Indian cryptocurrency exchange Giottus announced a significant expansion of its offerings on June 19, 2024, listing 43 new cryptocurrencies on its platform. This move brings Giottus’ total number of tradable tokens to a staggering 300, making it a more attractive option for cryptocurrency enthusiasts in India.
Giottus claims to be registered with the Financial Intelligence Unit (FIU) of India, which is a government agency responsible for monitoring financial transactions to prevent money laundering and other financial crimes. This registration might give some users a sense of security when trading on the platform.
However, it’s important to remember that the cryptocurrency market is still relatively new and unregulated in India. This means there’s a higher risk of scams and fraud compared to traditional investment options.
A Sea of Cryptocurrencies
With over 2.4 million cryptocurrencies currently in existence globally, Giottus’ 300 token selection represents just a fraction of the total market. Despite this vast number of options, many cryptocurrencies have little to no value or trading activity.
Adding New Tokens, But Are They Safe?
The recent addition of 43 new tokens by Giottus highlights the ongoing trend of new cryptocurrencies constantly emerging. However, this rapid growth also raises concerns about the safety and legitimacy of these new tokens.
To address these concerns, the Bharat Web3 Association (BWA), an Indian industry body focused on web3 technologies like cryptocurrency, recently proposed self-regulatory guidelines for cryptocurrency exchanges.
These guidelines recommend that exchanges establish minimum standards to carefully review new tokens before allowing them to be traded on their platforms. This review process would ideally help to ensure that only legitimate and secure tokens are made available to users.
Is Bigger Always Better?
While having a wider variety of tokens to choose from can be appealing to some investors, it’s crucial to remember that not all cryptocurrencies are created equal. Investors should always conduct thorough research on any cryptocurrency before investing, regardless of whether it’s listed on a major exchange like Giottus.
The Future of Crypto in India
The Indian government is currently considering regulations for the cryptocurrency market. These regulations aim to create a framework for cryptocurrency trading while also protecting investors from potential risks.
Giottus’ decision to list a large number of new tokens reflects the growing interest in cryptocurrency in India. However, with this growth comes the need for increased investor education and clear regulations to ensure a safe and stable crypto trading environment.