July 23, 2024
Chicago 12, Melborne City, USA
Exclusive Article

An Interview with Rbitex Founder Mr Abhishek Jain Speaking on Exchanges, Their Contribution towards crypto Adoption 


How would you define your value proposition as an exchange platform?

Great question, and would love to answer that. How we understand value is more features with less money, but that actually is not value but a financial benefit. The value is intangible, yet visible. The value is basically the difference between a dejected user and a happy user. Value is something that brings a smile to a sad face. In a nutshell, value is how you make life easy for the user. Now this difference could be small or big depending on the situation, and in crypto, value plays a critical role.

We are operating in a space that has grown leaps and bounds, not just in terms of userbase, but monetarily as well. Over the past few years, I along with Nagarjuna, identified the pain areas of users. We tried to figure out a solution to those problems which of course led to the creation of Rbitex. Now that we have an experienced team and a decent user base we are aware that all the problems that were existing on all other exchanges are not repeated here at Rbitex, so our users remain happy with us. Therefore, we designed a platform to counter those issues and build Rbitex with some really cool features.

An excellent UI- We provide one of the best-in-class users-interface which is as good as any international exchange.

Trading engine – Our trading engine is designed extremely fast and capable of processing thousands of transactions per second.

Withdrawals / Deposits – One of the major concerns in the industry is that users’ money gets stuck, sometimes, in between the process of depositing or withdrawing INR on exchanges. This is one pain area that required immediate attention. There was a special focus on it while building Rbitex.

At Rbitex all the INR transactions are pretty smooth and seamless. Currently, we haven’t observed any technical snag when it comes to INR deposits and withdrawals since inception. All our current issues get resolved in less than 4 working hours, howsoever big the problem may be.

Do you think a platform that teaches trading at a personal level can move more retail investors toward crypto adoption?

An interesting fact about Crypto is that this industry is mostly driven and built by retail investors only. This bull run of 2021 was the first to witness adoption by wall street and big corporates. Prior to this, it was mostly retail-driven.

So, for us at Rbitex it is easier to actually attract more retail investors towards crypto adoption than anybody else. The tool we are bringing for our users will keep them glued to Rbitex.com as they will be able to trade and chat both at the same time. Rbitex will be India’s first exchange where people can share their respective trading insights and discuss them online with other traders. Our platform will bring the members of the financial community one step closer to crypto adoption.

Do you think your platform can help in building a trading community for better participation?

Definitely, the kind of platform we have designed for our users will enable them to not only trade but discuss trading strategies in real-time. This will help not only help existing users but new users as well to comprehend various trading ideas and insights from people already in the space. There will be a provision of “copy trading” as well, an idea that helps new users simply replicate the trade on which bigger influencers have already taken a position.

This way we can nurture an environment that will be conducive for all the participants from not only a trading perspective but also providing a sense of direction with respect to investment, asset allocation, and risk management; thereby making the user take financially sound decisions.

What is your take on the Crypto market, macro factors, and the future of Crypto by the time the next halving is due?

Currently, we are witnessing high inflation, a hike in interest rates, and recession fears coupled with quantitative tightening. All the factors act as a negative force in the industry and are usually considered the major cause of the correction/bearish phase. Having said that people are overstressing Bitcoin’s correlation with S&P. The macro picture though looks gloomy but this phase is temporary. I believe we will see a huge bull run soon when global or geo-political scenarios cools-off.

 I have always believed that Bitcoin is sound money that is driven by a hard-coded algorithm, independent of any central trusted party. Halving plays an important role in the next bull run as one of the key features is deflationary pressure with every bitcoin getting mined. Somewhere, in Q2 of 2024 when the bitcoin mining reward will be cut in half (3.12 BTC) will be one of the major reasons for exponential price growth. Having said that it is not financial advice to buy/sell any crypto and people should take caution before entering, not only crypto but any financial market.

Do you think that this time will be different when it comes to crypto innovation and development during the bear market?

Well, this is an interesting question. Let me tell you that all great projects in crypto were built in the bear market only and this time will be no different. The kind of innovation crypto has seen in the past 5 years, none other industry has seen. I am sure we will have a lot of new coins/projects in Web3, De-Fi, and Metaverse space. There are things that we can’t even imagine are still in incubation and by the time the next bull run comes these will be out with a bang. That happened in the last bull too, we saw projects like DOT, SOL, and AVAX. We will have a whole new breed of such coins again. So, we can safely assume that the Bear market is the best time for building and innovation.

Is Rbitex running any attractive offers for retail investors? Like what’s your current strategy to have more sign-ups?

In order to increase our user base, we are offering 50 rbitx tokens (worth Rs.200) for free to anybody who signs up & completes KYC. Users can refer more people & earn 25 rbitx tokens for each referral. Rbitex is available as both an Android & iPhone App. Link: https://onelink.to/uunww2

We will also be listing more coins/tokens & introduce trading competitions with attractive rewards. From August onwards, we will start conducting online & offline events to engage with the Indian crypto community.

We came to know that Rbitex doesn’t charge any trading fee, so you mind explaining your revenue model?

That’s true, at the moment trading is completely free for people who have signed up on our exchange. So technically, there is neither a maker fee nor a taker fee on Rbitex. You can say that this is one of our marketing strategies to attract more users to our platform. We may add a taker fee in the future. However, we intend to keep the maker fee at 0% for life.

Our current revenue source is OTC desk, coin listing, etc. In September, we will announce a new feature, which will take Rbitex to the next level. And that will be our biggest revenue source too.

Closing Thoughts 

The Crypto market has matured for its good of it, and as time passes, more people will come to the crypto-verse for investment, learning, and adoption. The learning curve that is seemingly visible at the moment will become narrower with time. The existence of exchanges that will drive awareness and learning will be paramount moving forward!