BENGALURU: Despite a 30% tax and 1% TDS on crypto profits, crypto exchanges are seeing huge rise in users and many platforms are also raising funds to expand services for investors. With just 1.40 lakh users in 2020-end crypto trading unicorn CoinDCX on Tuesday crossed more than 1 crore-user mark.
CoinDCX CEO & Co-Founder Sumit Gupta said, “This milestone is a testament to the growing demands for digital assets in India.” In 2021 alone, it has grown 50-60X, and with its Series C funding round led by former Facebook co-founder Eduardo Saverin’s B Capital, CoinDCX became the country’s first crypto unicorn in August 2021.
CoinDCX and other exchanges said they have been growing significantly in terms of the number of users and it continues even after the government announced 30% tax on vurtual assets in the Budget. Meanwhile, Y Combinator-backed crypto investing platform Mudrex on Tuesday raised $6.5 million in a pre-series A round from Arkam Ventures, Tribe Capital and Bolt by QEDinvestors. In just four months, Mudrex has clocked a 450% user growth and currently has more than 100,000 users from over 100 countries.
Crypto investing app CoinSwitch on Monday launched recurring buy plan (RBP), a systematic way to buy crypto assets in India. CoinSwitch caters to 15 million registered users, primarily retail investors. Since more number of investors are jumping onto the crypto bandwagon, fintech SaaS company Clear has allocated $10 million to develop a crypto taxation product and plans to bring 1 crore users on the crypto portfolio dashboard management system.