We have seen a 16-fold increase in new user registrations YoY Neeraj Khandelwal Co-founder CoinDCX
We have received a great response to our educational initiatives and will continue to promote the same for everyone as we strongly believe this will cause more Indians to adopt crypto assets as an investment class.
How did you come up with the idea to launch the cryptocurrency exchange platform at the same time that Indian authorities were being tough on the crypto industry? How was the trip so far?
We have always believed that we need to do something for India that will benefit our customers. We wanted to provide user access to a new asset class like crypto. We launched CoinDCX in 2018, with the intention of providing a user-friendly experience where users can access a wide range of financial products and services supported by state-of-the-art security and insurance processes. Since our inception, our user base has exceeded 4 million. Recently, we were announced as the first Indian cryptocurrency exchange to enter the unicorn club with a $ 90 million (Rs 668 crore) Series C funding round.
Tell me about the challenge faced by the firm when it launched CoinDCX?
When we launched CoinDCX in April 2018, RBI issued a notice the same month banning banks and NBFCs from providing banking services to crypto companies, exchanges and its customers dealing with crypto. All the major bakery companies in India have gone out of business. Following this, the Honorable Supreme Court issued a ruling on March 4, 2020, declaring that the central bank took an anti-virtual currency stance “without any rational basis” and “rescinded the RBI’s virtual ban on cryptocurrencies, allowing banks and financial institutions to manage the cryptocurrency trade. The Center said in March 2021 that it was willing to examine and study emerging technologies, including cryptocurrencies, in the aim to improve governance The cabinet is currently reviewing the bill.
CoinDCX’s journey to making cryptocurrency the mainstream in India? What is the instruction ?
As we see constant growth in the crypto industry, there is an untapped market with great potential. We had identified the need to educate the public about cryptocurrency and blockchain; thus, we launched DCX Learn last year. It is an EdTech platform for those who want to learn more about cryptocurrency and blockchain. The edu platform is being developed to play a crucial role in leading a PAN-India movement towards borderless financial services and digital asset adoption. This is in line with our goal of welcoming 50 million investors in a few years. We strongly believe that a better understanding of crypto can help make informed decisions and reap the benefits of investing in digital assets. With this thought process in mind, we developed DCX Learn to guide people through lots of informative digital content such as articles, online courses, interactive lectures and much more.
We have also invested $ 1.3 million in the âTryCryptoâ educational initiative to make blockchain and cryptocurrency more accessible to mainstream users and provide an easy investment experience.
We recently launched a free cryptocurrency sign language learning module for all sign language learning modules for the disabled community.
We have received a great response to our educational initiatives and will continue to promote the same for everyone as we strongly believe this will cause more Indians to adopt crypto assets as an investment class. At CoinDCX, we have always sought to create value for our existing and potential users, and through our educational initiatives, among others, we believe we have succeeded in doing so.
Tell us about the math behind CoinDCX’s “Bitcoin-Liye-Kya” campaign?
#BitcoinLiyaKya is an online digital campaign with leadership to raise awareness of crypto as an asset class with Bitcoin in the lead. As part of our campaign, we wanted to encourage people to talk about crypto in a good light. In this campaign, we have offered discount codes worth 100 rupees in bitcoin to everyone who registers for the first time on the exchange. In addition, every week a few lucky users had the chance to win a 1 Bitcoin wallet worth almost $ 50,000 at the time. The digital campaign aims to arouse the curiosity of potential new users. âWith the #BitcoinLiyaKya campaign, we aim to highlight the growing trend of cryptocurrency investing in India. Investing in cryptocurrencies has become one of the most popular tools for building wealth for millennials. At CoinDCX, we have been enabling investors to make safe and secure investments in popular crypto assets like Bitcoin since our inception in 2018. The CoinDCX app (formerly known as CoinDCX GO) was launched to facilitate the same goal. We aim to onboard new investors by leveraging the virtues of the simple, secure and compliant crypto ecosystem through this campaign and we are moving closer to the upcoming creation of an investor community of 50 million Indians.
How has Covid 19 impacted CoinDCX and the entire Indian crypto market?
Since the outbreak of the Covid pandemic, the Indian crypto market has grown rapidly, with a notable shift in investment patterns. Cryptocurrency trading has become more popular among Indians between the ages of 25 and 40. We have also seen an increase in new user registrations and an increase in trading volumes. At CoinDCX, we’ve seen a 16-fold increase in new user registrations year over year. Much will depend on the creation of a regulatory framework in the future.
What is the outlook for the cryptocurrency market in India?
India’s crypto industry is in its infancy, but it is gaining momentum and creating many job opportunities in the software and development industry. In recent years, the Indian cryptocurrency market has grown exponentially as more and more Indians became interested in these new investment opportunities and saw them as an important asset class.
Any advice for newbies who have just started trading in crypto? What specifically should they keep in mind when negotiating?
Cryptocurrency is emerging as a popular investment vehicle in recent years and has opened up a world of opportunities for all types of investors. We are running our campaign to educate potential new investors through our DCXLearn educational platform and the #TryCryptoMovement marketing initiative. Before making a new investment, investors should assess the major cryptocurrencies. Despite the appeal of some popular and lower denomination cryptocurrencies, it would be wise to consider only those with a strong ecosystem. Finally, investors should invest at significant support levels and exercise an appropriate stop-loss for all trades. While the overall outlook remains positive for most cryptocurrencies, investors should exercise caution given the short-term price volatility induced by news emanating from the markets.
What can we expect for the future? Are you working on new projects?
We recently launched a blockchain and cryptocurrency course designed for the community with different abilities that communicates using Indian Sign Language. The idea is to ensure full inclusiveness in the field of learning, regardless of the circumstances, location or any other influencing factor. Ease of access and learning should be accessible to everyone, which is why this is just the start for us. We are going to introduce crypto courses in other languages. We are also working on deploying new features on our CoinDCX investment app, in the coming months.