Giottus, an India-based cryptocurrency exchange, has increased the number of cryptocurrencies listed on its platform for trading. Cryptocurrencies related to decentralized finance (DeFi) protocols, real-world assets (RWA), artificial intelligence (AI) and memecoins have made it to Giottus' updated list. The exchange claims to serve more than a million users and the list of these new tokens is the result of user requests it has analyzed in recent times.
In a statement shared with Gadgets360, Giottus claimed to have conducted an analysis of each new token that has been added to the list. Asset quality, reliability, asset fundamentals and history of market performance are among the parameters that were scrutinized, according to the exchange, before listing.
“The list of new tokens has been driven by significant demand from our valued customers, especially in light of the ongoing bull market. The tokens chosen for listing have undergone a rigorous due diligence process that assessed aspects such as asset quality, reliability, asset fundamentals and market performance,” said the exchange founded in 2017.
According to CoinMarketCap, the crypto market is currently exuberant with more than 2.4 million cryptocurrencies in circulation. Giottus alone claims to now have 300 cryptocurrencies on their platform.
Realizing the trend of new tokens being introduced on crypto exchanges, the Bharat Web3 Association (BWA) recently laid down 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 for reviewing tokens that are in the process of being listed for public participation. Exchanges have also been instructed to create their own filtering framework for token lists.
As India is implementing regulations to make the crypto sector safe for user participation, it is expected that more people will try to experiment with crypto assets, which despite being volatile in nature, attract investors looking to make a quick buck .
As of now, the Indian government has not issued its own rulebook on witness lists, but has instructed exchanges to complete KYC procedures for all clients and report any suspicious activity identified internally.
Giottus claims to have registered with India's Financial Intelligence Unit (FIU), which was recently mandated by the Center to ensure that no company illegally exposed Indians to the volatile crypto space and financially risky.
“As an FIU registered entity and a reporting entity to the Indian Cyber Crime Coordination Center (i4C), Giottus adheres to the highest standards of regulatory compliance and believes that these user-centric measures will increase adoption of cryptocurrencies among the masses with its stated goal of reaching five million users by the end of 2024,” the exchange added in its statement.
