Vikram Subburaj News

At 12:14 PM, Bitcoin (BTC) was trading 0.25% lower at $70,898, while Ethereum surged 0.7% to $3,843. Meanwhile, the global cryptocurrency market cap fell by 0.22% to around $2.63 trillion in the last 24 hours.

Dogecoin, Cardano, Tron, Avalanche and Shiba Inu which fell by up to 9%. Altcoins trading in the green included Tether and USDC. BTC's decline is being attributed to the potential $9 billion repayment in collapsed cryptocurrency exchange BTC by Mt. Gox.

Big financial institutions such as Fidelity Investments’ foray into the cryptocurrency market is a boon rather than a bane for the asset class and will aid in building the ecosystem further, according to Vikram Subburaj, CEO, Giottus Crypto Platform. “As more traditional financial institutions enter the crypto market, it validates the industry’s legitimacy and attracts a more extensive user base,” Subburaj said, adding, “Rather than perceiving this as a threat, we view it as a positive development that validates the potential of the crypto market. In an interview with ETMarkets, Subburaj also spoke about the confluence of opportunities and challenges in the crypto market, and Giottus’ business growth plans. Edited excerpts: What challenges and opportunities do you see in the cryptocurrency market, both globally and in the context of India’s regulatory developments, in the coming years? In the crypto market, both globally and in India, we anticipate a confluence of challenges and opportunities.

Terra blockchain's native token LUNA, Indian exchanges delisted the beleaguered token from their platforms. LUNA has tanked to merely a few decimal cents from its peak of $118, wiping out 100 per cent wealth of the investors. Overall, the token has wiped out $40 billion from their pockets. In its support blog, WazirX said they are delisting the pairs of LUNA/USDT, LUNA/INR, LUNA/WRX. «We will enable Binance free transfer for users to withdraw their LUNA funds,» it added. USDT is Tether, a stablecoin, and WRX is WazirX's utility token.

Giottus Crypto Exchange achieved the milestone of hosting more than one million investors on the platform ahead of its fourth anniversary. Giottus is the only bootstrapped exchange in India to have achieved this feat. Founded in November 2017, Giottus kicked off its operations in April 2018 and is among India’s top-rated crypto investment platforms. Chennai-headquartered Giottus is currently the only multilingual crypto platform in the country with investors having the ability to buy and sell their crypto portfolio in eight Indian languages, including Hindi, Tamil, and Telugu.

Mumbai: Trading volumes on crypto exchanges WazirX, ZebPay and Giottus hit a six-month low on April 10 due to the uncertainty surrounding crypto regulations in the country WazirX, one the largest cryptocurrency exchanges in India, estimatedly saw 65-90% of its business erode after e-wallet Mobikwik disabled its services on the platform over the last few days. ET was the first to report on April 9 that due to a lack of clarity on the usage of the Unified Payments Interface (UPI) for processing transactions. US-based Coinbase, which announced its India entry last week, has also hit the UPI roadblock and disabled the service.

Crypto assets or the cryptocurrencies are not new terms for the masses nowadays. However, one common mistake often made by investors is calling a crypto coin a crypto token or vice-versa. At a fundamental level, both crypto coins and tokens are alike but they are two different things — all coins are tokens, but not all tokens are considered coins. Interestingly, a lot of users do not know even if they are buying crypto tokens or crypto coins. At the basic level, the key difference between the two is merely based on their utility.