Cryptocurrency alternate Bitbns goals to clock a gross income of round six-seven million {dollars} for FY23, Gaurav Dahake, CEO, Bitbns, advised FE Digital Currency. The alternate claims to have a present userbase of 4.8 million. “We expect the strength of our userbase to reach 10 million by the end of FY23. Considering that certain taxation policies such as the one percent tax deductible at source (TDS) will be implemented, we expect a 20% decline in our gross revenue compared to last financial year,” Dahake stated. In FY22, the alternate claimed to have recorded a gross income of eight million {dollars}.
Currently, the alternate’s most important income mannequin revolves across the 0.1% payment that it costs customers for buying and selling on the platform. “If a user lends their cryptocurrency assets to another user, we charge a lending and borrowing fee of 15% on the interest generated out of the transaction,” Dahake stated. Further, Dahake acknowledged that the alternate recorded a web revenue of 1 million {dollars} for FY22, and expects a web revenue of $500,000 for FY23. Based in Bangalore, the alternate at the moment has about 70 staffers.
Apart from buying and selling cryptocurrencies, the alternate claims to supply a scientific funding plan (SIP) service to its customers. “With the SIP facility, people can invest in bitcoin without the need to worry about the volatility of cryptocurrencies. We also facilitate the lending and borrowing of cryptocurrencies,” Dahake stated. The alternate claims to be bootstrapped in nature. “We haven’t raised capital from external investors,” Dahake stated.
According to Dahake, the alternate claims to have a referral system as its advertising and marketing technique. “This referral system rewards customers with a 50% commission on the trade fees being paid by the customers to whom services of the exchange have been referred to. We have created channels on YouTube serving content on cryptocurrency in different languages such as Bengali, Tamil, Telugu, Hindi, among others. The exchange has collaborated with food brands such as Behrouz Biryani as part of a marketing exercise,” Dahake stated. He acknowledged that 25% of the income generated by the alternate is invested in advertising and marketing. Moreover, the alternate claims to spend round 20% of web income on human sources and round 30% on know-how.
Furthermore, the alternate claims to have a tie-up with e-commerce firm Amazon for its internet primarily based providers. “We also have a business partnership with international cryptocurrency exchange OKX. The exchange offers services to other cryptocurrency based entities for providing support to their fiat flow and regarding other aspects of trading,” Dahake stated. The alternate claims that fifty% of all the brand new cryptocurrency merchandise launched in India use liquidity primarily based providers from it. Currently, the alternate claims to assist buying and selling of 400 completely different cryptocurrencies. “We charge a fee of 0.03-0.025% depending on the volume of trading per user,” Dahake stated.
Source: www.financialexpress.com”