Giottus, an India-based crypto exchange, has increased the number of cryptocurrencies listed on its trading platform. Cryptocurrencies related to decentralized finance (DeFi) protocols, real-world assets (RWA), artificial intelligence (AI) and memecoins made it to Giottus’ refreshed list. The exchange claims to serve more than a million users, and the listing of these new tokens is the result of user requests it has recently analyzed.
In a statement shared with Gadgets360, Giottus claimed to have conducted an analysis of each new token added to the list. Asset quality, reliability, asset fundamentals and history of market performance are among the parameters scrutinized, according to the exchange, before being added to the list.
“The listing of the new tokens has been driven by significant demand from our valued customers, especially in light of the ongoing bull market. Tokens selected for listing underwent a rigorous due diligence process that assessed aspects such as asset quality, reliability, asset fundamentals and market performance,” said the 2017-founded exchange.
According to CoinMarketCap, the current crypto market is booming with more than 2.4 million cryptocurrencies in circulation. Giottus alone claims to now have 300 cryptocurrencies listed on its platform.
Seeing the trend of finding new tokens on crypto exchanges, the Bharat Web3 Association (BWA) recently laid out a bunch of self-regulatory guidelines that exchanges should follow before listing new tokens on their platforms. The guidelines suggest that all crypto exchanges establish minimum standards for the review of tokens that are in preparation for listing for public engagement. Exchanges have also been instructed to create their own filter box to list tokens.
With India implementing regulations to make the crypto sector safe for user engagement, it is expected that more people may try to experiment with crypto assets, which despite being volatile in nature, lure investors looking to make a quick buck.
So far, the Indian government has not released its own token listing ordinance, but has directed exchanges to complete KYC formalities 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 empowered by the Center to ensure that no company illegally exposes Indians to the volatile and financially risky crypto space.
“As a registered entity with FIU and a reporting entity under the Indian Cybercrime Coordination Center (i4C), Giottus adheres to the highest standards of regulatory compliance and believes that such user-centric measures will drive adoption of cryptocurrency among the masses towards its stated objective is to reach five million users by the end of 2024,” the exchange added in its statement.
