Cryptocurrency trade ZebPay goals to have a userbase of six million for FY23, Avinash Shekhar, CEO, ZebPay, a cryptocurrency trade, instructed FE Digital Currency. “We currently have a userbase of two million customers, who have completed the Know Your Customer (KYC) protocol. In FY22, the exchange clocked transactions worth eight billion dollar,” he added.
However, he refused to touch upon the turnover projection in FY23. The trade claims to have invested 100% of its internet income into operations. “Our current net profit margin is nil. After the 30% taxation policy came into effect, we have seen a 60% fall in trading volumes, which is expected to further decline after the one percent tax deductible at source (TDS) comes into effect,” Shekhar acknowledged. In FY22, the trade claimed to have made a internet revenue of 20% on the web income.
The trade claims to be bootstrapped in nature. “Our main revenue model revolves around the 0.06-0.20% brokerage charged for buying and selling of cryptocurrencies, depending on the volume of trade,” Shekhar mentioned. The trade claims to cost a membership charge of two greenback, per thirty days, to clients who maintain their cryptocurrencies with the trade’s digital pockets.
Moreover, the trade claims to have a enterprise tie-up with digital asset belief and safety firm BitGo to handle the companies associated to its digital pockets. “We have entered into a business partnership with blockchain data platform Chainalysis which helps us with the anti money laundering (AML) analysis of transactions,” Shekhar mentioned. Currently, the trade helps buying and selling of 150 completely different cryptocurrencies.
Source: www.financialexpress.com”