Zebpay, one of India’s oldest cryptocurrency exchanges, has sought for a licence in Singapore and is considering a similar move in the United Arab Emirates, according to outgoing Chief Executive Officer Avinash Shekhar in an interview with Bloomberg.
ZebPay has always been an Indian firm with a worldwide vision. Crypto exchange ZebPay, launched in 2014, has over 5 million users and operates in 162 countries.
While the company will continue to focus on India, the country’s 1% transaction tax on cryptocurrency established this year is affecting trading volumes, and the levy “needs to come down, otherwise things are not going to improve,” he added, according to Bloomberg.
Since the transaction levy went into force in July, daily volumes on key India-based platforms have dropped by more than 90%. Shekhar stated that ZebPay had implemented compensation reductions, including a 6% cut for non-management personnel.
According to Nomics statistics, daily transaction volume on ZebPay has plummeted from a high of $122 million in October 2021 to little over $700,000. Global markets have plummeted in recent months as central banks around the world raised interest rates to combat rising inflation. As recessionary fears grow, risk assets such as cryptocurrency have taken a beating.
He is departing to launch his own Web3 startup, which will receive seed money from ZebPay, but he will remain on the firm’s advisory board. The term “Web3” refers to a vision of a decentralised internet based on blockchain technology.
Shekhar stated that he intends to launch his firm outside of India, but warned that the crypto tax is causing entrepreneurs to construct Web3 companies in Dubai or Singapore.
According to Nomics statistics, daily transaction volume on ZebPay has plummeted from a high of $122 million in October 2021 to little over $700,000.
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