Indian crypto exchange Giottus is set to offer zero-fee crypto trades for its customers, eliminating trading fees entirely on trades made on the Giottus platform. The offer is specific to crypto-INR pairs, which currently cover over 85 percent of all trades on the Giottus platform.
The move is expected to have a substantial impact on Giottus customers and their trading experience. The company has been highlighting how the move may potentially enhance profitability and trade liquidity on the platform, promoting a more efficient trading environment for all participants.
Commenting on the intentions behind this move, Vikram Subburaj, CEO of Giottus crypto platform said, “The primary intention behind the initiative is to increase profitability for our 1.1-million strong customer base and become an avenue to maximise their gains while encouraging new investors to join Giottus’ platform. Zero-fee is the most disruptive and decisive action by any crypto platform in India, and it will eliminate a major cost barrier for our customers.”
Giottus is banking on the move to boost trade volumes as the market shows signs of breaking out of its bearish sentiment. “During 2021, the previous culmination of a bull run, Giottus executed 4.5 million trades,” Subburaj added. “We expect to see a 3x rise in this metric in the coming year.”
Giottus was amongst the first exchanges in India in publicly stating that they were actively working on implementing the proof of reserves. In 2023, it became a member of the Alliance of Reporting Entities for AML/CFT (ARIFAC), demonstrating their dedication to ensuring a secure and transparent trading environment for their users.
On this note, Subburaj said, “As one of the largest crypto adopters globally, India has all the ingredients for crypto success.”
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash