methods? Moreover, why not make a digital currency? Nowadays, crypto is a popular buzzword. Let us see what digital currency means and what crypto is.

The world of cryptocurrency and digital assets. A cryptocurrency or just crypto is a digital currency that is designed and formulated to act as a medium of exchange. The whole system is decentralised, in fact, decentralisation is the core concept on which the world of crypto is being built.

Transactions happen through computers and computer networks. All the computer networks are not controlled by anyone’s authority, this by definition is known as decentralisation. There is no bank intermediary, a government or anyone else to maintain or uphold it.

A digital currency, as the name suggests, is a sort of digital money or electronic money is a sort of currency. It is money like an asset class that is primarily stored in a digital source or a computer. It is also stored and transmitted over the internet. It involves a lot of other asset classes. Types of digital currency include a lot more than just some of the asset classes.

Digital currency includes all sorts of cryptocurrency, virtual currency and all the currency which is accepted by digital currency. Except for the cryptocurrency, other asset classes may be recorded in a database that is centralised. A centralised database here means the database which is upheld by some central authority or a government figure.

This currency can be used to buy goods and services that exist in the real world. It can also however be used to buy things online, like something in an online game. Apart from being digital, digital currencies exhibit all the traits of a traditional currency. It doesn’t just have a physical form.

The fact that they are not physical in nature implies that they can be held by anyone with a computer device. This feature of digital money removes the cost of circulating physical money in the market. Transactions can happen seamlessly over the internet without any issues of lower denomination of notes.

A digital currency is usually not issued by a government body and thus, these are not considered as legal tender in many countries except El Salvador. Digital currency can be owned by anyone, even outside the borders of a country. These features also make the government not accept it as a legal tender.

Depending on the situation and characteristics of the digital currency, it can be centralised and decentralised. Centralised means some organisation that is operated under the rules of a central body. Decentralised is an organisation that has no central body and no one person or entity can control it wholly. Centralised institutes include banks and the stock market. Cryptocurrency like Bitcoin is decentralised.

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What is Digital Rupee?

This is the new word that, after its inception, became a buzzword of the month. Nirmala Sitaraman made the announcement mentioning the word digital rupee in her speech. She introduced that the government will soon unveil a digital rupee that will have all the support from the RBI or Reserve Bank of India.

Among all the crypto hype, this digital rupee will be a welcoming move by the Government of India to the world. It is said to be launched in the next financial year. It will be a central bank currency in the digital format.

Another word for it can be, CBDC, which is a central bank digital currency. This currency will be valid in India and will be accepted and transacted in the whole of the country. Let us see what more we heard about this new head of currency.

Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy: FM Nirmala Sitharaman#Budget2022 pic.twitter.com/tUdj2DoZCR

— ANI (@ANI) February 1, 2022

Indians were surprised at the time when our finance minister made an uncommon statement. This proposal of a digital rupee had many people in surprise.

Vipin Kumar, CEO TechnoloaderPvt. Ltd said launching a digital rupee using blockchain will not be an arduous task for the government.

“People in India are already amicable with the concept of digital transactions or payments in the form of UPI ID and barcode. Presently a great many people are doing digital transactions in their way of living. If the government is planning to launch a digital rupee using blockchain; accepting it also will not be an arduous task. Government has to refurbish technical aspects. Only mobile applications desire to update and UPI id entail replacement with Wallet address as blockchain works on wallets addresses,” said Vipin Kumar.

There were immediate questions about how the digital rupee would operate. What will be its use cases and how we will be able to transact in digital rupee. How different it will be from the UPI payments that we make on a daily basis.

Digital money, built from blockchain technology will be transferred from one digital wallet to another like other cryptos assets. “One will have to punch in the wallet address of the recipient to transfer the money. It would be as good as today’s UPI transactions where the value of money is transferred from one’s wallet or bank account to another,” Kunal Jagdale, Founder, BitsAir Exchange

“As the usage of the Digital Rupee increases, it could also benefit things like cross-border remittances, an environment could be created for interoperability whereby faster real-time remittance occurs,” said Kunal Jagdale.

The Digital rupee which the government will unveil in the next financial year will be seamless and real-time. The transactions will be made through a digital currency tunnel.

Transactions will be real-time and every Indian can send their money to another person, even overseas and across borders. There will be no need for any central authority. This means that the transactions will happen at an instant and will be needing no intermediary in between transacting bodies.

Even though digital currency will not be available in the physical form, it will be acceptable. Digital currency will be as acceptable as cash and will be a legal tender in any sort of transaction. Payments made through CBDCs (Central Bank Digital Currency) will also reduce settlement risks and the demand for interbank settlements.

Finance minister Nirmala Sitaraman has also mentioned that the country will launch a digital version of the rupee as early as this year. It will be usable from the next financial year itself.

Apart from the announcement of a digital currency, the finance minister in her budget speech also mentioned that any trading gains or transfer gains of cryptos will be taxed. This means every gain from any crypto transaction or NFT (Non-fungible tokens) sales proceeds will be taxed 30 percent. All these gains will fall into the top class tax bracket in India.

The primary two motives behind launching a digital currency are simple. First, the digital currency will give a jump to the digital economy. Secondly, the digital currency will be cheaper for the government than producing physical currency notes. This way the government is trying to kill two birds with one stone.

Ms Sitharaman also said the magnitude and frequency of digital asset transactions “have made it imperative to provide for a specific tax regime”, where profits from transactions are taxed. Taxes of this sort will also be levied on any transaction of digital assets, which means that they will also be levied when someone gifts this asset to another. In this case, the receiver will be the liable person.

In 2016, Prime Minister Narendra Modi withdrew the currency notes of 500 and 1000 rupee from the financial system. Within very short notice, notes of this denomination got terminated as a legal tender and the economy was pushed to a digital world.

The Indian payments landscape changed forever, after demonetisation. Companies like Paytm, which works in the digital payments sector got an immense boost from this government direction. On the other hand, India’s neighbour China was also involved in some digital currency work. The United Kingdom also saw some potential at the time in digital currency.

Sumit Gupta, co-founder and chief executive of India-based cryptocurrency exchange CoinDCX, told the BBC that the initiative “has given legitimacy to virtual digital assets”. Sumit thinks that taxing digital assets would be good for the market but believes the rate is too high.

“A tax rate of 30% is on par with that imposed on gains from speculative activities like the lottery, gambling and other gaming activities. That proposed 30% might act as a dampener for greater adoption,” he said.

Among all the hype of a new digital currency, the ongoing digital crypto is seen as a new digital asset. The new digital currency will be a new thing by the RBI. However, with all the technological shields that we stand with today, the digital rupee has high hopes from citizens.

According to the Reserve Bank of India and the finance minister, the currency will be seamlessly transferred and will be easy for the government to take charge and control. This is a win-win for everyone. More details about the platform and transactions will be officially out soon from the RBI. However, with the announcement of a digital currency, cryptocurrency is seen as an accepted currency.

With all the speculations from the public and the unclearness of the new digital currency, many people are connecting the digital currency with that of UPI. Unified payments interface is a very famous transacting mechanism in India. It is, however, said to differ from the digital currency or the digital rupee which the government is planning to push into Indian markets. Before we get to the differences it is good to know some basic information about the UPI and how the unified payment interface works.

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What is UPI (Unified Payments Interface)?

There is little possibility that you haven’t heard of UPI in today’s world. It is almost everywhere in every marketplace. It is easy, convenient, seamless and real-time. As the name suggests, a unified payment interface is a payment pathway in which a person can transact money via digital means. People can add multiple bank accounts to their UPI apps which are available in the market today and can start transacting. It is a real-time payment system for money transfers and the settlement is done in both the receiver’s and the sender’s bank account.

The UPI is developed by the National Payments Corporation of India or NPCI. This digital payment mechanism is regulated by the Reserve Bank of India. UPI can be used every day of the week and every month of the year, it is universal in nature.

All it needs is a bank account and an internet connection. However it is noted that there is no digital currency involved, it is simple to transfer bank funds from one person to the other. A UPI transaction can be initiated and accepted both by a person, any individual and also any business out there in the country.

The Unified Payments system is secure by all means and uses some of the same pathways as digital currency transactions. The unified payments system has a data log of VPA ids, which is a unique ID that is given to every individual who is getting into the UPI transactions.

This VPA ID or the Virtual Payment Address is the address where the payment has to be made. It is simply the bank account that is linked with the Virtual Payment ID to which or from which the payment is initiated. It can be made by a bank name or the person can choose one himself or herself as opposed to in digital currency transactions.

Most of the time, the email address or the mobile number of the person is made their VPA address. VPA is something that directs the payment/transaction path. Transfers can be inter-bank and they can also be intra-bank. A mobile number also works seamlessly in the UPI payment system, if it is attached/linked with the bank account of the sender or receiver.

Most UPI apps have no holding capacity. They are not wallets, except a few like Paytm. Most UPI apps like Google Pay does not offer wallet services. Companies like Paytm do that. It is however to be noted that UPI does not hold any money in between. Wallet services are the sole services of the payment pathways companies like Paytm.

UPI works simply by settling payments from one bank and the other. It works on request by the transferee and then works towards settling the money settlement among participating banks of persons involved. A sender can initiate a transfer using a two-step secure process: you have to login to a UPI app – then you have to type the VPA id or scan a QR code – then you can send money by entering your UPI Pin that is personal to you.

The payment hits instantly and in real-time. This means, by the time you get the notification of money sent, another person will get the notification of money received.

After a brief discussion, it is time to see how both the payments are different. The digital currency which the government will release next year and the Unified payments interface that we use even today. What are the most noticeable differences and what are the most significant upgrades over the UPI payments mechanism? Let us see the key differences between the digital rupee and the UPI payments.

How Digital Rupee Will Be Different From UPI Transactions?

UPI is our day to day useful item. We use it even multiple times a day. It is handy, easy and convenient. It works seamlessly everywhere and has almost negligible issues. But how it is different from the digital rupee that the finance minister just announced in India. This is a valid question. Let us see what will be the key differences between a digital rupee and the UPI apps and payment mechanisms

The first difference is that the Digital rupee will be a standalone payment mode. As opposed to the UPI which is a payment processing tunnel. If we use UPI methods, they all don’t act like the underlying asset in transactions, instead, they are the ones who will be processing the money in your bank account. In this case, your money in the bank is the underlying asset that will enter the transaction. In the case of a digital rupee, it will itself be the underlying asset that will enter the transaction.

“The payment rails like UPI, IMPS etc use the underlying currency/cash to transfer the funds. In other cases, it is expected that payment rails will work together with the digital rupee to ensure a seamless payment transaction,” said Mihir Gandhi, Partner & Payments Transformation Leader, PwC India.

Any payment that is made through the Unified payment interface, will be equivalent to the transfer of currency notes. As there are banks, the government and all the proper authorities at work, who allows the transaction. This means that every amount which is transacted by the UPI method is backed and supported by a physical currency transaction. Which makes the process of transaction impossible to jump through. In the case of the digital rupee, this will be even more efficient and effective.

“The digital rupee will be legal tender in and of itself and need not necessarily be backed up by physical currency,” said Sumit Gwalani, Co-Founder, Neobank Fi.

Another difference is the fact that UPI transactions are involved between participating banks and they have their own UPI handlers. In the case of the digital rupee, the digital currency will be equal to the physical currency. It will be operated by the Reserve Bank Of India and no commercial bank will enter the process.

They will be informed but the central figure of RBI will always recognise the transactions happening in the digital rupee. This will add more accountability to any sort of transaction.

The digital rupee is no different from your normal rupee; it can be used to do normal transactions like NEFT, UPI. The digital rupee will be operated by RBI and not by bank intermediaries in the case of UPI where each bank has a different UPI handler, said Manoj Dalmia, Founder and Director, Proassets Exchange

The digital rupee will eliminate settlements in commercial banks. It will be directed directly by the Reserve Bank India and thus, will be instant and seamless. Record keeping will also become easier.

UPI payments currently rely on the settlement of the transacting banks with the RBI, Digital Ruppe will be transacting directly from RBI, hence it will be settled instantly, said Vinshu Gupta, Founder and Director, Nonceblox Blockchain Studio.

It is evident from the above discussion that the digital rupee is definitely an upgrade over the Unified payments interface. It will add more accountability to the system of transactions. It will be more seamless and as real-time as possible.

These transactions will also be introduced in the market without incurring a lot of costs, as the digital rupee will be made at less cost than physical notes. These are the most noticeable benefits and there will be more benefits when it comes to the market. The government is welcoming the digital change of currency as it is more efficient.

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Conclusion

UPI payments have been the most convenient money transacting mechanism that we have seen today. As the world becomes more and more tech-savvy, people are rethinking ideas of money and transactions. Which has led to the development of digital transactions and even currency that has no physical nature of existence. We now live in a world of numbers.

In the seven budget, the Indian Finance minister announced that the government will be launching a digital rupee. Many people are considering this as a welcoming move toward the cryptocurrency hype in the rest of the world. Others are just wondering if it will be a good decision.

It can be seen from the above discussions that the digital rupee is definitely an upgrade over the Unified payments interface payment tunnel. As transactions will be recorded and regulated by the Reserve Bank of India, It will add more accountability to transacting parties. The digital rupee will be more seamless and as real-time as UPI.

These transactions will also be introduced in the market without incurring a lot of new costs. The digital rupee will be circulated in public at a lesser cost than is needed to circulate physical notes. It is a move that simply implies that the government wants better governance over the money transactions happening in the country. It is imperative, as we are a really populous country and the digital rupee can be the perfect money.

FAQ

Which is the first digital currency?

Bitcoin is one of the first and most popular digital currencies.

What is digital or virtual currency?

A digital currency is a digital representation of currency that is stored in an electronic form that can be mobile or computer. It can be centralized or decentralized.

Is Bitcoin legal in India?

There are no regulations on crypto nor the Bitcoin is banned in India.

February 28, 2022
What do Experts say about Shiba Inu Coin? Should you Invest in it?

The cryptocurrencies such as Bitcoin and Dogecoin had been surging their value in recent years. The meme-based Dogecoin had reached its all-time high being part of the top 10 cryptocurrencies according to the market capitalization. Other than Bitcoin and Dogecoin there is a new cryptocurrency creating excitement in the crypto market called Shiba Inu Coin. Let’s look at what is Shiba Inu Coin, expert opinions and its price prediction.

What is Shiba Inu Coin?
Returns of Shiba Inu Coin
Expert Opinions about Shiba Inu Coin
Is Shiba Inu Coin a Good Investment
Shiba Inu Coin Price Prediction
Will Shiba Inu Coin Reach $1?
FAQ

What is Shiba Inu Coin?

Shiba Inu Coin Logo

There is not much information available about this cryptocurrency. The crypto is considered to have been made in order to provide competition to Dogecoin. The website of Shiba Inu Coin claims that it has an experiment in order to the decentralized voluntary building of community.

Shiba Inu Coin Website

The coin features a hunting dog from Japan, Shiba Inu which rose in popularity due to the Dogecoin as this is also considered to be another meme coin. The website shares the message that this token is their first and the users have the choice to hold billions or even trillions of them.

The nickname of the coin is Dogecoin killer and claims that everyone should own one from the open market.

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Returns of Shiba Inu Coin

According to the data received from CoinMarketCap, the Shiba Inu Coin had given a return of 120 % in the time period of 24 hours at one point in time. When compared to a 7 day time period the coin has provided a return of around 1970.57 %.

The meme-based cryptocurrency, Shiba Inu Coin which is positioned to be a rival coin of Dogecoin has a market capitalization of USD 15 billion whereas Dogecoin has a market capitalization of USD 22 billion as of 2021.

Expert Opinions about Shiba Inu Coin

Investorplace.com has recently conducted deep research into the Shiba Inu coin which conveyed that the predictions of the price of currency have been heating up due to the enormous gains of the cryptocurrency. However, it is seen that the investors are not yet rushing to invest their money into the new cryptocurrency.

Investorplace.com had done a dive into the number of predictions about the new coin where they found out WalletInvestor has suggested that Shiba Inu coin is not a good investment for the long term.

They also have an estimated prediction that the value of this cryptocurrency would see a downfall by the end of 2022 to somewhere in between USD 0.000029 to USD 0.000016. But DigitalCoinPrice has predicted that there would be an increase in the price of the cryptocurrency and would see a jump by the end of 2021 to USD 0.000044.

Gov Capital has predicted that Shiba Inu Coin would see a huge drop falling to USD 0.000006.

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Is Shiba Inu Coin a Good Investment

If you are not sure whether you should invest in this cryptocurrency, then take some steps before getting into the decision and investing your money into it. First of all, try to understand the fundamentals of cryptocurrency before you decide to trade with it.

Understand the project and go through various risk management techniques and adjust it according to your capacity to bear the risk of which one would vary from one individual to another.

The most important point which should be noted before investing your money into cryptocurrency is that you should be satisfied before investing, with your research and studies and never buy or invest your money into the coin because of someone else’s advice.

Shiba Inu Coin Price Prediction

Shiba Inu Coin Price Prediction

Shiba Inu coin is a highly volatile coin as it is a meme coin and to predict its price is difficult as it is linked to the hype. The meme coin is expected to grow from $0.000014 at the end of 2025 to $0.000028 in 2030. As of 2022, the Shiba Inu Coin price in rupees is ₹0.002318.

Shiba Inu Coin Price in INR

Will Shiba Inu Coin Reach $1?

The current price of Shiba Inu is 0.000031 and reaching the $1 mark may sound impossible but we should remember that this is a highly volatile coin, also the price of the coin is linked to the hype of the projects. But can it hit $1? probably not. If Shiba Inu reaches $1, the market cap of the coin would be $550 trillion which would be higher than every combined economy of the world and 650 times the market cap of Bitcoin. So, it is highly unlikely that Shiba Inu will reach $1 in 2025 or 2030.

Conclusion

There can be risks involved with these get-rich-quick coins, even though the percentage returns provided by the cryptocurrency in the past may look attractive, there are a lot of cases where such coins have lost their value and provided negative returns after a few months.

FAQ

What is the use of the Shiba Inu coin?

Shiba Inu tokens are powered by Ethereum. Fungible tokens like Shiba Inu are ERC-20 tokens.

How many Shiba coins are left?

As of 17 May 2021, a total of 394.796 trillion Shiba Tokens were in circulation, with a market cap of $6.52 billion USD.

Where can I buy the Shiba Inu coin?

You can currently buy Shiba Inu coins on platforms like Binance, Huobi Global, OKEx, Hotcoin Global, and MXC.COM.

January 18, 2022