CoinDCX - Aiming To Get 50 Million Indians Into Cryptocurrency This Year

Sarika Anand Sarika Anand
Oct 16, 2021 10 min read
CoinDCX - Aiming To Get 50 Million Indians Into Cryptocurrency This Year

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by CoinDCX.

A massive increase in the number of internet users has reactivated virtual world concepts and spawned a new market phenomenon known as cryptocurrency to enable financial transactions such as purchasing, selling, and trading.

Cryptocurrencies are digital representations of precious and intangible objects that can be used in a variety of applications and networks, including online social networks, online social games, virtual worlds, and peer-to-peer networks.

In recent years, virtual currency has been widely used in a variety of schemes. Itโ€™s clear that cryptocurrencies are an important and rising element in todayโ€™s digital economy.

CoinDCX is a cryptocurrency trading site, which is famous as one of India's biggest cryptocurrency exchanges. The company has earned unicorn status by raising $90 million on August 10, 2021, and turned into India's first unicorn startup.

Here we will delve deep into the Latest News, Funding, Investors, Mission, Vision, Business and Revenue Model, Challenges Faced, Future Plans, and more of CoinDCX.

CoinDCX - Company Highlights

Company Name CoinDCX
Headquarters Mumbai, Maharashtra, India
Industry Cryptocurrency, Software
Founded April 2018
Founder Sumit Gupta and Neeraj Khandelwal
Areas Served Worldwide
Website www.coindcx.com

CoinDCX - Latest News
About CoinDCX and How it Works?
CoinDCX - Mission and Vision
CoinDCX - Name, Logo and Tagline
CoinDCX - Founders and History
CoinDCX - Business Model
CoinDCX - Revenue and Growth
CoinDCX - Funding and Investors
CoinDCX - Competitors
CoinDCX - Challenges Faced
CoinDCX - Future Plans
CoinDCX - FAQs

CoinDCX - Latest News

October 15, 2021 - CoinDCX puts ad campaigns with Amitabh Bachchan to hold mainly due to the lack of clarity in the regulation and policy framework.

October 4, 2021 - CoinDCX has roped in Amitabh Bachchan as its first brand ambassador, who will be the new face in the upcoming campaign of CoinDCX.

August 10, 2021 - CoinDCX raised $90 million on August 10, 2021, from its Series C round to shoot up the company's valuation to $1.1 billion. This made it the first unicorn crypto startup and the 22nd unicorn of India so far in 2021. Surely, a ground-breaking year for the Indian startup funding this year!

April 7, 2021 - CoinDCX announced its 3rd birthday. Three years ago, CoinDCX has begun an exciting journey of providing cryptocurrency trading and exchange services to the general public. The Reserve Bank of India (RBI) declared a banking ban for cryptocurrency and related entities around the same time. In addition, India's crypto industry was in desperate need of a shake-up. It was enough to keep the momentum going, and CoinDCX began with a single goal in mind: โ€˜Cryptocurrency Adoption.'

January 20, 2021 - CoinDCX announced the launch of CoinDCX Go app. A future Bitcoin app that allows users to legally purchase Bitcoin and other common cryptocurrencies with a single click, CoinDCX Go stands as a simple, safe and secure method to invest in cryptocurrencies.

About CoinDCX and How it Works?

CoinDCX is a platform that allows users to legally exchange various cryptocurrencies. It is built for all types of traders, taking into account their trading background, risk tolerance, and trading frequency, allowing customers to trade their crypto assets according to their requirements.

CoinDCX is a company that is working on a cryptocurrency trading network. The business is focused on developing cross-border financial services that ensure a smooth and continuous flow of resources. The trading experience is quick, reliable, and effortless thanks to its liquidity, powerful wallet, and impenetrable protection. CoinDCX has given its traders access to a variety of industry-first products that enable them to trade using exchange liquidity.

Currently CoinDCX Go offers a range of tokens in INR pairs such as, Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB), Chainlink (LINK), EOS (EOS), Tether (USDT), Cardano (ADA), Stellar Lumens (XLM), Ripple (XRP), Basic Attention Token (BAT), Matic Network (MATIC), Tron (TRX) etc.

The services of CoinDCX are tailored to fit all styles of traders, taking into account their trading history, risk tolerance, and frequency of trading. The company's mission is to democratize finance and make investing more available to the general public.



CoinDCX - Mission and Vision

CoinDCX mission and vision statement says,

"CoinDCX envisions to enable global financial inclusion of billions of people around the planet with a crypto-based financial services. We aim to make decentralized financial services accessible to the common man on their palms and tips."

CoinDCX - Name, Logo and Tagline

DCX is a company based in Singapore that specializes in crypto-enabled financial services, and so the name 'Coin' DCX is a fitting add-on to let the company ooze of uniqueness.

Company Logo of CoinDCX
Company Logo of CoinDCX

CoinDCX' s tagline is, "Your Gateway to Crypto."

CoinDCX - Founders and History

CoinDCX was founded by Sumit Gupta and Neeraj Khandelwal in April 2018.

Founders of CoinDCX - Sumit Gupta and Neeraj Khandelwal
Founders of CoinDCX - Sumit Gupta and Neeraj Khandelwal

Sumit Gupta first learned about distributed ledger technology when Bitcoin was gaining popularity. This is when the concept of putting together different decentralized marketplaces and cryptocurrencies, which serve as the marketplace medium of exchange, stayed with him.

He then reached out to his friend Neeraj Khandelwal, with whom he worked to bridge the crucial market gaps between this emerging technology and global consumers. The duo realized that Blockchain traders, who could keep track of thousands of crypto trades every second, lacked a single trading network. In April 2018, the IIT-Bombay graduates launched CoinDCX as a result of this.

The startup claims to have had a daily trading volume of more than $10M and a monthly trading volume of $400M since its launch. After researching the industry and the potential of crypto technology, they launched the DCX journey with a cryptocurrency exchange in 2018.

The CoinDCX team created the entire platform from the ground up. Full-stack developers, blockchain developers, machine learning engineers, app developers, software engineers, and data scientists make up the 50-member team, giving them the expertise to incorporate any innovative logic or functionality in our market.


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CoinDCX - Business Model

The CoinDCX business model has established single-point access to trade all cryptocurrency instruments available in over 500 markets, according to the founders. It claims to have developed a highly scalable trade machine engine capable of processing one million transactions per second. Any transaction or exchange on CoinDCX incurs a transaction fee. Deposit fees (charged on exchanging currencies), withdrawal fees, trading commissions (0.01 percent of the overall transaction is normal on any exchange), and listing fees are how CoinDCX makes money, just like any other cryptocurrency exchange.

The trader will convert INR to Cryptos and vice versa on DCXInsta, gain by lending their holdings with DCXlend, and leverage trades with DCXmargin on DCXtrade's 500+ markets. CoinDCX aspires to be the world's best cryptocurrency exchange. Its patented liquidity aggregation model gives users access to liquidity from the world's leading cryptocurrency exchanges.

CoinDCX hasn't seen any brand ambassadors to date. The first brand ambassador that the company has settled on, according to the reports dated October 4, 2021, is the veteran actor, Amitabh Bachchan. With this agreement, CoinDCX aims to boost the overall knowledge of crypto and popularize the currency as an emerging asset class. Furthermore, Bachchan is also deemed to be the new face of the latest campaign by CoinDCX.

According to CoinDCX, Bachchan's personality matches the brand's values. Amitabh Bachchan, who is always forward in his league, whether it is in movies or anything else, is the paragon of wisdom, which will help the company add more credibility. Besides, the veteran actor has been a crypto investor himself and has already been successful in launching his own NFT (Non-fungible token), thereby gathering a considerable amount of knowledge of the crypto space. "His knowledge will prove valuable in building trust and credibility amongst new users. We are certain that his association with CoinDCX will help bring greater visibility to the world of crypto and develop a strong brand recall for us,โ€ mentioned Sumit Gupta, Co-founder, and CEO of the brand.

CoinDCX is yet to proceed with its ad campaign with Amitabh Bachchan as of October 15, 2021. The company has reportedly put the advertisement campaigns with the legendary actor due to the lack of clarity on the regulation and policy framework. On the other hand, Amitabh has also disclosed in a recent blog post that he will be reconsidering the advertisement campaign signed with the crypto trading major. He had also mentioned that he would be revoking his endorsement with the pan masala brand Kamala Pasand on the same blog.

CoinDCX - Revenue and Growth

โ€œThis has been the most exciting year for CoinDCX. While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so. Our team tripled in number from 30 in March to 90 in December, and we are continuing to hire aggressively," said Sumit Gupta, CEO and co-founder of CoinDCX in a statement.

If more investors looked into these emerging liquidity alternatives as a result of the global pandemic, interest in digital assets grew steadily. As institutional and individual investors adopt these emerging asset classes to diversify their portfolios, this trend is expected to intensify exponentially, according to analysts.

India is regarded as a developing market for cryptocurrencies, with retail investors aged 25 to 40 spending millions of dollars every day on cryptocurrency trading in the nation. In the April-June quarter of 2020, the exchange says it saw a 3X increase in total volume traded and a 4X increase in daily active users.

"In the end of 2020, interest in digital assets was growing consistently as more investors explored these new liquidity options. With the global events this year, we're seeing this trend accelerate exponentially, as both institutional and individual investors embrace these new asset classes to diversify their portfolios," Block.one's CEO Brendan Blumer said.

CoinDCX becomes the first crypto unicorn of India valued at $1.1 billion as of August 10, 2021, with the latest funding round where the former Facebook co-founder, Eduardo Saverinโ€™s B Capital Group took part along with a bunch of the company's existing investors - Coinbase Ventures, Polychain Capital, Block.one and more.

CoinDCX - Funding and Investors

CoinDCX has raised around $109 million over 5 funding rounds that the company has seen. The last round of funding helped the company raise $90 million, which turned the company into a unicorn at a valuation of $1.1 billion on August 10, 2021.

The CoinDCX funding till date is as follows:

Date Round Amount Lead Investors
August 10, 2021 Series C $90M B Capital Group, Coinbase Ventures, Polychain Capital and others
Dec 22, 2020 Series B $13.43M Block.one
May 26, 2020 Series A $2.5M Polychain
Mar 23, 2020 Series A $3M 100x Ventures, Bain Capital Ventures, Polychain
Mar 20, 2019 Seed Round - Bain Capital Ventures

CoinDCX - Competitors

Top Competitors of CoinDCX are as follows:

  • UPHOLD.
  • Binance.
  • Coinbase.
  • Poloniex.
  • LocalBitcoins.
  • HitBTC.
  • Kucoin.
  • C-Cex.
  • Bitso
  • WazirX

CoinDCX - Challenges Faced

As the price of Bitcoin, the world's leading cryptocurrency, dropped dramatically to a multi-month low, Indian cryptocurrency exchanges WazirX and CoinDCX experienced hour-long outages recently. Bitcoin's price fell 30% in a few hours to $31,000 on May 19th, 2021. Many investors tried to sell their crypto assets to prevent large losses when the price fell, but they were unable to do so because WazirX and CoinDCX's servers crashed, denying those trades.

Other investors attempted to purchase cryptocurrencies when the price was low, but their purchases were unsuccessful, resulting in a loss of valuable time before Bitcoin's price rebounded to $40,000. Several investors converted their cryptocurrencies to Indian rupees and requested withdrawals, but stated that the funds were withdrawn from their crypto wallets but not reflected in their bank accounts.

Following an informal advisory from the Reserve Bank of India, many Indian banks have stopped providing services to Indian crypto companies (RBI). Despite the Supreme Court's decision in March 2020 to overturn the RBI's 2018 circular prohibiting banks from offering services to crypto exchanges, this is still the case.

The current accounts of crypto companies have been suspended by ICICI Bank, one of the last few large lenders to provide services to them. Payment gateways for merchants buying or selling cryptocurrencies have reportedly been told by the private sector lender to turn off its net banking services.


Coinbase - Company Profile | All You Need To Know
Company Profile is an initiative by StartupTalky to publish verified informationon different startups and organizations. The content in this post has beenapproved by Coinbase. Individual coin ownership records are stored in a ledger in the form of acomputerized database that uses strong cryptoโ€ฆ

CoinDCX - Future Plans

  • Aims to get 50 million Indians into the cryptocurrency bandwagon this year.
  • Aims for widespread adoption among new crypto enthusiasts, especially millennials and Generation Z.
  • Strives to spread awareness about cryptocurrencies.
  • Looks forward to improve the company's existing array of products.
  • Aims to strengthen customer retention campaigns.
Speaking from a development perspective of the app, Neeraj Khandelwal, Co-founder, CoinDCX said, โ€œMost of the app users are in the age group 22 to 45. This app has been introduced to serve a simple purpose; remove the fear of technology, make the market numbers more understandable and provide the ability to make informed decisions in the crypto universe. A smart investor will regularly invest at least 1 percent of his disposable income for Bitcoins in his investment portfolio. People having faith in the future of technology should do the same. The app just makes the induction easy. Buying Bitcoin on CoinDCX Go will be as easy as using any of the popular apps such as WhatsApp, Instagram, Amazon, or booking your cab through Uber."

The company invested $1.3 million in TryCrypto, its own project aimed at making blockchain and cryptocurrency more available to mainstream consumers, in yet another effort to accelerate mass acceptance of cryptocurrencies.

CoinDCX - FAQs

What does CoinDCX do?

CoinDCX is a platform that allows users to legally exchange various cryptocurrencies. It is built for all types of traders, taking into account their trading background, risk tolerance, and trading frequency, allowing customers to trade their crypto assets according to their requirements.

Who founded CoinDCX?

CoinDCX was founded by Sumit Gupta and Neeraj Khandelwal in March 2018.

Which companies do CoinDCX compete with?

Top Competitors of CoinDCX are UPHOLD, Binance, Coinbase, Poloniex, LocalBitcoins, HitBTC, Kucoin, C-Cex, Bitso, and WazirX.

How does CoinDCX make money?

Deposit fees (charged on exchanging currencies), withdrawal fees, trading commissions (0.01 percent of the overall transaction is normal on any exchange), and listing fees are how CoinDCX makes money, just like any other cryptocurrency exchange.

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