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 word 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. It’s clear that cryptocurrencies are an important and rising element in today’s digital economy. CoinDCX is a cryptocurrency trading site which is one of India's biggest cryptocurrency exchanges.
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
As of April 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: ‘Cryptocurrency Adoption.'
CoinDCX announced the launch of CoinDCX Go earlier this year and was overjoyed. A future Bitcoin app that allows users to legally purchase Bitcoin and other common cryptocurrencies with a single click.
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 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 justifies the same.
CoinDCX' s tagline is, "Your Gateway to Crypto."
CoinDCX - Founders and History
CoinDCX was founded by Sumit Gupta and Neeraj Khandelwal in April 2018.
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's 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 $10 M and a monthly trading volume of $400 M 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.
Pooja Uniyal
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 cryptocurrency exchange. Its patented liquidity aggregation model gives users access to liquidity from the world's leading cryptocurrency exchanges.
CoinDCX - Revenue and Growth
“This 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 - Funding and Investors
The CoinDCX funding till date is as follows:
| Date | Round | Amount | Lead Investors |
|---|---|---|---|
| Dec 22, 2020 | Series B | INR 100 Cr | 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.
Due to high user traffic we are aware some of our users like yourself might be experiencing issues related to services on our website and our Apps.
— CoinDCX: Making Crypto Accessible to Indians (@CoinDCX) May 19, 2021
We are thankful for your patience and regret any inconvenience this may cause to you.https://t.co/W6oS8yz55v
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.
Sarika Anand
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.
Speaking from a development perspective of the app, Neeraj Khandelwal, Co-founder, CoinDCX said, “Most 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.
Author: Sarika Anand
Source : https://startuptalky.com/coindcx-success-story/
Date : 2021-06-02T15:33:47.000Z