Belfrics Group has added 14 new cryptocurrencies to its exchange and plans to launch 200 phygital centres across the country. The company remains upbeat about crypto prospects in the country despite the regulatory uncertainty and tax provisions, said Praveen Kumar, Founder and CEO of Belfrics Group.

“Addition of the 14 new digital assets comes on the back of growing demand from our existing customers,” Kumar said, adding that the company will focus on the tier-2 and -3 markets that would give it access to a wide range of customers who are looking at trading in multiple cryptocurrencies.

Franchisee-based model

In an interaction with BusinessLine, Kumar said the phygital centres would be on a franchisee-based model. “We will open our first centre in the coming week. We plan to open 200 centres across the country over a six month timeframe with an initial target of 20 centres,” he said.

Further expansion of the phygital centres would depend on how the one per cent TDS plays out. “The phygital centres will be providing services on an integrated model, including education and awareness services as well as tech solutions for education and health. But initially, the majority of the revenue is expected from the exchange business. Volume is a considerable factor for revenue generation and TDS may hamper volumes,” he said.

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The company is also looking to double its customer base to 1 lakh in the first quarter of the new fiscal from about 5,00,000 at present. The new coins that have been added are Bitshiba, Chainlink, Dai, Dogecoin, DYDX, Fantom, OMG Network, OX, Pax Gold, Polygon, Solana, Uni Coin, USD Coin and Wrapped Bitcoin Belfrics Group.

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