June 21, 2024
By Anjali Kochhar
In an exclusive conversation with our correspondent Anjali Kochhar, BitSave founder Zakhil Suresh speaks about cryptocurrencies, blockchain use cases and how BitSave is solving a problem of security in the space.
1 . Tell us more about BitSave and how you came up with the concept.
BitSave is a crypto investment platform designed for salaried and working professionals looking to allocate a portion of their long-term portfolio to crypto assets. Our flagship offering is a crypto index product that tracks the Bloomberg Galaxy Crypto Index.
Since 2017, my team and I have been primarily doing 3 things. i) Helping people buy and sell crypto. ii) Advising on what to buy and when to buy. iii). Providing custody of crypto assets. So we already knew that there is demand for these services. At BitSave, we have basically put all of them together in a structured and scalable manner.
2. What problems are you solving with BitSave?
One of the biggest challenges for new crypto investors is the overwhelming number of choices. With hundreds of listings on an exchange, selecting the right assets can be very intimidating and confusing. BitSave takes the guesswork out of crypto investing by allowing you to invest in the top crypto assets selected by Bloomberg as part of the Bloomberg Galaxy Crypto Index.
We understand that security is a top concern for our clients, so we use a regulated custody infrastructure, providing bank-grade security to the crypto assets we hold on behalf of our clients. Additionally, our clients can verify these holdings directly via blockchain using our Proof-of-Reserves. We also assign all our clients a dedicated relationship manager and an investment planner to personally assist them whenever required.
3 . The current state of crypto assets in 2024?
We’re seeing crypto move from its dial-up to broadband phase. Several major economies including Asian countries (Singapore, UAE, Australia, Thailand, and Indonesia) have started regulating crypto service providers, making it safer for investors. Leading investment firms are also publicly endorsing crypto assets, with the SEC approving Bitcoin and Ethereum ETFs.
In India, even though we have regulatory clarity on KYC, reporting and taxation, general awareness around crypto, both as a technology and as an asset class, is still lacking. BitSave is trying to promote responsible crypto investing through disciplined, systematic long-term investing, instead of short-term speculation. This allows investors to gradually gain an understanding of the risk-reward profile of crypto assets and develop realistic expectations for market performance.
4. How to build a portfolio for beginners in 2024?
Crypto is largely a narrative-based market. What looks good today may not tomorrow. Crypto assets are volatile and some of them can even disappear in a few months or years. Therefore, index-based investing makes more sense in crypto because the index automatically adapts to the changing market dynamics. So, if you’re a new investor in crypto, I would encourage you to start with BitSave’s Crypto Index Product which tracks the Bloomberg Galaxy Crypto Index.
5. What’s your view on blockchain use cases?
The potential of blockchain use cases is high, but scepticism around crypto is understandable because it’s not yet used as widely as the internet or AI. For mass adoption of crypto, real-world use cases need to become more prominent.
Stablecoins, for example, could become an effective payment mode in many countries. As someone who has experienced high costs and long settlement times with global transactions, I believe stablecoins offer significant value with their faster and cheaper transactions.
With more and more real-world assets being tokenised, blockchain can increase transparency in ownership and transaction history, potentially making the world a better place.
6. Could you please tell us the long-term plans of BitSave.
We want to be a regulated crypto service provider and are currently working towards that. We are also planning to extend our offerings to HNIs and Family Offices in the near future, providing them with personalised services and bank-grade security for their assets. Our goal with BitSave is to make investing in crypto safe and simple for all and build a brand that everyone can trust.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
