You can be on Entrepreneur’s cover!

CoinDCX Is Enabling Mass Adoption Of Cryptocurrencies In India The Mumbai-based company is backed by Bain Capital Ventures and Polychain Capital, and claims it saw a 10x increase in user signups, and a 47 per cent growth in trading volumes in the first quarter of this year.

By Debroop Roy

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

CoinDCX
Neeraj Khandelwal, Co-Founder and CTO, CoinDCX

"The road to mainstream adoption for cryptocurrencies has been a long journey fraught with numerous obstacles, but we are on the right track and are already starting to see the dawn of a new era for the cryptocurrency industry in India," says Neeraj Khandelwal, co-founder and chief technology officer at CoinDCX.

A cryptocurrency exchange platform founded in 2018, the journey so far has been anything but easy for Khandelwal and Sumit Gupta, the other co-founder. The same year that they launched, the Reserve Bank of India (RBI) banned the use of banking channels for cryptocurrency transactions, which led to the shutdown of several start-ups in the space.

The ban was quashed by the Supreme Court earlier this year.

According to Khandelwal, that gave cryptocurrencies a new layer of credibility in the country, and an increasing number of people have begun to see it as a legitimate asset class.

He says the company and the Indian cryptocurrency industry were committed to working with the government as well as fostering open dialogue to develop smart and sensible regulations defining the legitimate use and classification of virtual currencies. "We believe that with a clearer legal framework surrounding cryptocurrencies, traditional actors will be more confident in entering the space."

Backed by Bain Capital Ventures and Polychain Capital, Mumbai-based CoinDCX claims it saw a 10x increase in user signups, and a 47 per cent growth in trading volumes in the first quarter of this year.

Focus on Mass Adoption

The 28-year-old entrepreneur says the primary goal has been to create a safe and secure environment for traders and investors, which would lead to a mass adoption for cryptocurrencies.

"Currently our focus remains on greater adoption in India as well as creating access to globally liquidity in India. Hence our plans are focussed on bringing high liquidity through our aggregation model and building a strong suite of products on this massive liquid layer," says Khandelwal.

To attract customers, the company has introduced products such as margin trading, future contracts as well as a highly liquid fiat to crypto conversion tool.

On profitability, he says it has been a distant second goal given it is extremely necessary that more and more people begin to adopt cryptocurrencies.

Path For Blockchain

As one of the early adopters of the much-hyped blockchain technology in India, Khandelwal believes that despite support from the government and the industry at large, a lot still needs to be done.

"Investments in education, legal and regulatory frameworks as well as investments in blockchain technology from public as well as private players is something the industry still seeks," he says.

Debroop Roy

Former Correspondent

Covering the start-up ecosystem in and around Bangalore. Formerly an energy reporter at Reuters. A film, cricket buff who also writes fiction on weekends.
Thought Leaders

How To Improve Your Soft Skills and Emotional Intelligence in 7 Easy Steps

Using these simple but effective approaches will help a person in their business, life and relationships.

Growing a Business

The Brand Whiz Behind Sun Bum Is Famous For Making Boring Products Fun. Then, This One Stumped Him.

Everything Tom Rinks touched turned to gold until he took on a brand launch at Target that fizzled. Then, he found a creepy doll on Ebay, and he saw a way forward.

Making a Change

Learn Up to 14 Languages with $460 Savings on Lifetime Access to the Babbel App

Expand your professional reach with help from this popular language-learning app.

Starting a Business

Free Webinar | April 25: How to Launch a Business For Creative Minded People

You can monetize your creativity! Join our webinar on April 25th to ask globally recognized design executive Launi King anything you want to turn your passions into money. Register now!

Innovation

Up to 90% of Startups Fail — But Innovation Accelerators Can Help Yours Succeed. Here's How.

Learn how innovation accelerators are powering startups, shortening time to market and increasing the survival rate of fledgling businesses.