ZebPay expects to have a userbase of six million by the end of FY23; claims to charge 0.06-0.20% brokerage on transactions

Cryptocurrency exchange ZebPay aims to have a userbase of six million for FY23, Avinash Shekhar, CEO, ZebPay, a cryptocurrency exchange, told FE Digital Currency. “We currently have a userbase of two million customers, who have completed the Know Your Customer (KYC) protocol. In FY22, the exchange clocked transactions worth eight billion dollar,” he added.

However, he refused to comment on the turnover projection in FY23. The exchange claims to have invested 100% of its net revenue into operations. “Our current net profit margin is nil. After the 30% taxation policy came into effect, we have seen a 60% fall in trading volumes, which is expected to further decline after the one percent tax deductible at source (TDS) comes into effect,” Shekhar stated. In FY22, the exchange claimed to have made a net profit of 20% on the net revenue.