India’s leading credit card bill payments company CRED is well on its way to launch its cryptocurrency trading app. ”CRED is working towards launching their own crypto app,” said a source exclusively to Watcher Guru. It is reported that CRED is working towards building the crypto app for close to a year. However, the release date has not been confirmed and the firm has kept the development under wraps.
CRED’s crypto platform will be similar to WazirX, where investors can ‘buy, sell and hold’ the listed coins for a fee.
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The cryptocurrency market is flourishing in India with millions of investors pouring their money into the new financial order. Crypto trading platform WazirX takes the largest cut with a user base of over 10 million people. CRED’s entry into the crypto trading platform might challenge WazirX’s dominance, as the unicorn company is plush with funds.
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India has a big market for cryptocurrency investments which has penetrated not only the metropolitan cities but also tier-1 and 2 towns. The Covid-19 induced lockdowns also added to the growth of cryptos in India with everyone aiming to hit it big.
The entry of CRED’s cryptocurrency trading platform can get another batch of new and first-time investors into the market. Therefore, India’s tryst with cryptos might only balloon hereon and not disappear out of the woods.
CRED Cryptocurrency Trading App
India’s crypto trading apps have already turned competitive as new platforms have emerged since 2020. WazirX, CoinDCX, CoinSwitch Kuber, among others have already staked a claim on the larger share of the revenue pie. CRED needs to outpace the already existing crypto trading apps to take the top spot among the already crowded field.
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Also, the Indian government has levied a flat 30% tax on cryptocurrencies along with 1% TDS. The taxation has damped the spirits of crypto investors in India. CRED needs to navigate all the developments to rule the roost that the crypto market in India has to offer.
CRED is among India’s ‘Unicorn’ companies with over $5.5 billion in valuation. It had raised funds of over $466 million in 2021. The fintech company is also backed by venture capital firms such as Tiger Global, Falcon Edge, Insight Partners, DST Global, and Coatue among others. The company boasts of having around 22% of overall India’s credit card users on its platform.