CoinDCX | Business Upturn

The Crypto exchange CoinDCX laysoff 12% of workforce

Dixita Hazarika — Tue, 22 Aug 2023 15:00:05 +0000

On August 22, founders of Crypto exchange CoinDCX, Sumit Gupta and Neeraj Khandelwal in a blog post said that CoinDCX had laid off around 12 percent of its workforce, citing changes of business priorities and the challenge of the business environment.

Foynded in 2018, CoinDCX is India’s most valuable crypto investment app, that is dedicated to make crypto accessible in a simple way.

This comes at a time when crypto startups, especially Indian exchanges, are struggling with regulatory uncertainty and have witnessed trading volumes decline by 85 to 90 per cent last year amid high taxes and TDS charges.

In the blog post, Gupta and Khandelwal told that startups and businesses globally were going through challenging times due to tough macro conditions, more so in crypto because of the prolonged bear market and impact of TDS on domestic exchanges. Those factors had a significant impact on their volumes and thus revenues and to adapt, they undertook several proactive measures which included direct cost optimization and investment in automation to drive efficiency and productivity. They also reprioritized certain initiatives/products in line with their long-term business strategy.

Now the startup will be focusing on driving profitability and sustainable business.

The startup announced that they will be providing the laid-off employees with necessary assistance and resources, including severance pay equivalent to the full notice period, an additional salary of one month, variable pay and incentives owed, encashment of unused leaves, extension of health insurance and wellness benefits, and access to counselling support.

CoinDCX claims Okto is the first self-custody wallet ever to use AI

Avinash Ram — Wed, 24 May 2023 11:47:52 +0000

Last year, CoinDCX added a self-custody cryptocurrency wallet called Okto to its services offering. The company estimates that it serves 1.3 crore cryptocurrency users in India. The Indian cryptocurrency exchange is already applying security patches to its Okto platform after having gained access to the newly exposed security gaps in the crypto ecosystem. With artificial intelligence (AI) technology, CoinDCX has enhanced its new security features. The corporation believed that the security systems in place needed to be improved, particularly as 2022 was the worst year ever for cryptocurrency thefts, with hackers trying to steal up to $3.8 billion (about Rs. 31,100 crore) in spite of protection precautions.

On Tuesday, May 23, CoinDCX said that Okto was the first self-custody wallet ever to use AI since it had been combined with cutting-edge cognitive AI technology. Machine learning (ML) has also been used by the Okto team to assess and track trends in both common and atypical crypto transactions.

Real-time monitoring of all transactions will be made possible by this layering in addition to continuous login authentication. Furthermore, the AI will be essential in seeing and recognising any questionable transactions that are being facilitated to or via the Okto wallet.

Vivek Gupta, the Chief Technology Officer (CTO) of CoinDCX, said that this update to Okto will offer “unparalleled protection” against phishing schemes, account takeovers, and malware assaults in an interview with Gadgets 360.

“This proactive security check procedure serves as a strong barrier against fraudulent activity. This cutting-edge security system uses artificial intelligence and machine learning to validate a user’s identification based on their behavioural and cognitive tendencies, according to Gupta.

It is noteworthy, nevertheless, that Okto’s use of AI and ML to study user behaviour on their devices, programmes, and websites may cause some consumers to worry about their privacy. The corporation has yet to provide a reaction on the matter.

The failure of exchanges like FTX and wallet providers like Coinbase increased the craze surrounding self-custodial cryptocurrency wallets. This placed people’s financial security at danger.

Users using self-custodial wallets are not dependent on any cryptocurrency exchange or wallet provider to store their private keys on their computers, making them an easy target for hackers or anyone facing a liquidity shortage.

Changpeng Zhao, the CEO of Binance, and Michael Saylor praised self-custodial wallets for preserving priceless digital assets in November of last year.

Self custody is a fundamental human right.
You are free to do it at any time.
Just make sure you do do it right.
Recommend start with small amounts to learn the tech/tools first.
Mistakes here can be very costly.
Stay #SAFU

— CZ 🔶 BNB (@cz_binance) November 13, 2022

In August of last year, CoinDCX pounced on the chance to introduce a self-custodial wallet. At that time, the business had introduced Okto, a mobile app that would provide a keyless, self-custodial wallet service supported by many levels of protection, as well as native access to more than 100 decentralised applications, including DeFi, NFTs, synthetics, and cross-chain bridges, among others.

According to Gupta, Okto’s new AI and ML features are a step towards the wallet and other emerging technologies advancing.

“Hardware wallets were traditionally thought of be a secure solution. But as technology developed, new and improved security mechanisms would appear. In order to guarantee that the private keys needed to access and control money are never completely exposed, we incorporated the multi-party computation (MPC) technology to Okto, he said. This eliminates the possibility of a single point of failure.

In the world of cryptocurrencies, CoinDCX had become the first unicorn from India in 2021, with a market capitalization of over $1 billion. Pantera and Steadview led a recent $135 million (approximately Rs. 1,044 crore) Series D investment deal for the company. In the past, Coinbase Ventures and Facebook co-founder Eduardo Saverin invested over $100 million (approximately Rs. 760 crore) in the business.

CoinSwitch speaks out on ED’s recent nab against top crypto sites

Dipankar Ray — Wed, 06 Jul 2022 11:54:05 +0000

The Enforcement Directorate (ED) has sent notices to major cryptocurrency exchange firms such as CoinDCX and CoinSwitch. Summons have been sent to both these agencies and officials have been called up for investigation. These firms have been under the radar of ED for quite some time in connection to violations. Which were made under the Foreign Exchange Management Act (FEMA). The case has been registered with the Bangalore office of the ED. Sumit Gupta, the creator of CoinDCX, has previously been questioned at the ED headquarters in Bengaluru. After being called, he had his comments videotaped.

“We receive queries from various government agencies. Our approach has always been that of transparency. Crypto is an early-stage industry with a lot of potentials and we continuously engage with all stakeholders”. A CoinSwitch spokesperson said.

The transactions carried out by these two companies over the preceding three years will be examined, and their Chartered Accountants (CA) will also be questioned, according to ED sources. The ED had previously requested information from the cryptocurrency exchange WazirX in June 2017 for suspected violations of the Foreign Exchange Management Act involving bitcoin transactions of Rs 2,790.74 crore.

CoinDCX appoints Shalini Saxena as Legal Head

United News of India (UNI) — Fri, 06 May 2022 09:08:42 +0000

Mumbai, May 6: CoinDCX, India’s leading player in the crypto space said. It has appointed Shalini Saxena as its legal Head. She will play a pivotal role in fostering a legal framework for the business. As the industry evolves and grows. Shalini will provide in-house counsel on the company’s legal mandate. And drive process efficiencies. Shalini comes in with a rich experience of over two decades. And has worked across a spectrum of projects in large corporates/MNCs. Commenting on the appointment, Sumit Gupta, Co-Founder and CEO of CoinDCX said. “We are delighted to have Shalini as Head our legal function. Her vast experience in the legal & compliance sphere across multiple geographies will strengthen our efforts. Toward customer protection, risk mitigation, and the development of new safety protocols.

Shalini will be involved in developing new standards for the ever-evolving regulatory landscape. And ensuring we have a world-class risk and compliance function. This is one of the many steps taken to forge our vision of building India’s crypto/ web3 ecosystem”. CoinDCX also announced the appointment of Navneet Khangura, Director for Governance, Risk and Compliance, for the Information Security function. She will be responsible for nurturing a strong Information Security culture within CoinDCX.

Ayushmann Khurrana to be the new brand ambassador of CoinDCX as Amitabh Bachchan withdraws

Ayisha Farah — Mon, 18 Oct 2021 08:07:36 +0000

On Monday, CoinDCX declared that it has selected actor Ayushmann Khurrana as its new brand ambassador. The announcement arrives after actor Amitabh Bachchan announced he’s halting the advertisement deal with CoinDCX until there is certainty on the legitimacy of cryptocurrency in India.

Currently, the Indian government has not formally acknowledged cryptocurrency as a financial commodity. Therefore it cannot be controlled by bodies such as the Securities and Exchange Board of India (SEBI).

That is not preventing crypto exchanges or investors who proceed to find profit in crypto investments. However, players such as CoinDCX are seeking to transform the fence-sitters as well. Therefore, Khurrana will highlight CoinDCX’s ‘Future Yahi Hai’ (This is the future) campaign to discuss critical matters encompassing crypto investments, including whether crypto is ‘Simple and Safe’ to invest and myths associated with cryptocurrency.

The kickoff ad will be released during the festive season and will feature the actor taking a witty yet educational approach to crypto. The ad campaign will be displayed across television, print and social media platforms.

Ramalingam Subramanian, head of the brand, marketing and communications, CoinDCX, says that Ayushmann has always come across as a warm and sincere personality who has a skill for connecting with younger and older generations with his excellent work.

“Our focus during this campaign will be to dispel the various myths surrounding crypto-based investing and breaking down the simple steps needed to enable anyone to start their crypto investment journey,” he adds.

Trading in cryptocurrency is the act of speculating on cryptocurrency price changes via a trading account or buying and selling the underlying coins via an exchange. That is where most players in India, such as CoinDCX, WazirX, CoinSwitch Kuber and Zebpay, are attempting to get as many users on their platforms. Their target group covers digital and mobile-first users between 25 and 40 years of age living in tier I and II cities.

Most platforms’ marketing arsenal includes ads on video streaming platforms, social media, television, and sponsorship deals for significant events and high reach properties such as Indian Premier League (IPL) and Big Boss.

As far as promotion and marketing activities go, no particular guidelines for cryptocurrency platforms have been put in place by ad industry watchdog Advertising Standards Council of India (ASCI) despite its extensive presence across media platforms.

CoinDCX signs Amitabh Bachchan as brand ambassador to raise Crypto awareness

Ayisha Farah — Mon, 04 Oct 2021 13:09:44 +0000

Bollywood megastar Amitabh Bachchan has been roped by Crypto exchange, CoinDCX, as its first-ever brand ambassador. Through this, CoinDCX will raise awareness about crypto and generalise it as a growing asset class.

Bachchan will be the newest face of a campaign that will focus on familiarising crypto as an asset class. According to the startup, Indians have been interested in investing in crypto. Regardless, the need for raising awareness is needed on safe crypto investments.

CoinDCX will be conveying through Bachchan that it is at the lead regarding the safety of its users and complying with the regulations. Additionally, the brand strives to educate users about the crypto area.

“We are honoured to have Bachchan as our brand ambassador. Being a crypto investor himself and having recently launched his own NFT (non-fungible token), Bachchan is well-versed in 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,” said Sumit Gupta, co-founder and chief executive officer, CoinDCX.

In India, the crypto industry has been receiving well, slowly growing over the years, with millions of Indians appearing as early adopters of the crypto asset class.

To improve the faith and reliability of India’s quickly growing cryptocurrency and digital asset industry, In August, CoinDCX joined the Advertising Standards Council of India (ASCI), a self-regulating voluntary organisation based on the advertising industry.

After raising $90 million in its Series C funding round, the exchange recently became India’s first crypto unicorn, led by Facebook co-founder Eduardo Saverin’s B Capital Group and other investors.

CoinDCX gets unicorn status by raising $90 million led by B Capital

Vandana Nampoothiri — Tue, 10 Aug 2021 05:58:22 +0000

In an official statement on Tuesday, cryptocurrency exchange platform CoinDCX announced that it raised $90 million in its Series C funding at a valuation of $1.1 billion, becoming the first Indian crypto exchange platform to reach a ‘Unicorn’ status.

Unicorn status is given to privately owned startups that are valued at more than $1 billion. The Series C funding was led by former co-founder of Facebook, Eduardo Saverin’s B Capital. Other cryptocurrency exchange platforms like Coinbase Ventures, Polychain, Block. one, and Jump Capital also invested in the funding.

“The funds raised will be allocated to expand (bring more Indians to crypto / make crypto a popular investment asset class in India) and strengthen our workforce that will cater to our growth story. We will hire talent across multiple functions, and focus on new business initiatives,” said Sumit Gupta, co-founder, and CEO of CoinDCX.

“Apart from this, we will be joining hands or enter into partnerships with key fintech players to expand the crypto investor base, set up a Research & Development (R&D) facility, strengthening the policy conversations through public discourse, working with the government to introduce favourable regulations, education, and amping up the hiring initiatives,” he further added.

CoinDCX was founded in 2018. In 2021, the company introduced CoinDCX Go, a bitcoin app. Currently, the company has more than 3.5 million users.