Bitbns reach 10 million by the end of Financial Year 2023

 

   Bitbns expects its userbase to reach 10      million by the end of Financial Year 2023 

The exchange claims to have a current customer base of 4.8 million and expects a 20% decline in gross revenue compared to last financial year

                                                   

                                    

Bitbns, the cryptocurrency exchange, is targeting total revenues of about $ 67 million in 2011, Bitbns CEO Gaurav Dahake told FE Digital Currency. The exchange claims to currently have a user base of 4.8 million. “Our user base is expected to reach 23.1 million by the end of the year. Last year's total revenue was due to certain tax systems such as 1% withholding tax (TDS). We expect it to be 20 times higher, "says Dahake. Total sales on the exchange in 2010 were $ 8 million. 

 Currently, the exchange's main revenue model revolves around 0.1e, which charges users for transactions on the platform. "When a user lends his crypto assets to another user, we charge 15% borrowing and borrowing fees on the interest generated from the transaction," Dahake said. In addition, Dahake said the exchange reported a net profit of $ 1 million in 2010 and expects a net profit of $ 500,000 in 2011. The Bangalore-based exchange currently has approximately 70 employees.

Apart from buying and selling cryptocurrencies, the trade claims to offer a scientific funding plan (SIP) carrier to its users. “With the SIP facility, humans can spend money on bitcoin with out the want to fear approximately the volatility of cryptocurrencies. We additionally facilitate the lending and borrowing of cryptocurrencies,” Dahake said. The trade claims to be bootstrapped in nature. “We haven`t raised capital from outside investors,” Dahake said.

According to Dahake, exchanges claim to have a recommendation system as a marketing strategy. "This referral system provides clients with a commission of 50% of the transaction fees paid by clients recommended for the services of the exchange. In various languages ​​such as Bengal, Tamil, Telgu and Hindi. We have created a channel on YouTube to serve cryptocurrency content. The exchange has partnered with food brands such as Behrouz Biryani as part of its marketing efforts, "said Dahake. He explained that 25% of the revenue generated by the exchange is invested in marketing. In addition, the exchange states that it spends about 20% of its net sales on human resources and about 30% on technology.

In addition, the exchange claims to have partnered with e-commerce company Amazon for web-based services. "We also have a business partnership with the international cryptocurrency exchange OKX, which serves other cryptocurrency-based companies to address their flat flow and other aspects of trading. We support you, "says Dahake. The exchange claims that 50% of all new cryptocurrency products launched in India use liquidity-based services. Currently, the exchange claims to support trading in 400 different cryptocurrencies. “We charge a fee of 0,030,025 depending on the volume of transactions per user,” says Dahake.