From Sumit Gupta and Neeraj Khandelwal, Co-Founders, CoinDCX
As 2024 comes to a close, we pause to reflect on a year of extraordinary progress—one defined by innovation, resilience, and the steadfast support of our community. This year, we reinforced our commitment to making Web3 more accessible, secure, and user-friendly. We took every possible step to empower investors, developers, and stakeholders to navigate the evolving Web3 landscape, make informed decisions, and seize opportunities for growth and innovation.
Here is CoinDCX’s Annual Report 2024 — Download Now
A Year of Opportunities, but challenges too
This year marked significant advancements in the global crypto narrative. Bitcoin crossed $100,000, institutional adoption accelerated with the introduction of Bitcoin and Ethereum spot ETFs, and regulatory frameworks began to take shape across the globe, fostering greater trust and stability.
This year was not without its challenges. While it was unfortunate, an incident in the ecosystem created a climate of uncertainty and raised questions about the broader industry’s resilience. These moments reinforced the importance of collective responsibility within the crypto industry. They emphasized the importance of robust security and transparent practices, ensuring that trust is not only upheld but continually strengthened.
Our industry body, Bharat Web3 Association (BWA), has been consistently working to unite Indian stakeholders and drive forward meaningful policy initiatives. As a founding member of the BWA, we actively contribute to shaping the regulatory landscape in India and globally. Through policy advocacy, industry guidelines, and close engagements with government stakeholders, we remain at the forefront of regulatory developments. Our global expansion also aligns with our commitment to driving the creation of harmonized and comprehensive regulations, which are vital for the next wave of Web3 adoption and growth.
The Edge That Sets Us Apart
We have consistently emphasized, and re-affirm, that the security of customer funds remains our highest priority. In a first for an Indian exchange, CoinDCX introduced the Crypto Investors Protection Fund (CIPF), designed to safeguard users in the rare event of security breaches. We have committed to allocating 2% of our brokerage income to this fund, which now stands at ₹57.5 crore. The corpus will continue to grow over time, further strengthening the safety net for our users.
In addition to CIPF, we have envisioned Bharat Custody—a secure, state-of-the-art custody solution designed to safeguard crypto assets for Indian exchanges and VDA companies. Backed by a ₹50 crore R&D commitment, Bharat Custody will ensure localized asset security, independent governance, and global-standard compliance for over 3 crore Indian investors.
Transparency remained central to our mission, we moved from quarterly Proof of Reserve (PoR) to monthly Transparency Report.These initiatives, combined with our focus on education, security, and reliability, reinforced our commitment to building a secure and trusted ecosystem.
Preparing for the Bigger Game
As we stand at the cusp of a new chapter, our resolve to shape the future of crypto and Web3 remains stronger than ever. 2024 was a year of preparation, of laying the foundation for a much bigger game. CoinDCX stood tall as the largest crypto exchange in India. We’ve built a reputation for unparalleled security and unmatched trading volumes, earning the trust of millions of users. Our focus is clear: Every step we take is aimed at introducing better products and features, providing exceptional customer service, and upholding the highest standards of security.
But leadership is not about resting on laurels—it’s about pushing boundaries. The crypto space continues to evolve at a rapid pace, and we are prepared for its next phase. As the world transitions from traditional apps to decentralized dApps, we are laying the foundational infrastructure for the future of the internet. Our Okto Chain addresses key challenges in the Web3 ecosystem, including complex user experiences, development difficulties, inefficient asset management, and inconsistent security. Okto simplifies these issues with an advanced orchestration layer, enhancing chain abstraction. It provides developers with a seamless platform to create next-generation applications using simple SDKs and pre-built, community-driven Blocs (easy-to-use scripts), paving the way for broader Web3 adoption.
Community First
Our connection with the community reached new heights in 2024. Through the CoinDCX Maxis Program, we reached over 50 million people under the #BharatForWeb3 initiative. We launched Learn Karo. Crypto Karo. campaign to double down our education initiatives. Looking ahead, in 2025, we are poised to expand our education initiatives even further, empowering more individuals to explore and engage with the world of Web3.
To our stakeholders, customers, and community—thank you for your trust, belief, and support. Each achievement reflects the collective spirit and hard work of everyone in this ecosystem. As we step into 2025, our mission remains steadfast: solving real-world problems, driving innovation, and shaping the decentralized internet’s future.
Wishing everyone another year of progress, purpose, and endless possibilities.
Let’s keep building together.
With gratitude and excitement,
Sumit Gupta & Neeraj Khandelwal
