India's cryptocurrency exchanges are planning for the future! | Crypto

India’s cryptocurrency exchanges are planning for the future!

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* Indias cryptocurrency exchanges are introducing a series of what they call longer-term investments to try and counter the plunge in crypto prices this year and a drop off in business as punishing taxes drive day traders away.
* The products include staking to earn interest on cryptocurrency deposits, and dollar-cost-averaging functions to set aside funds to buy crypto on fixed dates, rather than trying to time the market.
* Mumbai-based exchange CoinDCX, Indias first crypto unicorn, last week introduced a mobile wallet called Okto that gives access to an array of decentralized finance (DeFi) apps.
* Trading volumes on India exchanges dropped as much as 70% after the 30% tax kicked in on April 1, according to a report by crypto researcher Crebaco.
* The taxes and unfriendly regulatory authorities have prompted some companies to move out of India to Dubai and Singapore, while others focus on new services.
* Subhash Chandra Garg, Indias former finance secretary and author of The Ten Trillion Dream on the countrys economy, is not sure the strategy to spin out new crypto products will work.
* Longer term investment plans have been successful for stocks and other financial products, but if the fundamental instrument doesnt inspire confidence then related products are unlikely to change that, he said.
* That view isnt stopping Indian exchanges from trying.
* CoinDCX introduced a yield-earning product in May that allows users to earn interest on cryptocurrency deposits. As many as 13% of the exchanges active users have invested in the product so far, said Minal Thukral, executive vice president of growth and strategy at CoinDCX.
* The company plans to introduce yield-farming in DeFi around staking, and decentralized lending and borrowing to give users more options across assets, Thukral told Forkast.
* CoinSwitch is taking product plans beyond cryptocurrencies and aims to introduce its first non-crypto product soon, said Ashish Singhal, the co-founder of CoinSwitch, declining to give further details.

longterm trading India's cryptocurrency exchanges are planning for the future!

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