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Cryptocurrencies should be considered assets: Vikas Ahuja of CrossTower India

Cryptocurrencies should be considered assets: Vikas Ahuja of CrossTower India
 
    Digital asset trading and investment for Indian cryptocurrency exchange CrossTower regulators and professional traders. With the launch of its personalized over-the-counter (OTC) service, it aims to help high net worth individuals trade crypto assets by providing liquidity information on various cryptocurrencies. CrossTower India CEO Vikas Ahuja spoke with FE.com's Ritarshi Banerjee about the company's revenue forecast and the growth potential of the Indian market. (Editor's Excerpt) What is CrossTower India's revenue growth in FY22 as cryptocurrency investments have increased over the past two years. What about FY23?
 
    We have only been in the Indian market for six or seven months because our product was launched on September 7, 2021. These products will take time to stabilize as we are adding features to them. Nonetheless, during this time, we have acquired nearly 5,00,000 customers. In terms of transaction volume and revenue growth, it's early days as we haven't started our marketing campaigns yet, but we're expecting growth.
 
    What is CrossTower India's marketing strategy and how much has it invested in this area?
 
    Areas we will be focusing on include digital, social media, webinars, podcasts, print and TV, and more. In fact, we plan to hold a meeting with industry veterans soon. The purpose is to educate clients and traders. We neither provide investment advice nor market cryptocurrencies as a scheme to get rich. Cryptocurrencies need to be treated like any asset class, with thorough analysis and research before investing. Therefore, the core message behind the marketing strategies we mentioned is to educate customers. At CrossTower, we believe that clients should familiarize themselves with the details before buying or selling tokens. For the next quarter, we want to focus on marketing.
 
    How will CrossTower India's Crypto Investment Programme (CIP) benefit clients?
 
    We have launched two programs. The asset storage plan was created to use mutual funds so customers can use their digital wallets, while the actual product plan is to let customers put their cryptocurrency tokens as collateral, thereby rewarding them with a certain interest rate. Additionally, we are developing an analog platform where people can buy and sell using analog digital currencies.
 
How does CrossTower India help emerging cryptocurrency platform developers?
 
    Our entire technology is based on blockchain and it has many use cases. Cryptocurrencies and NFTs are applications of this technology. If NFTs are used properly, it can help not only young cryptocurrency developers, but other parts of society, such as tribal art. We just launched a beta version of our NFT platform and provided a training program for blockchain developers. We believe in talented developers in India.
 
    How can they maintain their cryptocurrency portfolio in a country like India that lacks regulations?
 
    As an exchange, we remain focused on KYC. As there is still a lack of regulatory clarity in India, we ensure that all standards and protocols are followed, assuming regulations will be implemented soon. Clients should only invest in exchanges that have mature infrastructure and are supported by technical teams. The company must also be thoroughly researched. Since the day we launched, there has been no downtime. Our infrastructure is built for institutional clients to keep our operations running, even on high trading days. My advice to all young developers is for them to do background research on exchanges before investing.
 
    In terms of growth, where do you see the cryptocurrency market in the next few years?
 
    To answer this question, we need to consider how Bitcoin has developed over the years and how companies have started to embrace it. For example, online payments company PayPal has started allowing customers to trade cryptocurrencies on its platform. As currencies go digital, I think they will play an important role in the economy over the next few years.
 
    What do you think of the Indian cryptocurrency market in terms of financial stability?
 
    I believe India has development potential. According to a recent survey, 85% of Indians see an opportunity to start a company, compared to 251% of the global average population. Indians are adventurous and adventurous. In 2016, we had about 1 million cryptocurrency traders, and now, we have about 15 million. Given these demographics in India, I think its crypto space will grow. We need the support of the government and the banking system. The cryptocurrency industry should be regulated and taxed. We traditionally see India as a manpower exporter to the West, but if it starts creating products based on this blockchain technology, it could attract foreign investment. The industry needs to be managed properly, but there are growth opportunities.

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