Advertisement
Friday, Oct 07, 2022
Outlook.com
Outlook.com

What Is A Social Crypto Exchange?

Defy initiates experiment of social crypto exchange in India. Such exchanges let new investors learn from experts and peers on the exchange. Such exchange may help investors and make the market more mature.

What Is A Social Crypto Exchange?
What Is A Social Crypto Exchange?
outlookindia.com
2021-11-20T10:47:57+05:30

India’s first social cryptocurrency exchange is in the works with Defy, a fintech startup, recently raising $5.5 million in a funding round to build it. Cryptocurrency enthusiasts feel that such an exchange will help investors and make the market more mature.

A social crypto exchange is a platform where investors can observe and follow the investing strategies undertaken by experts in the field, influencers and even friends.

"Social crypto investing recognises the need of common investors to invest in groups. People feel confident to invest in things that have been vetted by someone they know and respect. I think after e-commerce, we will see social investing gaining more strength," says Manish Kumar, co-founder of two blockchain-based financial markets platforms GREX and RealX.

New investors can utilise such platforms to emulate strategies of experienced investors. Such platforms allow new investors to have conversations and interactions to give them more clarity about investing in cryptocurrencies.

"Normally, when people go to buy a stock or insurance policy, they seek the advice of friends, who may be more knowledgeable, through social media groups or other mediums. So, our idea is to assemble this kind of experience within our exchange. Apart from friends, experts can also share their ideas on our platform. An investor can take into consideration what kind of coin they (experts and their friends) are buying and how is their portfolio doing. Either investors can follow them, or they can follow their strategies and their portfolios. That will make it easy for initial investors," says Bhagaban Behera, co-founder and CEO, Defy.

As new investors build their portfolios, they would be able to share the details of their strategies and holding with others. "Our future plan is to build a strong team and take the product to the next level. Our idea is to make crypto simpler and more fun. So, people can get started with this," says Behera.

While this may be the first one in India, globally, there are several social crypto exchanges already in existence. Some of the popular ones are Dtrade, eToro, PrimeXBT Covesting, Gate.io and KuCoin.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement