Admin Source : Gadgets 360
Giottus, a crypto exchange based in India, has bumped up the number of cryptocurrencies listed on its platform for trading. Cryptocurrencies related to decentralised finance (DeFi) protocols, real world assets (RWA), Artificial Intelligence (AI), and memecoins have made it to Giottus’ refreshed list. The exchange claims that it caters to over one million users and the listing of these new tokens is a result of user requests that it has analysed in recent times.
In a statement shared with Gadgets360, Giottus claimed to have conducted analysis of each new token that have been added to the list. Asset quality, reliability, asset fundamentals, and history of market performance are among parameters that were examined, as per the exchange, before adding them to the list.
“The listing of new tokens has been driven by significant demand from our valued customers, particularly in light of the ongoing bull market. The tokens chosen for listing have undergone a rigorous due diligence process which evaluated aspects such as asset quality, reliability, asset fundamentals, and market performance,” the exchange founded in 2017 said.
As per CoinMarketCap, presently the crypto market is lush with over 2.4 million cryptocurrencies in circulation. Giottus alone, claims that it now has 300 cryptocurrencies listed on its platform.
Realising the trend of new tokens finding their ways onto crypto exchanges, the Bharat Web3 Association (BWA) recently laid out a bunch of self-regulatory guidelines for exchanges to follow before listing new tokens on their platforms. The guidelines suggest that all crypto exchanges establish minimum standards to review tokens that are in the pipeline to be listed for public engagement. The exchanges have also been instructed to create their own filtering framework for token listings.
Given that India is deploying regulations to make the crypto sector safe for user engagement, it is expected that more people may attempt to experiment with crypto assets, which despite being volatile in nature, lure-in investors who are looking to make quick money.
As of now, the Government of India has not released its own rulebook on token listings, but has instructed exchanges to complete the KYC formalities of all customers and report any suspicious activities identified internally.
Giottus claims to have registered with India’s Financial Intelligence Unit (FIU) — which was recently mandated by the Centre to ensure that no firm was illegally exposing Indians to the volatile and financially risky crypto space.
“As a registered entity with the FIU and a reporting entity under the India Cyber Crime Coordination Centre (i4C), Giottus adheres to the highest standards of regulatory compliance and believes that such user-centric measures will boost crypto adoption among the masses with its stated aim of reaching five million users by end of 2024,” the exchange added to its statement.
