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 Lepasa.
The global metaverse market size is projected to be worth 1 trillion by 2030. The next wave of digital disruption is clear. The days are not far when people will spend most of their time roaming in virtual reality. The metaverse encompasses different technologies, including virtual reality platforms, gaming, machine learning, blockchain, digital currencies, and more.
Lepasa is a Jaipur-based startup that is building digital asset-based ecosystem for business and customers. Read to know about Lepasa, its founders, the startup story and its growth
Lepasa metaverse envisions an autonomous, cohesive & opulent digital economy in sync with the real-world use cases.
Lepasa is laying the foundation for the immensely potential digital asset-based ecosystem for content creators, businesses & consumers by developing a decentralised virtual world with numerous revenue generation opportunities.
Lepasa – Industry
The elements of a new digital age are converging at scale. The metaverse is the driving force bringing these elements together in a unified immersive experience. Users should increasingly be able to access a host of use cases, including commerce, art, media, advertising, healthcare, and social collaboration. A device-agnostic Metaverse would be accessible via personal computers, game consoles, and smartphones, resulting in a large ecosystem. Using this broad definition, the total addressable market for the Metaverse could be between $8 trillion and $13 trillion by 2030, with total Metaverse users numbering around five billion.
Lepasa – Founders
Ashish Agarwal – Co-Founder, Lepasa Metaverse
Ashish has been in Blockchain for almost a decade, He started his Blockchain journey with a handful of visionaries’ way back in 2013. Before venturing into blockchain, Ashish has been an entrepreneur for a long-term selling its enabled services. Before Starting Lepasa, he has been an integral part of the Blockchain development in India. He has developed multiple Blockchain-focused solutions ranging from digital custody to full-fledged exchange.
Alok Joshi – Co-Founder, Lepasa Metaverse
Alok has been in the IT consulting business for more than 2 decades. Ha has vast experience in consulting corporates like banks and large-scale government projects.
Lepasa – Name, Tagline, and Logo
Lepasa Logo
Lepasa is inspired by the Spanish term “Que Pasa ”? They named their immersive, realistic, sustainable project with real-world use cases “Le+Pasa” to make the audience believes that It happens.
Lepasa – The Idea and Startup Story
2021 has been crazy or we may say the craziest year for the Crypto community. DeFi & NFTs have stolen the show from top cryptocurrencies like Bitcoin, Ethereum, etc. It is such strong evidence that NFTs are bringing a massive number of “New Crypto Owners” to the industry. A scenario where a new user buying any crypto for the first time to buy NFT is too common nowadays.
They had started working on the “NFT” concept back in late 2020 when Cryptopunks were everywhere & the entire industry was in awe of the pixel arts. On that very day they had decided that if they are going to NFTs, it has to be something else, not just one another project in the crowd.
Being in Blockchain Tech for almost a decade, their seasoned & dedicated team suggested having an equal proportion of Tech & Art go ahead. Oh WOW! That was one strong statement that laid the founding stone for this world-class Fine Art 3D Game Ready NFT project.
They onboarded world-renowned Traditional Fine Art Artists, and CGI Artists and formed a strong bond with the Tech team. Even though NFTs have been one of the largest real-world use cases of blockchain and smart contracts to date, their adoption has been unidimensional. NFTs have been restricted to GIFs and JPEGs in popular culture, failing to incorporate the vastness the technology is capable of.
Virtual lands are envisioned as spaces where anyone can go and hang out with their friends via a monitor or through their virtual reality headset. Eventually, enthusiasts expect metaverse real estate properties to support virtual structures, where users can build whatever they’d like. But contrary to the fact most of the existing options are either low poly, cartoonish, or tokenised games. It is difficult to think of a real, immersive experience in the current scenario.
Web 3.0 will lay the foundation for the phenomenal evolution of the Internet. That’s the reason the millennials are flocking into this, their expectations from metaverse could be immense in the context of enhanced experiences, gamification, and financial gains. True to the belief of web 3.0, they are adding a 3D layer to the existing model of the tokenised, low poly/2D version of the constrained metaverses. They are building an enthralling, immersive 3D visual experience. A planned Metaverse will provide immense opportunities to participants.
Lepasa – Customer Acquisition
They had worked day and night almost a year before launching their project, and they had worked a lot on launching it when there is a lot of demand and curiosity for the project, they had 200+ customers on the day of launch.
They have been working hard to sustain their early customers and at the same time gain more new customers. Their customer base is constantly growing in the last six months they have organically grown multiple X.
Lepasa – Challenges Faced
The most challenging part in such futuristic, comparatively newer concepts is mostly around finding the right resources/talent. They have been lucky on this part as they have been in this space for a long. Still, they too have to struggle while growing their team.
Their Launch event was one of the most exciting and successful events so far, as mentioned above they had 200+ customers on day 1. They have been working constantly and their user base is growing constantly since.
The integration of blockchain technology with the real-estate could bring a revolution in the industry & will result in a lot of benefits including increased trust, enhanced loyalty, proficient data management, and access to real-time information. They have added a layer of state-of-the-art conceptualization & planning to bridge the gap between virtual & real. To create a Virtually-Real experience, it needs to perceive, conceptualize & planned as a real-world project.
Lepasa Metaverse is planned exactly like any state-of-the-art real estate project shall be planned and developed. Right from the ideation phase to town planning, they have followed real-world objectives & principles. At the ideation stage, they were driven by the idea of “Ikigai: The Japanese secret to a long and happy life” based on a study of the Blue Zones – the geographic regions where people live longer and have fewer diseases than anywhere else in the world.
Lepasa – Advisors
They have been fortunate to have the industry’s leading name in their core team & advisory. Their technical advisory associations include Polygon, FalconX, EPNS, etc.
Looking at the vast use cases and humongous possibilities with metaverse, they have been very careful and futuristic in their vision to develop such a solution that is relevant not just in the current scenario but also capable of serving the future phases of the business use cases.
FAQs
What is Lepasa Metaverse?
Lepasa Metaverse is a startup focussed on the developmnent of decentralised virtual world.
When was Lepasa founded?
Lepasa was founded in 2021 in Jaipur.
Who is the founder of Lepasa?
Ashish Agarwal and Alok Joshi are the founders of Lepasa.
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 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
Darshan Bathija, co-founder of Vauld
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, co-founder of Vauld
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.
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 Moonpay.
The Public’s faith in crypto has exploded in the meantime. It’s a major topic not only among investors but also in mainstream culture, owing to everyone including long-time investors like Elon Musk to that youngster from high school on Twitter.
Merchants may accept crypto-based payments for a variety of goods and services thanks to technology-based crypto payments and fraud protection solutions. For debit and credit card transactions, it also has a worldwide monetary onramp. It allows businesses to accept cryptocurrency payments for a variety of products and services.
MoonPay is a fintech startup that develops a cryptocurrency payment system. Its on-and-off-ramp line of products allows users to modify between government-issued currency and cryptocurrencies using different payment methods, including credit and debit cards, Apple Pay, Google Pay, Samsung Pay, and local bank transfers, MoonPay accepts payments, fights fraud in over 160 countries, and is used by 300+ prominent wallets, websites, and applications. The firm was created in 2019 and is situated in Miami, Florida.
Read this article further to read more about MoonPay.
booming NFT sector. MoonPay was founded in 2019 with a single goal in mind: to accelerate the usage of cryptocurrencies. Only with 2 young co-founders – Ivan Soto-Wright and Victor Faramond – the firm set out to design a secure and very simple software solution that would allow individuals from all around the world to engage in the largest tech transformation since the world wide web.
MoonPay is a popular solution among both ordinary investors and celebs because of its ease. As per the company’s website, the platform has over 10 million active users in 160 countries and has processed about $3 billion in transactions.
When non-fungible tokens or NFTs first became popular, MoonPay was the go-to payment provider. Users might buy their favourite NFTs without having to worry about cryptocurrency. When celebrities began purchasing artworks from the renowned Bored Ape Yacht Club NFT collection, the platform acquired even more traction.
In a traditional exchange, you’d need to first get a wallet, then add an appropriate amount of cryptocurrency, and then complete the transaction – a simple but time-consuming operation. The procedure is significantly simpler using MoonPay. All that is required of the user is to set a budget. MoonPay then calculates a baseline price for the digital asset using its uncommon tools.
MoonPay takes care of purchasing the needed cryptocurrency, then purchasing the tokens and billing the consumer.
“We’ve tried to make it as similar as a process as you would be interacting with your private bank,” says Ivan Soto-Wright, the CEO of MoonPay. “You basically generate an invoice, you wire money for that invoice, and then we settle the transaction,” he explained.
MoonPay – Industry
One of the names used most frequently for research in the finance sector nowadays is “financial technology.” FinTech, or financial technology, is the application of cutting-edge contemporary technology to the world of money. It mostly makes use of disruptive and creative technologies to deliver financial services. By offering innovative and safe financial services, fintech startups met the demand for increased security from investors. The desire for more economical financial services that offer accessibility and a faster speed might be cited as the second factor in the development of financial technology.
In 2021, the market had a value of USD 112.5 billion. By 2028, the scope of the global fintech market is predicted to be USD 332.5 billion, and it is projected to expand at a 19.8% compound annual growth rate over that time.
The market is primarily driven by growing connectivity with the ecosystem of the financial services industry, growth in the market cap of cryptocurrencies, and ICOs. This technology facilitates quicker transfers and lowers operating costs. Uncertainty over the regulatory frameworks and standards enforced by the system is the main constraining issue for the fintech market. Furthermore, the financial sector’s use of digital technologies is expanding quickly.
The globe has seen the emergence of new financial technology innovations including mobile money, peer-to-peer or marketplace financing, insurance technology (insur-tech), Robo-advice and crypto-assets. Markets might become more varied, fair, effective, and equitable as a result of these advances, but concentration levels could also rise. Especially in developing and transition countries, innovation has boosted inclusiveness and brought about competitiveness.
MoonPay was founded by Victor Faramond and Ivan Soto-Wright in March 2019.
Victor Faramond
Victor Faramond – Co-Founder of MoonPay
Victor serves MoonPay as its co-founder and chief technology officer. Victor has extensive experience in developing both front-end and back-end systems for cutting-edge websites. He has previously worked in Apple, Merck KGaA, and Skello.
Ivan Soto-Wright
Co-Founder of MoonPay – Ivan Soto-Wright
Ivan is the co-founder and chief executive officer of MoonPay. Ivan is an investor, entrepreneur, and early adopter of financial technology. Ivan graduated from George Washington University with a bachelor’s degree in Economics with Special Honors. At St. Anne’s College, University of Oxford, he also studied philosophy, politics, and economics. Ivan used to work for Redington.
With just one goal in mind in 2019, Ivan Soto-Wright and Victor Faramond, the company’s two co-founders, set out to build a simple and secure software solution that would allow users from all over the world to take part in the largest digital revolution since the internet, which resulted in the foundation of MoonPay.
Just two and a half years later, in November 2021, MoonPay completed its Series A investment round with a valuation of $3.4 billion, making it the largest and most valued Series A for a bootstrapped cryptocurrency startup. The firm is using this financing to continue in international expansion and top-tier personnel, as it maintains its extraordinary rate of growth.
Investment in the start-ups driving the sector is flourishing in venture capital as the price of cryptocurrencies such as bitcoin has recently reached all-time highs. After the massive cryptocurrency exchange’s successful IPO in April, investors are searching for the next Coinbase.
The “portal” to digital assets was the selling point of MoonPay to investors. For the time being, this entails bitcoin, ether, and other electronic coins like NFTs. However, Soto-Wright intends to broaden the platform’s scope to cover anything from tokenized equities to digital clothing. People are referring to them as PayPal for cryptocurrency, he added.
According to Soto-Wright, the business has robust controls and checks in place to combat corruption. Regulators are being more cautious as a result of illegal activities in the industry.
Since the platform’s introduction in 2019, according to MoonPay, it has been profitable. After transaction volumes soared 35-fold from 2020, the company is on target to generate $150 million in revenue this year. More than 7 million users already utilise its service.
MoonPay – Vision, and Mission Statement
MoonPay’s mission has been clear from the start: provide the next billion people access to cryptocurrency.
The goal of MoonPay is to provide the next billion people with access to cryptocurrencies, which we believe will ultimately have a greater impact on people’s lives than the internet.
Because they firmly believe in the potential of cryptocurrencies and their ability to democratise finance, everything they have done in their first two years has been focused on achieving that aim.
MoonPay – Business Model
MoonPay, a Miami-based company that was founded in 2019, offers software that enables users to purchase and trade cryptocurrencies using standard payment methods including credit cards, bank transfers, or mobile wallets like Apple Pay and Google Pay.
In a business model CEO Ivan Soto-Wright refers to as “crypto-as-a-service,” it also offers its technology to organisations like non-fungible token (NFT) exchange OpenSea and cryptocurrency website Bitcoin.com.
Processing fees, payment fees, and a concierge service for affluent customers are how MoonPay generates revenue.
Processing and Payment fees – The processing and payment fees that MoonPay’s institutional and retail customers pay to make up the majority of its income. Every time a customer buys or sells a cryptocurrency, a processing fee is levied on the consumer side. It charges a 4.5 per cent fee for card purchases. Fees are 1 per cent for both purchases and sales when using bank transfers. Users will furthermore be responsible for paying the corresponding gas fees imposed by the blockchain network they use to conduct their transactions. Similar to that, it assesses firms with a 4.5 per cent card payment fee and a 1 per cent bank transfer cost. However, depending on several variables, such as everyday transactions, rates for larger partners may be negotiable. Although these costs can seem high, it should be recognised that MoonPay does not keep the entire charge. It is required to split the money for credit card transactions with the MasterCard or Visa card issuer. Additionally, it collaborates with several custodians and fraud detection services, both of which charge extra fees. Numerous comparable services, including Shakepay, have also emerged. All of them advertise themselves as simple ways for regular people to obtain cryptocurrency.
Concierge Service – MoonPay also makes money from its custodial services for wealthy people, albeit this portion of their revenue is probably lower. On behalf of its customers, it will use this service to buy and store cryptocurrencies and non-fungible tokens (NFTs). Celebrities including Post Malone, The Weeknd, Lil Baby, and Jimmy Fallon have received such service from the firm. Although nothing is known, it may be inferred that MoonPay charges a management fee in the form of a percentage for such services.
MoonPay – Catering Celebs
Since November 2021, celebrities have used MoonPay to buy products from some of the most well-liked and pricey NFT collections. Just a handful of the rising list of celebrities who have used cryptocurrency firm MoonPay to facilitate purchases of exorbitantly priced non-fungible tokens includes Jimmy Fallon, Post Malone, Diplo, DJ Khaled, and Justin Beiber. Rapper Snoop Dogg joined the crew as the newest member on December 22, 2021. On Twitter, he displayed four brand-new items from the Bored Ape Yacht Club line. He praised MoonPay and its CEO Ivan Soto-Wright for their assistance with the transaction in a different tweet. A significant majority of the NFT transactions MoonPay has arranged on behalf of celebrities are for Bored Apes.
They are A-list celebrities in addition to being some of MoonPay’s more than 60 new investors. The Chainsmokers, Drake, Matthew McConaughey, Eva Longoria, Kate Hudson, Paris Hilton, Jason Derulo, Mindy Kaling, Questlove, and Shawn Mendes are just a few more famous people that have invested.
Difficulties include access to different currencies and custodial limitations, regulatory and compliance constraints, and fraud concerns among traditional payment providers. These are the same problems that MoonPay focuses on and helps its partners with.
“We are excited about the opportunity in crypto, but one of the challenges to mainstream adoption is offering the same seamless experience that users have come to expect from modern internet products. MoonPay has impressed us with its product, infrastructure, and execution.” – Kris Fredrickson, managing partner at Coatue.
“We think that the crypto economy today is growing faster than the internet was at a similar stage of its development and that MoonPay is well-positioned to serve crypto-native innovators and those in traditional finance.” -Kris Fredrickson, managing partner at Coatue.
People all across the world now have an easy and safe method to join in this new economy thanks to MoonPay. Beyond cryptocurrencies, MoonPay’s non-fungible token solution has been gaining ground in the NFT market, which has lately experienced spectacular development.
MoonPay – Future Plans
MoonPay intends to use the funds received in the future to expand and develop new products. According to Soto-Wright, the company already has plans to go public.
Moonpay will begin an expansion phase with the financing, hiring additional engineers for its staff and preparing to offer more features to its network. A range of tools for consumers is the company’s main emphasis. Cryptocurrency exchanges and wallets must abide by several standards, including Know Your Customer and Anti-Money Laundering legislation, to offer fiat on-ramping services.
By offering a third-party solution, Moonpay says it can let enterprises focus on their core competencies while it handles KYC, payment processing, cryptocurrency liquidity and delivery, fraud protection, regulatory licencing, ecosystem identity verification, and customised checkout processes.
FAQs
What is MoonPay?
MoonPay is a digital platform for buying and selling cryptocurrency.
When was MoonPay founded?
MoonPay was founded in 2018 in Greater Miami Area, East Coast, Southern US.
Who is the founder of MoonPay?
Victor Faramond and Ivan Soto-Wright are the co-founders of MoonPay.
What is the amount of funding raised by MoonPay?
MoonPay has received a total funding of $642 million.
With the industrialization and absorption of technology, digital currencies are gaining much importance of late. Bitcoin is undoubtedly one of the most popular digital currencies because it was the first-ever cryptocurrency that was discovered in 2009, by the pseudonymous developer Satoshi Nakamoto. Therefore, the people who are aware of cryptocurrencies and their concepts are well-versed with bitcoins at least.
The global cryptocurrency industry was last estimated towards the end of 2021 at $910.3 million and is expected to grow at a CAGR of 11.1% to $1902.5 million in 2028. Though we are still devoid of the exact data, the total cryptocurrency investors in India range between 15-20 million, where the total crypto holdings were estimated at 400 billion rupees ($5.37 billion).
Though the cryptocurrencies or the income drawn by the Indians from the same were not taxed earlier, in a recent move to bring the cryptocurrencies and non-fungible tokens (NFTs) under the tax bracket, the Indian Finance Minister Nirmala Sitharaman announced a 30% tax on the income from the transfer of virtual digital assets on February 1, 2022, Tuesday. Sitharaman further specified that no deductions and/or exemptions would be allowed here. The crypto tax, being proposed at 30%, is the highest tax band that has been introduced in the country so far. This crypto tax news is also happily welcomed by the crypto industry, founders and entrepreneurs alike. The chiefs of 3 major organizations – WazirX, CoinDCX, and ASQI responded cheerfully to the news as soon as it was disclosed by the Indian government, happy at the progressive stance the government is taking.
In this article, we will talk about the significant advantages and disadvantages of Cryptocurrencies.
A cryptocurrency is a type of virtual currency that uses digital files as money. Normally, the files are designed using the same methods as cryptography. Cryptocurrencies use ‘decentralized control’, which means that they aren’t managed by the government or one person.
Types of Cryptocurrency
There are many different types of cryptocurrency in the market that are taking the world by storm. Some well-known currencies are:
Bitcoin (BTC)
Bitcoin is the most popular cryptocurrency out there and its development is the inspiration and result of the development of other cryptocurrencies. It was founded in the year 2009 by Satoshi Nakamoto, whose identity is revealed. The current value of bitcoin is INR 1514136.15
Litecoin (LTC)
Litecoin was developed in the year 2011. The creator was Charles Lee, who was a former Google engineer. The current market value of Litecoin is INR 3934.91. It is quite similar to bitcoin and is popular as well.
Ethereum
Ethereum was founded by programmer Vitalik Buterin in 2013, he is also the co-founder of Bitcoin Magazine. The current market value of Ethereum is INR 83896.38.
Zcash (ZEC)
Zcash, another form of cryptocurrency was founded by Zooko Wilcox-O’Hearn. This crypto was developed and released in the year 2016. The current market value of Zcash is INRT 4716.53.
Stellar Lumen was created by Jed McCaleb in 2014, who is an American programmer and entrepreneur. as it is cheap it is said to be good for investment. The current market value of Stellar Lumen is INR 8.4.
Cardano
Another cryptocurrency that is taking over the world is Cardano. It was developed by Charles Hoskinson, who is also the co-founder of Ethereum. The current value of Cardano is INR 35.31.
Cons of Cryptocurrency
People are getting more and more obsessed with cryptocurrency. Here are some advantages of Cryptocurrency investments:
Protection from Inflation
It’s one of the great advantages of cryptocurrency as inflation has caused multiple currencies to make their value decline over time. Nearly everycryptocurrency, at the time of its launch, is issued with a set amount. The source code defines the amount of any coin; like, there are only 21 million Bitcoins released in the world. So, as the demand increases, its value will rise, which will keep up with the market and, in the long run, restrain inflation.
Instant and 24 Hour Accessibility
It is possible that you can spend or purchase anywhere you are, and you do not even require a system to use it. Everything can be done from your mobile device, implying that even those with limited usage of technology are still able to make their investments and make decisions in real-time. This convenience is a fundamental feature for the selection and buying of bitcoin and it is being used all over the world to give opportunities for those who would earlier have struggled to become online customers.
Self Governed and Managed
Governance and preservation of any currency are determinants for its development. The cryptocurrency transactions are collected by miners on their hardware, and they get a transaction charge as a reward for doing so. Since the miners are getting paid for it, they keep transaction records precise and updated, maintaining the honesty of the cryptocurrency and the records decentralized.
Secure and Private
Privacy and security have always been a primary concern for cryptocurrencies. The blockchain record is based on many numerical puzzles, which are difficult to decode. This makes a cryptocurrency extra secure than conventional electronic transactions. Cryptocurrencies, for better safety and privacy, use pseudonyms that are unconnected to users, accounts, or saved data that could be connected to a profile.
Ease in Currency Exchange
Cryptocurrency can be obtained using multiple currencies like the US dollar, European euro, British pound, Indian rupee, or Japanese yen. With the help of different cryptocurrency pocketbooks and exchanges, a currency can be converted into another by trading in cryptocurrency, with minimal transaction fees.
Decentralized
A significant advantage of cryptocurrency is its decentralization. The majority of cryptocurrencies are regulated by the developers using them, and the individuals who have a notable amount of the coin. The decentralization assists keep the currency monopoly free and in check so that no organization can ascertain the movement and the value of the coin, which, in turn, will keep it stable and secure, unlike currencies that are controlled by the government.
Cost-Effective Mode Of Transaction
One of the important applications of cryptocurrencies is to transfer money across borders. With the help of cryptocurrency, the transaction expenses handled by a user are decreased to a negligible amount. It does so by eradicating the necessity for third parties, like VISA or PayPal, to approve a transaction. Transactions, whether foreign or national in cryptocurrencies, are lightning-fast. This is because the verification requires very little time, as there are very few hurdles to pass.
Cons of Cryptocurrency
There are many reasons cryptocurrencies are still facing the heat from people. Some of the disadvantages of cryptocurrency investment are:
Used for Illegal Transactions
Since the privacy and security of cryptocurrency transactions are stable, it is difficult for the government to track down each user by their wallet address or keep checks on their data. Bitcoin has been used as a mode of exchanging money for a lot of illegal contracts in history, such as acquiring drugs on the dark web. Cryptocurrencies are also used by some to convert their illegal money through a trustworthy mediator to mask its origin.
No Security in Case of Loss
As with emerging technology, some use incompetence to scam, trick and steal your hard-earned bucks. This has proven to be the problem with digital currencies, so it is necessary to be informed of the security risks. With a few primary security, one can decrease the possibility of causing a loss that cannot be restored.
Conversion of Cryptocurrencies
Some cryptocurrencies can only be patronized in one or a few fiat currencies. This limits the user to convert these currencies into one of the major currencies, like Ethereum or Bitcoin, then through other exchanges, to their wanted coin. By doing so, the additional transaction fees are added in the process, requiring unnecessary money.
Adverse Effects of Mining on the Environment
Mining cryptocurrencies requires a lot of power and electricity, making it extremely energy-intensive. The greatest culprit in this is Bitcoin. Mining Bitcoin requires advanced computers and enormous energy. It cannot be done on regular computers.
No Refund or Cancellation Policy
If there occurs a dispute between involving parties, or if a person wrongly transfers funds to the wallet address, they cannot be recovered by the sender. As there are no rebates, one can generate a transaction whose product or services they never received.
Prone to Market Fluctuations
There are numerous ways that one can use cryptocurrencies, but a lot of people utilizing them at the moment are solely using them as an investment. While eager users are using their digital money to purchase tickets to sporting events, gamble online, or wait for the market fluctuations to work in their favour. Treating your bitcoins as any other commodity may be the way to initiate a more widespread understanding and trust in the new currencies.
Conclusion
With recent developmental and rules regarding cryptocurrency in every country. People are getting more and more interested in them. Of course, there are cons of cryptocurrencies that make people question themselves before indulging in them. However, with technology taking over the world, people cannot deny the pros of cryptocurrencies. It is just a matter of time before cryptocurrency will take over the world.
FAQs
What are the advantages of Cryptocurrency?
The advantages of Cryptocurrency are that it is decentralized in nature, it is not affected by inflation, and transferring money across borders is easy.
What are the disadvantages of Cryptocurrency?
Some of the disadvantages of cryptocurrency are, It is used for money laundering, it is highly volatile and it has high-security risks.
Is it good to invest in Cryptocurrency?
Investing in crypto can be profitable but it is risky too, as it is a highly volatile currency and is prone to market fluctuations.
Initial media announcements declared that the rate of TDS on Virtual Digital Assets (VDA) has decreased to 0.1 percent. However, in a late evening circular, the government debunked prior reports. They illustrated that the rate of TDS on Virtual Digital Assets will remain to be 1 percent. This will be applicable from July 1, 2022.
Tax Deducted at Source or TDS is a method to acquire tax on revenue, asset deals, or dividends. According to the Income Tax Act, an individual making a payment has to pay TDS if the payment exceeds a certain limit. TDS is regulated by the Central Board of Direct Taxes (CDBT). This falls under the Department of Revenue.
Government Plans on TDS
CBDT on Wednesday stated that the TDS on virtual digital assets will continue to be 1 percent. This was clarified when some media reports stated that the TDS rate on VDAs has dropped to 0.1 percent.
“Some media reports have come to the notice of CBDT claiming that the rate of TDS on Virtual Digital Assets(VDA) has been reduced to 0.1%. It is hereby clarified that there is no change in the rate of TDS on VDA, which continues to be 1%,” read the official clarification.
Some media reports have come to the notice of CBDT claiming that the rate of TDS on Virtual Digital Assets(VDA) has been reduced to 0.1%. It is hereby clarified that there is no change in the rate of TDS on VDA, which continues to be 1%.@FinMinIndia
The government had regulated a 30 percent tax deduction on the gains of crypto assets. With guidance from organizations (the World Bank and IMF) and stakeholders, the centre will shortly conclude a conference paper on cryptocurrencies, Economic Affairs Secretary Ajay Seth said last month.
What Does the Law on TDS on VDA, Crypto Say?
On June 22, 2022, it was issued that TDS on Virtual Digital Assets and cryptocurrencies will continue to be 1 percent. As per section 194S of the Income-tax Act, any VDA buyer is obliged to deduct 1 percent of the amount paid to the seller (resident Indian).
Moreover, the tax rate will be higher in the absence of the PAN. Adhering to the non-availability of the PAN, the tax imposed on VDA (at the time of transfer) will be 20 percent. Besides, if a person has not filed their income tax return, the TDS will be deducted at a 5 percent rate.
When Will TDS on VDA, and Crypto Be Applicable?
As per CBDT reports, TDS on Virtual Digital Assets and Cryptocurrencies will be applicable if:
The sum paid on a single or aggregate basis by the specified person (buyer) crosses 50,000 INR during the financial year; or
The sum paid on a single or aggregate basis by anyone other than the specified person (any other buyer) crosses 10,000 INR during the financial year.
Who is a ‘Specified Person’?
An individual or HUF (Hindu Undivided Family) who does not have any income under the head ‘profit and gains from business and profession’
An individual or HUF having income under the head ‘profit and gains from business and profession’ whose total sales/gross receipts/turnover from business does not exceed Rs 1 crore – or in case of the profession does not exceed Rs 50 lakh.
Wadhwa says, “An individual (not having income from business and profession) will be required to deduct tax at the time of buying VDA, crypto if the payment exceeds Rs 50,000. An individual (having income from the business profession) will be required to deduct TDS if the turnover of business or profession in the previous financial year exceeds Rs 1 crore or Rs 50 lakh respectively.”
“The tax will be deducted if the payment made at the time of buying VDA exceeds Rs 50,000. Any other person (for example Company) will deduct TDS at the time of buying VDA, crypto if the payment exceeds Rs 10,000.”
NOTE: The tax has to be paid after deducting GST and other charges. Sunil Badala, Partner and Head, Financial Services, Tax, KPMG in India says, “It has been clarified that where tax is deducted under the VDA provisions no tax shall be required to be deducted considering the provisions regarding the purchase of goods (without getting into the aspect whether VDAs are goods or not). The tax is to be deducted only on the net amount excluding the charges and GST.”
Who Has to Pay TDS?
After July 1, any individual who purchases a Virtual Digital Asset, such as a non-fungible token (NFT) – or any other cryptocurrency has to pay 1 percent TDS.
“The new section mandates a person, who is responsible for paying to any resident any sum by way of consideration for transfer of a virtual digital asset (VDA), to deduct an amount equal to 1% of such sum as income-tax thereon,” read the circular by CBDT.
The law applies to non-resident Indians (NRIs) as well. If they purchase VDAs from an Indian, they are required to pay 1% TDS. However, if an NRI buys through another NRI, they need not pay the tax.
Role of Third Party
The role of a third party would be to deliver a declaration (in Form No. 26 QF) once every three months. They need to provide the declaration for all trades of the quarter on or before the expected date (according to the income-tax regulations).
The Exchange would also be needed to provide its income tax return. All of these transactions must be incorporated in such returns. If these requirements are catered to, the buyer will not be pressed against any charges under section 201 of the Act for these agreements.
What if the Payment is Made in Kind or by Exchanging Two VDAs?
If a person makes the payment in kind (by providing certain services), they still need to pay 1% TDS. Further, if they pay through an exchange of VDA, the tax will still be deducted. For instance, ‘X’ buys Ethereum from ‘Y’ in exchange for Bitcoin. Likewise, the tax will be deducted by both ‘X’ and ‘Y’. Both the parties need to pay their respective taxes.
Conclusion
Virtual Digital Assets have achieved enormous popularity in current times. Accordingly, the volumes of trading in cryptos and digital assets have elevated significantly. The Central Board of Direct Taxes (CBDT) handed out comprehensive guidelines on TDS for cryptocurrencies and Virtual Digital Assets. The tax rate continues to be 1 percent, applicable onwards July 1st, 2022.
FAQs
How TDS will be deducted on cryptocurrency?
1% TDS is applicable on payments toward cryptocurrencies beyond Rs 10,000 in a financial year.
Is TDS applicable to assets?
Yes, TDS is applicable to any earnings made by your fixed assets.
With the drastic change in the world and its pace. Almost all the things went into modifications. With the uncertainty in the present environment, nothing can be assumed perfectly for the future. However, few things can be assumed with confidence based on the current situations being faced by everyone. The current situations are one of the greatest examples of uncertainty, yet they are examples of correctly done predictions in the year 2020.
With the current situations and changes noticed, it can be assumed that a more revolutionary period is going to arrive and will bring complete changes within the respective fields.
Let us have a slight look at a few predictions that can work in 2022
There are many predictions done for the year 2022 in each field. Despite the current circumstances, one can assume some uplifting scenarios to occur in 2022. A few of the basic changes that are predicted for the upcoming year are shared below:
1. Working from the office is not a compulsion anymore
Earlier, it was estimated that a good job is the one that is fixed and is done from the office. People used to look down on those performing work from home or had shifting work. The lockdown initiated work from home as the new norm. This will continue to be carried out in 2022, with a few more changes induced in it according to the time and phases. People will no longer be afraid to announce their jobs as remote work.
2. Health preferred over wealth
With the pandemic lingering over our happiness. The real lesson learned by everyone in the year 2021 is that health is more precious than any other asset. Hence in the future, everyone will be more attached to wellness and health programs rather than ignoring them like earlier. There can be new norms also created by the companies to ensure the proper health of their employees. The health and wellness programs are going to be in good limelight in the year 2022. The other reason to arrange those programs can be to help out certain people still in depression and coping hard with their griefs.
3. Preferred use of Online sources than traditional method
Earlier there was not much recognition for those working with online platforms such as YouTubers. The majority of the crowd used to consider them as side business only. However, after the changes induced by lockdown and the pandemic, there will be open recognition for those working on online platforms also. They already had a spike in their business, and this legacy will be carried out in the year 2022 also.
4. Online Conferences will be accepted
Zoom Logo
During the pandemic, it was impossible to make people gather in one room. Hence, people started taking the help of online platforms such as Google to meet, Zoom, etc. They allowed the meeting to happen but in a new way. In the year 2022, the same procedure will be followed. There can be some new terms proposed for it, but it will still stick as a general routine for many people.
5. Different solutions for same old issues
We all know about the scarcity of food which is going to be faced by all of us in 2022. Hence to work with that situation, different food times will be included in regular diets such as aquatic animals and plants. Along these, similar situations will be required to have a new solution for the survival of the human race. There will also be the addition of vaccination drives concerning other diseases.
6. People more opening up to their choices
Working in a stressful environment will eventually have a great impact on the work done by the employees. The pandemic taught people how to deal with different kinds of people easily by setting up examples now and then. There will be more space required by employees while working. Any intrusion in it will cause a backlash by employees. Employees will no longer be threatened by the employer and will be ready to stand against wrong. Employees will also no longer feel the need to stick with one employer only if feeling unsatisfactory.
7. The offline world will need to compete with the online world
The graph shows the E-commerce share of global retail sales from 2015 to 2021
Online Retailer stores such as Amazon and Flipkart are giving hard competition to offline retailing stores. In 2022, there will be a need to create new strategies and implement different methods for offline stores to work. Not just about a retail store. Every offline store is facing a hard time due to online platforms. Hence, in the year 2022, we will be seeing the hardships faced by offline stores against online ones. The hardships will be more complicated as the online platforms are getting updates daily. These will eventually have an impact on the economy of the country.
8. Cryptocurrency will be the new currency
In the year 2022, cryptocurrencies can be estimated to be used in local markets also. They can be on the verge of exchanging local currency. There will be more job opportunities found in the field of cryptocurrency and many people will try out their luck in it. In the year 2022, various programs can be initiated to make cryptocurrency accepted by the world on a great scale.
9. More interference from AI in workplaces
The use of technology for the betterment of people and easy handling of work will set a new mark in 2022. There will be more introduction of automated plans in factories to reduce the manufacturing cost and to have more production in less amount of time. It will be a revolutionary period for factories. However, this will eventually lead to fewer jobs being given to people as more work will be done by machines only.
With the changing world, many things have changed. And in the future, many things will continue to change. As we reached the mid of 2022, few predictions about the rest of the year can be made easily. The essential changes that will be followed up in the next year and the things that will still be going on the same level for next year also. Some of them are listed above.
FAQs
What jobs will be in demand in 2022?
There will be many jobs in demand once the normal circumstances get back in the world. Some of them are system analysts, blockchain engineers, product managers, full-stack developers, etc.
What new changes can be accepted in 2022 after the pandemic?
Changes like contactless delivery, cashless payments, etc. can be defined as new norms after the pandemic.
Does one need to prepare for 2022 amid a pandemic?
One needs to be well prepared for the future irrespective of its uncertainty. Planning is an essential point to fulfill before starting any great thing.
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.
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.
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.
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.
Fiverr is an e-commerce platform for Freelancers and Companies, launched in Israel, in 2010. It provides jobs in a huge variety ranging, from professional to temporary work positions. It connects freelancers to businesses and companies. Expertise in skills like Coding, Logo Designing, Digital Marketing, Content Writing, etc is welcomed.
What is a Gig on Fiverr?
Gigs are advertisement pages on Fiverr. They display the services a company or a freelancer offers and sells on Fiverr. It has a title, category, and sometimes subcategory too. Work displayed on Gig pages is important and must be compiled properly. Reviews and portfolio display are a must if it goes with the kind.
Gigs on Fiverr: The Most Well-Paying Gigs
Let’s get to know some of the well-paying gigs available on Fiverr in detail.
Accountantsare required to provide a budget, suggestions on alternative investments, risks, and investigate frauds. Also, to conduct surveys and analyses in overall terms for betterment. They are also required to maintain the book of an organisation.
Type of Service
Skills Required
Category mentioned on Fiverr
Plans and Costs
Accountant /Stock Analyst.
Background in Finance and overall market statistics.
Business > Financial Consulting.
Starting at INR 500 to 20000 Rs or more.
Plans are subjective.
Gig Portfolio Requirements
Why should a customer choose you?
Service Charges.
FAQs
Project Display. For example a sample file of the balance sheet, in ‘Then’ and ‘Now’ format.
Reasonable Delivery Time.
Your Working Hours.
Proofreading
Proofreading gig
Largely, an E-commerce market forum website requires Proofreaders to upload error-free content and to represent the business. Proofreaders make the content free of grammatical mistakes, reader-friendly, and easy to understand.
One of the best ways for proofreaders to represent the quality of work is by providing sample articles. The best niche could be ‘How to Proofread an Article like a Pro’. This will make the gig more credible by showcasing the strengths of proofreaders.
Type of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Proofreader
Fast reading, high efficiency in English grammar, and good vocabulary.
Project Display. For example a sample file of proofreading an article, in ‘Then’ and ‘Now’ format.
Reasonable Delivery Time
Your Working Hours
Graphic Designer
Graphic Designing gigs
Graphic Designers construct an important element of representation. Graphic artists are needed in almost every step starting from making advertisements, promotional flyers, brochures and social media posts. To make a website more presentable, unique and attractive graphic designers are in high demand on Fiverr. They coordinate with software theory, upcoming deals, creativity and imagination.
Type of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Graphic Designer/Artist
Creativity, User-Interface Design, Photography, and Typography.
Graphics & designs.
Starting at INR 800 to 29000 Rs
3 Plans- Basic, Standard, and Premium
Gig Portfolio Requirements
Why should a customer choose you?
Experience.
Service Charges
FAQs
Project Display. For example, sample graphic postcards.
File Format in which the Service will be delivered.
Computer Programming is expected to achieve very high demand by the end of this decade. Freelance Coding Gigs are already hyped up and expect more push. The task of a coder may range from teaching on an hourly basis to administering and analyzing different databases for businesses. Also, to maintain the security of the firm’s databases and information. Expertise in Python, Javascript, and HTML/CSS is welcoming.
Type of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Computer Programming
Expertise as well as experience in programming languages.
Programming & Tech > Online coding lessons
Starting at INR 700 to 5000 Rs.
3 plans- Basic, Standard, and Premium.
Gig Portfolio Requirements
Why should a customer choose you?
Experience in Coding
Service Charges.
FAQs
Mention Whether Making or Editing a code is provided.
Project Display. For example, a sample project in python displaying the wages, age, and Gender of workers.
Reasonable Delivery Time.
Your Working Hours.
Video Creating and Editing
Video creating and editing gigs
Video Creating and Editing are has a very high demand in the market. Videos with high graphics attract buyers for businesses and build an outreach in this digital era. Videography goes hand in hand with Photography skills. The task of a videographer ranges from creating videos with required niches and writing descriptions for the same.
Type of Skill
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Video Creator and Editor
Creative mindset, knowledge in the video Industry.
Video & Animation> Video Editing.
Starting at INR 400 to 5000 Rs
3 plans- Basic, Standard, and Premium.
Gig and Portfolio Requirements
Why should a customer choose you?
Experience in Video Editing
Service Charges.
FAQs
Mention Whether Creating or Editing a Video or both is provided.
Project Display. For example, a sample Video.
Reasonable Delivery Time.
Your Working Hours.
Content Writing
Content Writing gig
Content Writing is one of the most popular freelancing services in the whole world recently. This service has a huge market on Fiverr and is in always high demand. Anybody with strong knowledge of any field can try their hands at Content Writing. They just need to write articles on the assigned topics while following guidelines. Not to forget, Topic Researching is also an integral part of Content Writing.
Type of Skill
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Content Writer
Creative Writing, efficiency in English grammar, Plagiarism free content.
Writing & Translation> Article & Blog Posts
Starting from INR 800 to 4000 Rs
3 plans- Basic, Standard, and Premium.
Gig and Portfolio Requirements
Why should a customer choose you?
Experience in Content Writing
Language of Article
Service Charges.
FAQs, including the preferred niches, tone of an article, and Article type.
Project Display. For example, a sample article on ‘how to compose an article.
Reasonable Delivery Time.
Your Working Hours.
Logo Designing
Logo Designing gig
Your business can grab attention if it has a unique symbol that can be memorable to your customers. It separates you from other companies so that your audience can recognize your brand. Logo Designing is quite a popular job that is in demand on Fiver. One can earn a decent amount of money through this career choice. If one is good with sketches and image editing, logo designing is a good choice for them.
Type of Skill
Skills Required
Category Mentioned on Fiverr
Plans and Costs
LogoDesigner
Colourselection skills, Typography, creativity, and Knowledge of Typefaces.
Graphics & designs.
Starting from INR 800 to 4000 Rs
3 plans- Basic, Standard, and Premium.
Gig and Portfolio Requirements
Why should a customer choose you?
Experience.
The file format of delivery.
Service Charges.
FAQs, including types such as minimalist, 3D Mascot, Logo transparency, etc.
Project Display.
Reasonable Delivery Time.
Your Working Hours.
Expertise in Cryptocurrency
Cryptocurrency Expert gig
A CryptocurrencyExpert is one who has immense knowledge about cryptocurrency and its functions. With the increasing inter of people in this field, the job of cryptocurrency expert is quite high in demand now. An Expert is required to deliver excellent Mining sites, Cryptocurrency and NFTs. Proper knowledge of computer science and blockchain technology can help a person get these gigs.
Types of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Cryptocurrency Consultant/ Guide
Deep Knowledge in Software and Cryptography.
Programming & Tech > Blockchains & Cryptocurrency
Starting from INR 1500 to 50000 Rs.
3 plans- Basic, Standard, and Premium.
Gig and Portfolio Requirements
Why should a customer choose you?
Experience and Knowledge in Cryptocurrencies
Service Charges.
FAQs comprise the most common questions dealing with areas of Cryptocurrencies.
Mention Currency compatibility and Supported features.
Expected time for a Project.
Business Planner
Business Planner gigs
A professional Business Planner crafts and lays a foundation for success with an ever-growing business. Clients demand the following: Industry Analysis, Market Analysis Summary, Competitive Edge and Analysis, Marketing Plan, Target Market Segment Strategy, Personnel Plan and SWOT Analysis to craft a healthy business plan for their businesses.
Types of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Business Planner
Knowledge in Finance and Business. Should know trending Market demands.
Business > Business Planner
Starting at INR to 3000 to 5000 Rs
3 plans- Basic, Standard, and Premium.
Gig Portfolio Requirements
Why should a customer choose you?
Service Charges.
FAQs
Project Display. For example, a draft file of the previous successful business plan.
Reasonable Delivery Time.
Your Working Hours.
Poster Designer
Poster Designer gig
Posters or Flyers convey information and are designed in a style that best suits the message. It can be customized for event flyers to movie posters. Versions of social media ads and banners can also be customized by a poster designer. A poster should be designed should suit the personality of a brand, with zero generic default designs and no prefabricated templates.
Type of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Typographic Poster Designer
Background in Graphics is preferable, creative mind. Familiar with designs.
Graphic Design> Flyers and Brochures
Starting at INR 800 to 4000 Rs.
Plans- Basic, Standard, and Premium.
Gig and Portfolio Requirements
Why should a customer choose you?
Experience in designing.
The file format of delivery.
Service Charges.
FAQs, deal with genres such as soft movie posters, horror, show, etc.
Project Display, from satisfied clients
Reasonable Delivery Time.
Your Working Hours.
Social Media Marketing
Social media marketing Gig
The Social Media Manager handles the task of Managing, Optimising, and Growing the Social Media Presence of its client. This digital service engages and brings community, hence building an audience. Ultimately, a larger reach will increase revenue. It has huge attention on Instagram, Facebook, Youtube, and Twitter.
Types of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Social Media Marketing Manager
Knowledge of digital marketing, ongoing trends, and patterns of traffic.
Digital Marketing> Social Media Marketing
Starting at INR 1500 to 15000 Rs.
Plans- Basic, Standard, and Premium.
Gig Portfolio Requirements
Why should a customer choose you?
Service Charges.
FAQs
What includes in service: Social Media Management, Organic social promotions or both?
Past Experiences.
Your Working Hours.
SEO Guide
SEO gigs
SEO, Search Engine Optimization improve a website’s ranking on google by conducting on-page and off-page Operations. It advertises the website and hence makes it better. SEO guides are required to find the terms and phrases (keywords) that will attract qualified traffic to the website and make it friendly to search engines. SEO builds links and markets the unique value of a site.
Types of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
SEO Guide
Expertise and Experience with SEO Operations.
Digital Marketing> Search Engine Optimization(SEO).
Starting at INR 400 to 10000 Rs
3 plans- Basic, Standard, and Premium.
Gig Portfolio Requirements
Why should a customer choose you?
Service Charges.
FAQs, Tools you use, and answers to all the common questions.
What includes in service: On-page SEO or Off-page or both?
Past Projects.
Your Working Hours.
Experience in SEO.
Book Cover Designing
Book Cover Designing gig
Designing Book Covers is an important physical attribute of the publishing industry. A book cover designer is required to cover designs by the Interior designs of the book, Produce a mockup cover and Oversee all aspects of the design strategy. He/she works behind both fiction and non-fiction book covers.
Types of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Book Designer
Creative Mindset, Typography, and background in Graphics.
Graphics and Design> Book Design
Starting at INR to 1100 to 10000.
3 plans- Basic, Standard, and Premium.
Gig Portfolio Requirements
Why should a customer choose you?
Service Charges.
FAQs, design style, genre, and answers to all the common questions.
What includes in service: Book Cover/Book Layout design and Typesetting or both?
Past Projects.
Your Working Hours.
Experience.
Fitness Guide
Fitness Guide gigs
Fitness Guide helps in improving health, fitness, getting in shape, or simply need to optimize the ongoing training. The work includes making professional yoga videos, online personal trainers, customized diet and fitness plans, and fitness exercise videos.
Types of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Fitness Guide
Knowledge of Fitness/yoga/gym/diets and a fit body.
Lifestyle>Fitness Lessons.
Starting at INR 700 to 5000 Rs
3 plans- Basic, Standard, and Premium.
Gig Portfolio Requirements
Why should a customer choose you?
Service Charges.
FAQs
What includes in service: Videos/ one-on-one sessions or both.
Your Working Hours.
Experience in fitness training
What includes in monthly /yearly packages.
Travel Guide
A Travel guide Gig
Another freelance work that is quite popular and will get more popular in future is the job of a Travel Guide. A person who loves to explore new places and learn about their history can apply for this job. After obtaining all the knowledge, they can use those and inform others about the places they visit by being their guide. The travel guide has to plan the entire tour on a budget. This way, you can help other travellers enjoy their tours.
Types of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Travel Guide
Exploring Mindset and first-hand knowledge of preparing itineraries with a budget.
Lifestyle > Traveling
Starting at INR 400 to 4000 Rs.
3 plans- Basic, Standard, and Premium.
Gig Portfolio Requirements
Why should a customer choose you?
Service Charges.
FAQs, an itinerary for a recent trip (if possible), and answers to all the common questions.
What includes in service: Trip Plans/Local Advisor or both.
Experience or how many places travelled.
Business Card Designer
Business Card Designer gig
Business Card Designers model the business card design for a company, brand, or personal purposes. The work includes: Multiple Design Concepts, Double-Sided Cards availability, High-resolution CMYK Print-ready files, VistaPrint or Moo supported files, and Editable PSD or Ai Source Files.
Types of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Business Card Designer
Grasping mindset and background in Graphics.
Graphics & Design >
Business cards and Stationery.
Starting at 800 INR to 3000 Rs.
3 plans- Basic, Standard, and Premium.
Gig Portfolio Requirements
Why should a customer choose you?
Service Charges.
FAQs, design style, genre, and answers to all the common questions.
What includes in service: Business Card/ Letterhead /Envelope.
Here, the Video Creator composes videos for Introduction and one after watching the assigned video, namely Outro Video. The creator may overlay text, Add Logos, Transparent Background, Custom Design, Background Music, Sound Effects, Video Footage, and many more while compiling Intro and Outro Videos. Use your creativity and smart thinking to create perfect Intro and Outro Videos to earn good money.
Types of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Video creator
(Intro and Outro Video).
Videography, creative mindset, sometimes photography too.
Video & Animation> Intros and Outros
Starting at INR 800 to 4000 Rs.
3 plans- Basic, Standard, and Premium.
Gig and Portfolio Requirements
Why should a customer choose you?
Experience in Video Editing
Service Charges.
FAQs
Mention Whether making or editing an Intro and Outro Video or both is provided.
Project Display. For example, a sample intro Video.
Reasonable Delivery Time.
Your Working Hours.
Language Translator
Language Translator gig
A Language Translator should have a fluent understanding of at least one foreign language (Foreign is the source language). Also, a factual understanding of the culture/society of the source language. This factual understanding is achieved by living in that country or studying thoroughly about it for a prolonged period. It also helps a website to reach larger traffic while having content in a different language.
Types of Service
Skills Required
Category Mentioned on Fiverr
Plans and Costs
Language Translator
Proficiency in at least two languages is a must, that includes reading as well.
Writing & Translation> Translation.
Starting at INR 400 to 2000 Rs per lesson.
3 plans- Basic, Standard, and Premium.
Gig Portfolio Requirements
Why should a customer choose you?
Package details.
Experience and Expertise in Languages.
FAQs
Project Display. For example, a sample article on translating an English text to French.
Communication Language.
Reasonable Delivery Time
Your Working Hours
Conclusion
Fiverr has an abundance of Gigs and clients where buyers do the searching and get innovative sales regarding services. Profitable Gigs on Fiverr are mostly that help small businesses get seen, generate traffic, and increase sales. The above-mentioned Gigs are the most profitable ones and have 500+ client views. Gigs portfolio is a must and all the profitable Gigs provide a sample project. Better if a video is available. Overall, a Gig should be illustrative and match to ongoing demand of traffic. An informative and creative gig attracts a lot of clients, make sure to design one.
FAQs
When was Fiverr launched?
Fiverr was launched in 2010 in Isreal.
What is Fiverr for?
Fiverr is an e-commerce platform for Freelancers and Companies. It provides jobs in a huge variety ranging, from professional to temporary work positions. It connects freelancers to businesses and companies.
What are Gigs on Fiiverr?
Gigs are advertisement pages on Fiverr. They display the services a company or a freelancer offers and sells on Fiverr.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved byCoinbase.
With the passage of days, currencies have evolved. The physical currency that we use today, has also undergone a list of transformations in terms of the denominations, metals used, shapes and sizes of the currencies, and more. This currency that is presently in use has a physical form, but they also stay with us, within our wallets, payment apps, and banking accounts, digitally.
The crypto-currency is a step ahead of these currencies that are in vogue today around the world. A cryptocurrency or crypto can be summed up as a collection of binary data that is designed to work as a medium of exchange where the ownership records of the individuals are managed in computerized databases. These records are stored in the form of ledgers secured with strong cryptography, which seals the transaction records, controls the creation of additional coins, and verifies the transfer of the ownership of coins.
The cryptocurrencies, as they work, also need cryptocurrency exchanges, to empower the users to trade these currencies for other assets, including digital and fiat currencies. Coinbase works in a similar way.
Coinbase is an American company that operates an entirely online cryptocurrency trading network with no physical headquarters. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam, and as of November 2021, it is the largest cryptocurrency exchange in the United States by trading volume.
The largest cryptocurrency exchange in the United States, Coinbase is a San Francisco-based business, which was established in 2012. It has weathered occasional Bitcoin bubbles to become the go-to place for Americans looking to purchase so-called digital gold and other blockchain tokens. Coinbase is one of the most prominent digital finance upstarts challenging Wall Street, led by Brain Armstrong, a former Airbnb engineer.
Coinbase is an online platform that enables merchants, consumers, and traders to transact in digital currencies. It allows users to build their own cryptocurrency wallets and use their bank accounts to buy and sell cryptocurrency. In addition, the firm provides a range of merchant payment processing systems and tools to support high-trafficked websites on the internet. The company already has a sizable client base in a market that was once dominated by crypto asset enthusiasts.
Coinbase has increased in popularity and become the on-ramp for the mainstream cryptocurrency investors by positioning itself as a safe haven for crypto asset exchanges. Unlike many of its competitors, it has never been hacked. Coinbase has also adhered to existing legislation and law enforcement with zeal, putting it on the right side of the law — another significant advantage in a sector in dire need of regulatory oversight.
Coinbase – Target Market Audience
As Coinbase is a crypto-exchange platform, the target audience of Coinbase is primarily the millenials, ranging between 25-45 years from low-tech to high-tech individuals from around the globe.
Coinbase – Founders and Team
Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam.
Founders of Coinbase – Brian Armstrong and Fred Ehrsam
Brian Armstrong
Brian Armstrong is known as the Co-founder and CEO of Coinbase. Armstrong is a Rice University alumnus, who completed his Bachelor’s and Master’s degree in Computer Science, Economics and Computer Science respectively. Before founding Coinbase, Armstrong was an Enterprise Risk Management consultant at Deloitte & Touche, a CEO, and Founder at UniversityTutor.com, and a Technical Product Manager at Airbnb.
Fred Ehrsam
Fred Ehrsam is a Co-founder of Coinbase. Ehrsam is an alumnus of Duke University, from where he obtained a BS in Computer Science and Economics. He was previously a Trader at Goldman Sachs, before being a Founder of Coinbase, who is now also serving as a member of the Board of Directors. Ehrsam is also a Co-Founder of Paradigm.
The company recently hired Snap India Head Durgesh Kaushik. The former CEO of Snapchat was appointed as the Senior Director for Market Expansion of Coinbase, effective from May 9, 2022. The company is strongly looking forward to its expansion in countries like India, which is a significant part of the reason of this appointment. Besides, Coinbase is also striving to debut in many other markets as well in the Asia Pacific, Africa, Europe, the Middle East, and the Americas.
Coinbase has a considerably large team, which consists of more than 3K employees.
Coinbase – Startup Story
Coinbase was initially created by Brian Armstrong, a former Airbnb engineer, in July 2011 and was started to be funded by Y Combinator. After co-founder Fred Ehrsam, a former Goldman Sachs trader, joined the group, Coinbase finally launched its services to buy, sell, and store bitcoins in 2012.
“Armstrong and Ehrsam first met on Reddit and shared a bullish view on bitcoin and the cryptocurrency space as a whole,” said Ehrsam on Twitter. After this, they decided to launch Coinbase with the “mission” to “make crypto easy to use.”
Ben Reeves, a British programmer and co-founder of Blockchain.info, was supposed to be a member of the Coinbase founding team, but he split with Armstrong shortly before the Y Combinator funding round over their conflicting views on how the Coinbase wallet should function.
The company began offering services to buy and sell bitcoins via bank transfers in October 2012.
Coinbase is a cryptocurrency exchange network that is entirely online, as the name implies. The company’s name was influenced by Coinbase transactions, which are special transactions that put cryptocurrency into circulation in proof of work cryptocurrencies.
Coinbase’s Company Logo
“Welcome to the Future of Money,” read the slogan at the top of Coinbase’s website in 2013. This was changed to “Buy and Sell Digital Currency” in 2017.
Coinbase – Products and Services
Coinbase offers both retail and institutional investors cryptocurrency products, as well as other cryptocurrency-related services.
The following are some of the company’s retail trade products:
Coinbase is a user-friendly app for purchasing, storing, and exchanging cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.
Coinbase Pro is a sophisticated asset trading platform that lets users exchange a wide variety of digital assets.
Customers can use Coinbase Wallet to access decentralized crypto apps (dapps) through a dapp browser.
Coinbase’s products for institutional traders include:
Coinbase Prime, a platform dedicated to institutional customers.
Coinbase Custody is a collection of tailored services for businesses that hold bitcoin and other cryptocurrencies on the Coinbase platform. As part of the program, Coinbase members have access to an SEC-qualified custodian, third-party auditing, and financial reporting confirmation.
Other cryptocurrency-related products offered by the business include:
USD Coin is a digital stablecoin that allows customers to swap US dollars for a cryptocurrency with the same value but faster trading.
Customers can spend cryptocurrency wherever Visa cards are accepted with the Coinbase Card, a debit Visa card.
Coinbase Commerce, a retailer payment program.
Using the company’s API, developers and merchants can build applications and accept payments in both digital currencies. As of 2018, the cryptocurrency wallet was available in 190 countries, and the company’s buy/sell trading functionality was available in 32 countries. Coinbase has a mobile app for both iOS and Android.
Coinbase – Vision and Mission
Coinbase’s mission statement says, “our mission is to build an open financial system. We’re doing this to increase the amount of economic freedom in the world, a measurable concept that can be greatly accelerated with the adoption of cryptocurrency.”
“We started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin“, says the Coinbase website, which can be considered the vision of Coinbase.
Coinbase – Business Model
The business of coinbase is built around the B2C and B2B models. The company targets two primary customer groups:
Those who use the platform for buying and selling digital assets with the help of the wallet that Coinbase (B2C) offers.
The next are the merchants, who use the Coinbase platform (B2B) to store their digital assets (transferred by consumers) as a kind of payment from their customers.
Coinbase’s network is used by both retail and institutional customers to buy, sell, and shop cryptocurrencies like Bitcoin and Ethereum. Customers can use the Coinbase, Coinbase Pro, and Coinbase Wallet apps, as well as the company’s websites, to contact them. Coinbase had approximately 56 million retail users as of Q1 2021.
As an online marketplace, Coinbase allows the consumers to trade in numerous cryptocurrencies (over 20 different cryptocurrencies), which they can buy and sell like:
Bitcoin
Ether
Litecoin
XRP and many others.
Furthermore, Coinbase also boasts of the Coinbase Pro and Prime platforms that help individuals and institutional clients to trade in a more sophisticated manner. Besides, the traders can also plug into the Coinbase API in case they want to retrieve real-time market data and develop programmatic trading bots.
Along with the Coinbase trading platform, also known as exchange wallet, the Coinbase customers can also choose to use the Coinbase Wallet, often referred to as the crypto wallet. The latter is designed as a standalone app via Android or iOS and is more secure than the exchange wallet. Moreover, the wallet facility also enables the users to exchange goods and services effortlessly.
Along with the trading platform that Coinbase offers, the company also brings in a whole suite of other products both for the businesses and the consumers.
Furthermore, Coinbase also offers a wide range of courses on cryptocurrencies, such as Dai or EOS. The platform grants these currencies as rewards for the users who manage to successfully complete the courses.
Coinbase also helps the users order a physical VISA debit card called the Coinbase Card, via which they can spend their earned cryptocurrencies and can also track their spending.
Coinbase is hailed as the largest crypto-exchange by trading volume in the United States, and has seen huge growth already since it was founded in June 2012 by Brian Armstrong and Fred Ehrsam. When the started, in around 2012, the worth of a bitcoin was $6, and the knowledge of the same was limited to only a “few nerds on the internet”, tweeted Ehrsam. From that to today’s awareness of bitcoin, Coinbase has a huge hand in it.
Over the first two years in business, Coinbase grew to be a company with 1000+ employees, which is a huge milestone indeed.
The company has rolled out an NFT marketplace in beta, went the May 25, 2022 reports. What was announced 7 months earlier, in October 2021, the marketplace for the non-fungible tokens (NFTs) is now available in beta version.
IT’S ALL HAPPENING!
We’re super excited to announce we're opening @Coinbase_NFT Beta up to everyone.
Coinbase earns its revenue from a range of different sources, as mentioned in the above section of the Business Model.
Trading transaction fees and services such as storage and analytics accounted for about 90% of the Coinbase revenue (as of 2020). Customers are paid transaction fees (roughly 0.5%) based on the size of their trades, with smaller trades incurring lower fees.
Coinbase takes a share of any bitcoin trade, according to its website. It made $1.28 billion in revenue in 2020, with transaction fees accounting for 86% of that total. In 2020, Coinbase was responsible for roughly 0.57% of the $193 billion in cryptocurrency trading value.
Sales will rise by 139% in 2020, according to Coinbase’s prospectus, from $534 million in 2019. From about $80 billion in 2019, Coinbase’s trading volume increased nearly 142% in 2020.
In 2020, Coinbase profited $322 million, compared to a $30 million loss in 2019. Yet faster growth was seen in the first quarter of 2021. Coinbase posted $1.8 billion in sales for the year, up 906% from $179 million in the first quarter of 2020. The trading volume in the first quarter was $335 billion, which was 60% higher than the entire year of 2020. In the first year, Coinbase anticipates a profit of $730 million to $800 million.
Coinbase – Funding and Investors
Coinbase has raised a total of $567.3M in funding over 17 rounds. Here’s a list of the last 12 rounds that the company has seen.
Date
Round
Amount
Lead Investor
Jan 18, 2021
Secondary Market
$20M
–
Oct 1, 2020
Venture Round
–
–
Jan 1, 2019
Secomdary Market
–
–
Dec 21, 2018
Secomdary Market
$22M
–
Oct 30, 2018
Series E
$300M
Tiger Global Management
Aug 1, 2018
Venture Round
–
–
Feb 1, 2018
Venture Round
–
–
Aug 10, 2017
Series D
$108.1M
IVP
Jul 7, 2016
Series C
$10.5M
Mitsubishi UFJ
Jan 13, 2015
Series C
$75M
DFJ Growth
Jan 13, 2015
Series C
–
–
Dec 12, 2013
Series B
$25M
Andreessen Horowitz
Coinbase – Investments
Coinbase has made many investments to date. Here are some of the prominent recent investments of Coinbase:
Coinbase has acquired 22 organizations, as of May 5, 2022. BtcTurk was the last company acquired by Coinbase, which came in on April 21, 2022. Here’s a list of the prominent Coinbase acquisitions to date:
Aquiree Name
Date
Amount
About Acquiree
BtcTurk
Apr 12, 2022
–
A bitcoin and cryptocurrency exchange based from Turkey that utilises BTC trader’s white label platform
FairX
Jan 12, 2022
–
A futures products manufacturing company that caters to the demands of the active retail investors
Unbound Security
Nov 30, 2021
–
A security company that extends protection for cryptographic keys and credentials, based in New York
BRD
Nov 25, 2021
–
Zurich-based company that designs, develops and markets financial software
Agara
Nov 2, 2021
–
Based in Bengaluru, India, Agara helps to automate end-to-end customer support operations.
Zabo
Aug 4, 2021
–
Zabo helps in connecting a crypto wallet with an application via codes.
Skew
April 30, 2021
–
skew is a platform that builds cutting-edge financial infrastructure for the digital assets space.
Bison Trails
Jan 19, 2021
–
Bison Trails allows the user to run secure infrastructure on multiple blockchains.
Tagomi
May 27, 2020
–
Tagomi is a cryptocurrency trading platform to provide clients with trade better execution so they can keep more of their returns.
Routefire
Jan 7, 2020
–
Routefire is a provider of trade execution infrastructure in the digital asset space.
Neutrino
Feb 19, 2019
–
Neutrino is focused on developing a comprehensive platform for analyzing, tracking & investigating blockchain and other virtual currencies.
Blockspring
Jan 17, 2019
–
Blockspring is a place to create, share, and run functions.
Distributed Systems
Aug 15, 2018
–
Distributed Systems is a digital identity startup and a full-stack machine intelligence.
Keystone Capital Corp.
Jun 6, 2018
–
Keystone Capital Corp. operates as a financial-services firm.
Venovate
Jun 6, 2018
–
Venovate facilitates the discovery, evaluation, and purchase of private company stock and other alternative assets.
Digital Wealth
Jun 6, 2018
–
Digital Wealth is a fee-only financial planning and investment management firm.
Paradex
May 23, 2018
–
Paradex operates as a crypto trading relay platform.
Coinbase was up against existing players as well as new decentralised exchanges. The company has struggled to scale up, with its support staff handling a backlog of queries about, among other items, exchange outages and money transfer delays. Finally, since crypto asset prices directly affect Coinbase, it must exercise caution if the market continues to decline.
Coinbase has experienced internal issues as a result of poor execution. Despite a substantial increase in its user base, Coinbase has struggled to scale, as shown by recent events concerning the listing of bitcoin cash.
Faced with the aforementioned obstacles, Coinbase intends to expand its core businesses while still exploring new opportunities.
According to Coinbase’s “Digital Asset Framework,” the company plans to add more assets to its network in order to diversify its trading. This would benefit the company’s bottom line while also encouraging a huge consumer base to try out new blockchain applications. As a result, adding assets is both a hedge and a bet on the sector’s long-term viability.
The goal of Coinbase is to assist all assets that meet their technical specifications and adhere to all applicable laws. According to Coinbase, customers around the world will eventually have access to at least 90% of the overall market cap of all digital assets in circulation through its platforms.
FAQs
What does Coinbase do?
Coinbase is an American company that runs a cryptocurrency trading network that is based entirely online.
Who founded Coinbase?
Brian Armstrong and Fred Ehrsam are the founders of Coinbase.
How does Coinbase make money?
Trading transaction fees and services such as storage and analytics accounted for about 90% of the company’s revenue. Customers are paid transaction fees (roughly 0.5%) based on the size of their trades, with smaller trades incurring lower fees.
What companies do Coinbase compete with?
Coinbase’s top competitors include River Financial, OST.com, Blockchain, Binance, Bittrex, Bitfinex, Kraken, Paxos, Xapo, Bithumb and Bibox.
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
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%.
Aniket Mandal
