In facing a government hostile to cryptocurrency trading, Indian exchanges are trying to attract new business with suites of different investment products.
India’s 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, India’s first crypto unicorn, last week introduced a mobile wallet called Okto that gives access to an array of decentralized finance (DeFi) apps.
“In India, the current conditions favor long-term investment products as compared to spot or derivatives trading,” said Amanjot Malhotra, country head (India) of Turkey-based cryptocurrency exchange Bitay.
Bitay and other exchanges...
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