×

Cryptocurrency

As Crypto Currencies Crash, CoinSwitch’s Ashish Singhal Explains Platform’s Business Model

This comes amid the ongoing turmoil in the crypto industry. Elaborating on his platform's business model Singhal said that CoinSwitch enables users to buy and sell crypto for a small fee.

Representative image. (Source: Pexels)

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.

ALSO READ: Mizoram And Meghalaya Two North-East States To Score Top In Start-Up Ecosystems