CoinSwitch’s co-founder on July 5 took to Twitter to explain the platform’s business model, amidst ongoing turmoil in the cryptocurrency industry and following Vauld’s announcement of financial troubles and halting of several services.
Ashish Singhal, Co-founder, and CEO, CoinSwitch 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.”
Singhal explained that CoinSwitch enables users to buy & sell crypto for a small fee. “That's our business model,” Singhal said.
“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 added.
With the global macro-headwinds and liquidity crunch at crypto exchanges, investors and users are staring at an uncertain future of crypto, especially in India, where it is a double whammy with regulatory haze and several taxes including a 30 percent income tax on profits and 1 percent TDS on transactions.
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