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ToggleMessage from the Founders – Sumit Gupta and Neeraj Khandelwal
It’s hard to believe that six years ago, CoinDCX was just a seed of an idea. Today CoinDCX is the largest crypto exchange of India. As we celebrate our anniversary, we’re overwhelmed with a wave of emotions – pride, gratitude, and pure excitement for what lies ahead.
The journey hasn’t been easy. Those in the crypto space or watching from the sidelines are familiar with the kind of path we’ve navigated: crypto market cycles, regulatory hurdles, and moments of uncertainty. But through it all, two things remained constant: our commitment to empowering Indians with the tools and knowledge they need to thrive in the crypto world, and the love and support of our incredible community.
How have we progressed over the last 6 years: From an Exchange to an Entire Web3 Ecosystem
If you ask about the highlights of our journey, we’d say building a strong Web3 ecosystem is our proudest achievement. We started as a crypto exchange in 2018 and have evolved into a comprehensive ecosystem, encompassing an exchange, CoinDCX Ventures, the Okto self-custodial wallet, and the revolutionary Okto SDK that bridges Web2 and Web3.
CoinDCX Ventures remains committed to investing in promising Web3 projects, having already backed over 15 startups in this domain. Beyond capital investment, our strategic partnerships are built on a co-development approach, leveraging our robust team’s expertise across various domains. This involves providing insights into product development with a customer-centric focus and aligning marketing efforts to boost their visibility . Additionally, we have the added advantage of tapping into the extensive CoinDCX community, comprising over 1.5 Crore users.
Our recent strategic investment in BitOasis, one of the leading exchanges in the MENA region, will facilitate CoinDCX’s expansion into international markets.
Okto,the Web3 self-custodial wallet, was launched for global users. It has since evolved into a platform that provides access to various investment opportunities like swaps, Futures, rewards hub, etc. Over 200,000 users are currently using Okto Wallet. In our endeavor to push for web3 adoption, we have introduced Okto SDK. While Web3 Apps are developed by entrepreneurs and builders worldwide, it is crucial to integrate them with existing internet apps for mass adoption. Okto SDK addresses this challenge, aligning with the goal of seamlessly onboarding both web3 and web2 users into web3, ensuring both privacy protection and user-friendliness.
CoinDCX is proud to be building in India, for India, and we’re determined to see India at the forefront of the Web3 revolution, collaborating with all stakeholders to make it happen.
Empowered over 44.5 lakhs through Education on Crypto and Web3
Our mission has been to make crypto and Web3 education accessible to all. Over the last couple years, we have moved a step ahead to ensure we organize our education in person. Some of you are associated with these initiatives such as Unfold, DCX Learn, Namaste Web3, and Community Chapters. In 2023, the second edition of Unfold saw over 3500 attendees, joined by industry-leading speakers from India and around the globe. The hackathon organized alongside the event featured over 800 participants, making it Asia’s largest multichain and multiprotocol hackathon.
The engagement of Namaste Web3 continues to be a mass movement of in-person education. Breaking the trend by expanding beyond metro cities, in 2023 Namaste Web3 extended its reach to smaller cities such as Ahmedabad, Pune, and Jaipur. Our community chapters have been spreading education in 20+ cities and counting.
We promise to continue building upon this foundation, ensuring that we touch all aspects of the Web3 ecosystem and serve as a bridge between people, developers, and Web3.
Our customers are the heart of everything we do; it’s good to see them mature
Our users remain at the heart of everything we do. We continue to enhance their experience as we build and innovate in Web3. With the trust of over 1.5 crore Indians enjoying their crypto journey through our CoinDCX App, users have access to popular features like advanced trading, Crypto SIPs, and passive earning, all from a single, unified platform. Similarly, through Okto, our self-custodial Web3 Wallet, we have simplified access for our users to participate in investment opportunities in the DeFi ecosystem.
We are enthusiastic to see our new products being welcomed by our users. It is equally encouraging to witness our customers maturing. In 2022, the average age of CoinDCX users stood at 25. In 2023, we saw a notable increase, with the average age now standing at 30. Once considered exclusively for the younger demographic, the crypto asset class is now attracting mature and seasoned investors. We are pleased to see more women from tier 2 and 3 cities joining our platform.
CoinDCX: The Preferred Partner for Global Blockchain and Web3 Companies for entering Indian market
CoinDCX is actively building India’s leading Web3 ecosystem, engaged in strategic partnerships, helping move the ecosystem forward, and ultimately benefiting customers. Whether the Solana Foundation and Superteam announcing a ₹25 Crore grant program for Indian Web3 developers in partnership with CoinDCX, or global protocols like Avalanche, SUI, etc., choosing to be part of our hackathon organized on the sidelines of Unfold 2023, we are an ideal collaborator for global blockchain and Web3 companies.
We remain open to other such partnerships that add value to users and the ecosystem.
Giving Back to the Community
At CoinDCX, we have always prioritized the community. Over the past year, there have been numerous instances where our community reached out to us, and we supported them in every way possible.
One significant initiative involved assisting thousands of Indians in safely migrating their crypto assets when FIU IND notified non-compliant offshore exchanges. Additionally, when Vauld, a Singapore-based crypto exchange, suspended all trading, withdrawal, and deposit activities, Okto stepped in to support Vauld users. As part of this initiative, Okto allocated a $5 Million Treasury Fund, reinforcing trust within the crypto community.
In another effort, CoinDCX collaborated with Koinex to assist its existing 100,000 users in accessing their assets through CoinDCX’s platform. Koinex, an Indian VDA exchange, ceased operations in 2019 due to various business and regulatory challenges.
When in 2022, the Government of India introduced tax on crypto, we simplified the crypto tax reporting procedure for Indian crypto investors. We collaborated with KoinX, a leading crypto tax solutions platform. CoinDCX traders were able to obtain their crypto tax reports effortlessly with just a few clicks, making the process incredibly efficient.
Looking Ahead: A Strong Vision for our Industry and CoinDCX
The past couple of years have been challenging for the market, but we’re beginning to see a shift in momentum, especially with recent developments like institutional interest and the approval of Bitcoin ETFs by the US Securities and Exchange Commission. With the anticipated Bull Run and an expected surge in transactions and volumes, we have a huge responsibility to serve our customers better and introduce products that align with the market’s expectations.
Going forward, we will continue empowering the masses by democratizing access to Web3. We promise that the coming year will be as exciting as the years gone by. As we continue to build in Web3, some of those initiatives will be rolled out soon. We are committed to take CoinDCX to the next level. Stay tuned for further updates.
As we continue on our journey, we’d like to express our sincere gratitude to our investors, employees, users, community, developers, and founders, for their role in our success. We are humbled and thank you all and look forward to your continued support.
Here’s the film that I would like our community to watch – A film about dreamers of Crypto.
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