New Delhi: Ashish Singhal, co-founder of crypto exchange CoinSwitch on Tuesday (July 5) took to Twitter to explain the platform’s business model.
Ashish Singhal said, ” Crypto industry has several business models. Some are inherently riskier than others and can come undone, as recent events have shown. Right execution of business models can make or break a company.”
This comes amid the ongoing turmoil in the crypto industry. Elaborating further on his platform’s business model Singhal said that CoinSwitch enables users to buy and sell crypto for a small fee.
“At present, we do not lend crypto, offer interest on crypto deposits or balances, or reinvest users’ crypto. However, we are a user-centric company & we continuously listen to our users’ asks. When we act on it & launch new features, we will be deliberate & thoughtful about it”, Singhal tweeted.
With the liquidity crunch at crypto exchanges, investors and users are skeptical about the future of crypto, especially in India, where it is a double blow with regulatory haze and several taxes including a 30 percent income tax on profits and 1 percent TDS on transactions.