Crypto exchange Unocoin plans expansion into DeFi – The New Indian Express

Sathvik Vishwanath, CEO and co-founder of crypto exchange Unocoin, said the payoff is potentially gigantic.
Published: 25th October 2022 05:48 AM  |   Last Updated: 25th October 2022 05:48 AM   |  A+A-
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BENGALURU: It has been over a month since the completion of the Merge, the biggest software upgrade in the crypto world. Ever since the Merge, Ethereum, the second largest cryptocurrency, has been losing value, and has been trading between the $1,200 and $1,300 range.

Sathvik Vishwanath, CEO and co-founder of crypto exchange Unocoin, said the payoff is potentially gigantic. “The new Ethereum system introduces a new set of incentives for the people operating these computers to follow the written rules, thereby securing the ledger from unwanted manipulation,” he said.
One of the biggest challenges in the crypto market is 30% tax on profits from the sale of crypto assets. The new crypto tax rules came into effect from April 1, 2022, and 1% TDS rule from July 1, and from then on transaction volumes across exchanges have plunged.
Vishwanath quotes a survey that says that 27% of respondents sold more than 50% of their cryptocurrency holdings before the start of the new fiscal year, while 57% booked gains in up to 10% of their holdings. “Exchanges claimed that tax collection revenue for the government will fall as 27% of customers are set to trade less than before as a result of the current tax policy following the introduction of new norms,” he said. Unocoin, which has 2.36 million registered Indian users, has many expansion plans including expansion into decentralised finance (DeFi) with proprietary protocols and the implementation of a new AI-based chatbot system to improve customer support. “As we continue to strengthen the user journey, the launch of the Sub-Broker module will make cryptocurrency investing even more accessible,” he said.
Talking about CBDC(Central Bank Digital Currency), Vishwanath said it is a digital version of a country’s fiat currency.“Bitcoin has a limited supply that has been hard-capped at 21 million individual coins. However, the supply of CBDC can be increased infinitely – just like the supply of any other fiat currency today,” Vishwanath said. Also, Bitcoin is increasingly recognised as a digital investment asset. It is traded on digital exchanges, where its price is determined by the interplay of supply and demand. 
Challenges for crypto mkt
One of the biggest challenges is 30% tax on profits from sale of crypto assets. New tax rules came into effect from April 1 and 1% TDS rule from July 1, and then on transaction volumes across exchanges have plunged
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