CEO of CoinDCX in India, a fast growing crypto exchange and liquidity aggregator, shares business strategy
Gupta summit, Co-Founder and CEO of CoinDCX, one of India’s largest and most established cryptocurrency exchanges and liquidity aggregators, recently shared key insights exclusively with Crowdfund Insider.
CoinDCX in particular recently completed a $ 90 million investment round, becoming India’s first crypto-focused unicorn. During our chat, Gupta spoke about the rapidly evolving field of digital assets in a country that is home to over 1.4 billion people. He also discussed how the country’s regulators have responded to developments in the nascent blockchain and crypto space.
Our conversation with Sumit Gupta is shared below.
Crowdfund Insider: What are the key products and services that CoinDCX offers and encourages Indian traders and investors to learn more about them?
Gupta Summit: As India’s most secure crypto exchange and pioneer in the Indian crypto industry, CoinDCX aims to make crypto accessible in India and worldwide by delivering the efficiency, security and compliance that investors have come to expect. For beginners and newcomers, the CoinDCX Go app offers a simple and safe way to invest.
With compliance and security in mind, we’ve teamed up with Onfido to strengthen our know-your-customer and anti-money laundering processes, and with BitGo to hold customer funds with $ 100 million insurance.
For the more experienced trader, CoinDCX Pro has a wide range of features like Lend, which offers decentralized lending services, Margin, which offers up to 10x leverage in 500+ markets, and Futures, which offers up to 20x leverage in leading markets offers futures for digital assets.
Cryptocurrency education is essential, which is why we launched DCXLearn – a full-fledged crypto learning program with courses on crypto and blockchain to continually fight misinformation and raise public awareness of new technologies like crypto and blockchain.
Crowdfund Insider: What new products are currently in the pipeline?
Gupta Summit: In the coming months, CoinDCX will launch the CoinDCX Prime initiative, an HNI / Enterprise product for assisted investment in crypto baskets, and Cosmex, CoinDCX’s global trading product, will provide international users with access to the ⅓rd of Global Liquidity.
Other notable developments in the pipeline include partnerships with key fintech players to expand our crypto investor base and the establishment of a research and development (R&D) facility. We will also press ahead with our efforts to strengthen political talks through public discourse and encourage continued collaboration with the government to introduce favorable regulations and educational programs.
Crowdfund Insider: You have raised $ 90 million in capital from leading international companies. What are you planning with the proceeds?
Gupta Summit: With the current funding, we aim to continuously pursue new business initiatives for CoinDCX, improve its product infrastructure and offerings, and expand its workforce.
CoinDCX will aim to strengthen its growth in India and advance its vision to bring cryptocurrencies to 50 million users in the country. We are also actively recruiting for various roles including developer, customer success professional, security analyst, and marketing, sales and growth professional to support the growing business.
We are currently 185 employees and will soon reach the 200 mark. Our goal is to increase our workforce to 300 by the end of this year. With these efforts, we will be able to grow our user base and continue to grow our active user base through these ongoing efforts.
Crowdfund Insider: Indian regulators are quite critical of cryptocurrency trading and investment platforms. But also the supervisory authorities in China and, more recently, in the USA. Despite these challenges, the crypto and blockchain space continues to receive significant funding, while digital assets are increasingly used around the world. How can we help everyone involved to take a more balanced approach that ensures consumer protection but doesn’t stifle innovation?
Gupta Summit: Much like the Internet has fundamentally changed the way we live and work, blockchain and cryptocurrencies have the potential to transform the way we participate in the global financial system and to bring about more inclusion and economic growth.
With a young population and a skilled workforce of IT developers, engineers and entrepreneurs, India is in a strong position to be part of this next wave of innovation – a tremendous opportunity to strengthen the future economy.
Creating a forward-looking legal framework that provides greater clarity and certainty will allow the sector to thrive and contribute to the broader Indian economy. In addition, round table discussions between policy makers and industry players will play a crucial role in ensuring that all stakeholders are well represented and innovation is not stifled.
Crowdfund insider; CoinDCX is one of the largest crypto trading platforms in India. However, the trading volumes are still well below the international standard. In your opinion, what is necessary before significantly more people in India accept crypto assets and create startups comparable to the US and some of the leading European nations?
Gupta Summit: The Indian market is currently a unique opportunity for the crypto industry, but understandably its potential has not yet been fully realized. Despite 500 million active internet users, only 15 million people are exposed to crypto in the country today.
However, India is seeing a dramatic increase in demand for cryptocurrencies and I expect more Indians to be introduced and become familiar with digital assets. This is why we believe it is important to focus on educating consumers, tackling misunderstandings and promoting healthy discussions in this area so that everyone can take advantage of digital assets.
CoinDCX has been at the center of efforts to support the adoption and proper regulation of cryptocurrencies, working with regulators to ensure they understand the role digital assets play in the regional and global economies.
In addition, we have also made concerted efforts to leverage social channels, marketing campaigns, and media publications to promote better understanding, education, and adoption of crypto and blockchain.
Crowdfund Insider: India is one of the fastest growing economies in the world and is well on its way to gaining an even bigger share of global GDP in the next decade. How can crypto and blockchain help make India’s economy even more robust and diversified?
Gupta Summit: All over the world we have seen that the adoption of blockchain and cryptocurrency can bring far-reaching benefits to the local economy and innovation. As an opportunistic market, blockchain technology is becoming increasingly important in various industries, from supply chains to banks.
Likewise, the cryptocurrency sector has the potential to spawn countless new entrepreneurs, new startups, new businesses, new innovations, new products and services, new consumers, and new markets overall.
Far from replacing traditional finance, cryptocurrencies and blockchain have the potential to complement it and improve its operational efficiency by providing benefits such as improved financial inclusion, more job creation, the attraction of larger investments in the Economy as well as general economic growth.
The traditional financial sector would also benefit from greater security, convenience and transparency in payment systems, which in turn would provide better traceability and accountability than older infrastructures. As such, investing in industry will benefit India both socially and economically.
It is clear that the Indian crypto industry holds immense potential. With falling data costs and the increasing availability of smartphones and high-speed connections, even the country’s lower-income states have seen an increase in Internet users and bridged a previously large digital divide. As one of the largest emerging markets in terms of growth and future potential, India could soon become a leader in the digital assets industry as the barriers to entry become lighter.