India’s super-rich people and family offices are becoming part of the crypto bandwagon. On their part, crypto exchanges are rolling out the red carpet for them with personalized services.
Crypto funds and exchanges have experienced an increase in investments – skywards of Rs. 1 crore – by rich people and family offices, amid rising global institutional acceptance of crypto.
India’s largest crypto exchange by volume, WazirX lately created a dedicated over-the-counter team that executes high-value bulk trades to meet hiked demand from super-rich people. These individuals are allocating 3% – 5% of their portfolio for crypto with bitcoin being the most favored.
Another crypto exchange, ZebPay initiated providing OTC services the previous year. It provides ‘customized service to people and institutions’ seeking to buy a minimum of 5 bitcoins, which at present cost over Rs. 1 crore or $150,000. The exchange carries out trades amounting to several million dollars every month.
ZebPay, in the coming time, wants to provide full-service wealth management for rich clients to help create a varied digital asset portfolio including nonfungible token (NFT) art collectibles.
Wealth managers and licensed advisers are having qualms about offering formal guidance to clients in the absence of crypto regulations in India. In the absence of formal advice, wealth advisers who control the investment portfolio of family offices are upskilling themselves by pursuing courses in crypto.
Several exchanges welcoming such clients are offering a dedicated relationship, 24*7 support, personal investment and guidance from top leadership at these exchanges.