Since March 2020 it has been a promising time for the crypto-coin industry as it was in March that the Supreme Court of India lifted the ban on Cryptocurrency trades. Heretofore cryptos have experienced a growth in various currencies experiencing an improvement in their value that is equal to almost 80 %.
When Global giants such as Tesla, PayPal, JP Morgan, and Visa started giving importance to the crypto market, the surge even more increased.
Globally when Bitcoin underwent a rise of 159% in its value, on the other hand, Ethereum experienced a 337% year-to-date rise in value, and XRP saw a 221% increase in value year-to-date. CoinDCX which is Mumbai based this has been proven to be a boon for them as it has led to their user base expand from 150 k to 400 k investors within the recent 15 months.
As of May 15th, the daily trading volume on the CoinDCX platform was over $96 million, according to Coinmarketcap.com. Sumit Gupta and Neeraj Khandelwal, co-founders of CoinDCX, claim that the platform has reached a total market value of $10 billion, which was reached in February 2021. Sumit states that “ We haven't had it easy when it comes to success and growth. When CoinDCX first launched in 2018, the Reserve Bank of India (RBI) imposed a banking ban on cryptocurrency transactions, resulting in the closure of multiple crypto firms. We were one of the few players who opted to challenge the banking regulator's decision in court”.
Not only that, they have seen a 4x increase in daily active users quarter over quarter, and we plan to add 50 million Indians in the near future. CoinDCX, which began with 50 tokens listed on its exchange, now has over 500 coins and thousands of trade pairings available. The only startup in India based on Crypto space is CoinDCX, which has secured three rounds of money in less than a year, and in the midst of a pandemic! Overall it has raised almost $19 million with investors comprising Polychain Capital, Bain Ventures, Bitmex, Coinbase Ventures, DG, Jump Capital, Uncorrelated Ventures, Mehta Ventures and Alex Pack.
The company’s headcount has increased from 30-100 in the year 2020-21, and it has set a target of doubling its workforce by the end of 2021. CoinDCX is now the country's largest cryptocurrency exchange in terms of liquidity, with all crypto-trading products available under one roof. It delivered the most stability to the Indian market by integrating top cryptocurrency exchanges like Binance, Huobi Global, and HitBTC on its platform.
While the only drawback in the crypto industry is even after the customer's KYC has been validated by the exchange, private Indian banks are still hesitant to allow crypto traders to settle payments on exchanges.
CoinDCX like any other crypto exchange, CoinDCX makes money on deposit fees (charged on transferring currencies), withdrawal, trading commissions (.01 per cent of the total trade is the standard on any exchange), and listing fees.
With cryptocurrencies becoming more widely accepted in many countries, institutional investors will progressively flock to the blockchain and crypto field as compliance and laws take hold.