Crypto Will Be One Of The Biggest Markets In India,
Long-Term Investment Platform Carret Co-Founders Say As It Raises Funding.
Carret is a crypto investment platform that offers annual percentage yield (APY) to customers on their crypto holdings.
Cryptocurrencies are slowly gaining traction in India as a feasible investment platform. However, given the recent crypto market meltdown, which coincided with the taxation of all crypto gains that went into effect in the country on April 1, there’s a general uncertainty about the future of cryptocurrencies here. However, the co-founders of long-term crypto investment platform Carret remain hopeful that crypto will indeed emerge as one of the biggest markets in the country, once companies won’t feel the need to leave the country to do business. Carret recently concluded a pre-seed funding round from angel investors including the likes of Amestan Capital, Polygon co-founder Sandeep Nailwal, and former BlackRock executive Yan Wu.
What is Carret? How much APY does it offer?
Carret is a crypto investment platform that offers annual percentage yield (APY) to investors on their crypto holdings. To put it simply, if you own 1 Bitcoin (BTC) on Carret, you will get a return of 1.08 BTC after a year. Carret provides up to 17 percent APY to crypto holders on its platform, in the form of cryptocurrencies instead of regular fiat currency.
In October 2021, Carret was founded by IIT BHU and IIM Ahmedabad alumni Neha Kumari and Shuja Hussain — both of whom worked in the crypto industry for over five years — and the platform became operational in February 2022. 24Carret, the platform’s interest-generating product, offers investors a return of 17 percent on USD Coin (USDC) and Tether (USDT) stablecoins, 9 percent on Ethereum (ETH), and 8 percent on BTC.
“It is as transparent as it sounds,” said Hussain when asked about any fine print involved in the returns. “For the past six months, we have been able to generate a certain yield in a sustainable way.”
ALSO SEE: Crypto Tax In India: A Tale Of Control Or Caution?
Does Carret have a contingency plan?
In May this year, the crash of the LUNA token (caused by the de-pegging of the TerraUSD stablecoin) led to a wipeout of $1 trillion in investors’ wealth, leading to a massive crypto market meltdown, effects of which are still felt in leading crypto prices to this day. So, does Carret have a contingency plan in place for such an event in the future?
“Our choice of a stablecoin is a contingency plan in itself. The USDC and USDT stablecoins have the lowest risk factor among others, which is why we decided to go ahead with them,” Hussain said. “Crypto, as an asset class, is anyways risky in itself. However, Bitcoin, Ethereum, and stablecoins are blue-chip assets and hence can be considered for long-term investments.”
So, how does Carret plan to spread the word?
As per Kumari, community plays an important role when it comes to spreading the word on crypto. Carret has been building a strong community with a regular presence on social media platforms as well as general marketing tools. It also conducts Twitter Spaces interactions regularly, where users can raise their queries in ask-me-anything-style sessions.
Carret mainly aims to target younger users — GenZ and recently employed individuals — to invest in its platform.
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