BitSave, a crypto investment platform, has appointed banking veteran Ashwinder Raj Singh as its Chief Advisor. This announcement comes as BitSave continues its mission to democratize crypto investing while ensuring the utmost safety and security for its users.
BitSave, managed by Casper Wealth Group, is known as the first retail crypto index fund tracking the Bloomberg Galaxy Crypto Index. The platform provides digital asset investment products for both individuals and institutions, offering a safe, secure, and compliant crypto experience. With an intuitive interface designed to simplify crypto portfolio management, BitSave seeks to eliminate the complexities and risks associated with cryptocurrency exchanges.
Ashwinder Singh’s Extensive Wealth Management Expertise and Banking Experience
Ashwinder Raj Singh brings a wealth of experience in wealth management and real estate to the BitSave advisory board. His distinguished career, including executive positions at Citibank, Deutsche Bank, and ICICI Bank, demonstrates a deep understanding of traditional finance and wealth management strategies. Additionally, Singh’s role as Co-chairman at the Confederation of Indian Industry (CII) Real Estate Committee showcases his expertise in managing high-value clients.
BitSave’s CEO, Zakhil Suresh, expressed confidence in the decision, stating, “At BitSave, we prioritize delivering a premium and secure product for digital asset management. In our journey to retain and grow as a trusted platform, Mr. Singh’s guidance will empower us to navigate and penetrate the crypto wealth management industry.”
India’s Crypto Conundrum: A Growing Market Amid Regulatory Cautiousness
The Indian market has witnessed a remarkable adoption of cryptocurrencies in the past 2-3 years. This widespread adoption was highlighted by blockchain analytics platform Chainalysis, which ranked India first in its 2023 Global Crypto Adoption Index, noting that India received a massive $250 billion in crypto value between July 2022 and June 2023, second only to the United States.
Despite this growth and adoption, the regulatory environment in India remains cautious and somewhat restrictive towards cryptocurrencies. The Indian government and the Reserve Bank of India (RBI) have expressed concerns over the risks associated with cryptocurrencies, including their potential use for money laundering and the threat they pose to financial stability. India’s central bank has consistently advocated for a complete ban on cryptocurrencies, while the government has imposed stiff taxes on crypto transactions, including a 30% tax on profits and a 1% tax deducted at source (TDS) on all transactions. These measures, aimed at curbing the proliferation of cryptocurrencies without outright banning them, reflect the government’s cautious stance towards the crypto sector.
BitSave: Leading the Way in Crypto Investment Transparency and Compliance
Since its launch in late 2022, BitSave has demonstrated impressive organic growth, currently managing assets under management (AUM) totaling $125,000. As the first retail crypto index fund tracking the Bloomberg Galaxy Crypto Index, BitSave is well-positioned to comply with regulations in various jurisdictions in India and globally.
Notably, BitSave offers transparency through on-chain Proof-of-Reserves and Liabilities tracking, providing users with complete visibility into their fund’s balance sheet—a move that aligns with the platform’s goal of democratizing crypto fund management.
Ashwinder Raj Singh commented on joining BitSave, stating, “BitSave’s innovative approach to crypto investing aligns with my vision for strategic business initiatives. Founder Zakhil Suresh’s forward-thinking approach and the company’s commitment to revolutionizing the crypto landscape were compelling reasons for me to be part of this transformative journey.”
The appointment of Ashwinder Raj Singh to BitSave’s advisory board underscores the platform’s dedication to providing its users with expert guidance and a secure environment for their digital asset management needs. With Singh’s extensive experience and BitSave’s commitment to innovation, the platform appears poised for further growth and success in the crypto wealth management industry.