India's first social cryptocurrency exchange is in the works with Defy, a fintech startup, which recently raised $ 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 watch and follow investment strategies made by experts in the field, influencers, and even friends.
"Social crypto investing recognizes the need for ordinary investors to invest in groups. People feel safe investing in things that have been vetted by someone they know and respect. I think after e-commerce, we will see that social investing charges more. strength". says Manish Kumar, co-founder of two blockchain-based financial markets platforms, GREX and RealX.
New investors can use these platforms to emulate the strategies of seasoned 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 stocks or insurance policies, they seek the advice of friends, who may be more informed, through social media groups or other means. So, our idea is to gather this type of experience within our exchange. Besides friends, experts can also share their ideas on our platform. An investor can take into account what kind of currency they are buying (the experts and their friends) and how their portfolio is performing. Investors can follow them or follow them. their strategies and their portfolios. That will make things easier for initial investors, "says Bhagaban Behera, co-founder and CEO of Defy.
As new investors build their portfolios, they will be able to share the details of their strategies and their involvement with others. "Our future plan is to build a strong team and take the product to the next level. Our idea is to make cryptocurrencies simpler and more fun. So people can start with this," says Behera.
While this may be a first in India, globally, several social crypto exchanges already exist. Some of the popular ones are Dtrade, eToro, PrimeXBT Covesting, Gate.io, and KuCoin.
