Indian crypto exchanges in survival mode as Tradecurve to onboard millions of users
Things are not looking great for the future of CEXs as some of the most notable ones in India, including CoinDCX, CoinSwitch, and WazirX, are now in survival mode. They are cutting costs wherever it is possible and are re-negotiating their partner programs whilst also suspending any employee pay-hikes, laying off employees, and exploring new ways to get revenue and rebrand themselves with the goal of surviving the downward market trend.
An upcoming competitor named Tradecurve is doing the opposite as it’s expected to onboard millions of users by innovating and providing a truly borderless and decentralized solution.
CoinDCX, CoinSwitch, WazirX a, and other Indian Crypto Exchanges Are In Survival Mode
CoinDesk conducted an interview of employees and senior executives at a total of six Indian crypto platforms, including CoinDCX, CoinSwitch, WazirX, BuyUCoin, ZebPay, and Giottus. Several of them noted that their goal is to survive in the upcoming 21 months to four years, and afterward, they will be able to enter the next bull market.
The survival of India’s cryptocurrency exchanges has been a huge point of concern ever since February 1 of 2022, when the nation announced stiff taxes, which indicated a 30% tax on cryptocurrency profits and the controversial 1% tax deducted at source (TDS) on all transactions.
At the time, leaders in the industry noted that they had entered a “period of pain” but noted that technology would always emerge and win. By 2023, data revealed that crypto traffic in the nation decreased and that Indians had moved over $3.8 billion in trading volume from local to international crypto exchanges.
One of the exchanges that have seen a huge point of appeal due to this is Tradecurve, as it enables truly borderless and anonymous access without KYC requirements, and we will go over why it has become the top pick.
Tradecurve Can Onboard Millions of Users At Launch
Based on the uncertainty surrounding CEXs in India, Indians are looking for decentralized alternatives, and Tradecurve has the potential to onboard millions of users. Unlike all of the aforementioned exchanges, Tradecurve does not require users to complete a KYC requirement, and they can just deposit crypto to use as collateral whenever they make trades.
Moreover, the platform offers more than cryptocurrency trading, as each user can get access to US and European equity CFDs, Forex, Indices, Commodities, cryptocurrencies, options, ETFs, and bonds.
The platform will implement Proof of Reserves (PoR) to bolster transparency and will have advanced features like high leverage starting at 500:1, negative balance protection, a VIP account system, and algorithmic trading with AI.
The ecosystem is powered by the TCRV utility token that is currently undergoing Stage 3 of its presale and is trading at just $0.015.
At launch, TCRV will get listed on Tier-1 exchanges and on Uniswap, and the team can onboard millions of users during the first year of its operation. Analysts, as a result of this, have predicted that the TCRV token can climb 100x at launch and that it can be a main competitor to CoinDCX, CoinSwitch, WazirX, BuyUCoin, ZebPay, Giottus, or any other exchange that is currently running into issues due to their centralization.
Get more information surrounding the Tradecurve cryptocurrency at the links below:
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Filed under: Bitcoin - @ June 1, 2023 5:03 pm