A Chennai based cryptocurrency exchange, Giottus is aiming high with plans to add seven million customers to its user base in a year.
The platform currently has one million users and “In the next 12-14 months, we are planning to take our customer base to 8 million,” said Vikram Subburaj, Co-founder and CEO of Giottus.
The CEO also disclosed the company’s plans of launching an NFT marketplace soon, allowing purchase and trading of NFTs using cryptocurrency or fiat or both.
Giottus was founded in November 2017 by Vikram Subburaj and Arjun Vijay. In the four years since the company began operations in April 2018, it has amassed a million users.
The platform’s 70% customer base is from South India, especially Tamil Nadu, Andhra Pradesh and Kerala.
Giottus offers trading of over 120 cryptocurrencies in more than 18 Indian languages.
“Today, over 40 percent of our customers are from Tier 2 & 3 cities, that’s because of our regional focus approach and multilingual support” said Subburaj.
The founder has also said that the resistance from Indian users entering the crypto industry comes from the lack of knowledge and regulation.
This ambitious dream of the founder might just end up staying a dream only. The Indian government is trying its hardest to discourage its citizens from exploring and investing in this nascent yet extremely profitable industry.
The Indian government is currently considering imposing a GST of 28% on all activities and services related to the crypto industry. This move would not only discourage crypto traders from investing more money in the field but severely hamper the business of crypto exchange platforms and wallet service providers as well.
