India’s faith in crypto grows as CoinDCX reaches 10m users

By Puja Sharma

The crypto exchange spearheaded education in crypto and blockchain with DCXLearn to combat misinformation and drive awareness in emerging technologies and innovation, particularly as it advances towards mainstream adoption and grows in its importance.

In 2020, India’s cryptocurrency market is estimated to be worth $91m. Since its launch, the crypto market in India has experienced steady positive growth. In the digital world, a cryptocurrency can be described as a digital asset used as a medium of exchange where all transactions are recorded in a ledger-like system called a blockchain.

With 10 million user milestone caps off CoinDCX’s remarkable unicorn growth story, demonstrating its relentless commitment to providing safe, secure, and easy access to digital assets in India.

Over time, however, as awareness spread throughout the country, the cryptocurrency market started to grow steadily. The flames were further fanned when the Supreme Court of India lifted the ban on cryptocurrency trading in March 2020. Due to these government relaxations, the market saw major players offering cryptocurrency-related services. fast-forward to 2022, where during the union budget of 2022, the government imposed a 30% tax on any virtual or cryptocurrency asset transfer.

According to a report by the National Association of Software and Service Companies in association with WazirX, the crypto-tech industry in India grew 39 percent over the past five years to $74.2m in FY21.

CoinDCX, India’s first crypto unicorn, and the nation’s safest crypto exchange, today announced that it now has more than 10 million users. This milestone follows CoinDCX’s phenomenal growth since its inception four years ago and is a firm step towards the company’s vision to provide safe, secure, and easy access to digital assets to 50 million users in India.

Commenting on the company’s milestone, CoinDCX CEO & Co-Founder Sumit Gupta, said: “Accomplishing such a phenomenal milestone in just under four years since our launch is a remarkable feat, and is a testament to the growing demands for digital assets in India. CoinDCX’s exponential growth in the past year attests to the trust that our customers have placed in us as the nation’s safest crypto exchange and from our commitment to drive transparency and credibility in the industry. With this achievement, we look to push forth with our mission to offer a trusted trading experience, and champion education and awareness in blockchain technology and digital assets.”

A pioneer in India’s crypto industry, CoinDCX has tracked unparalleled growth since it was launched in 2018. With just 140,000 users at the end of 2020, CoinDCX’s stellar growth thereon has been driven by a combination of both greater appreciation and awareness of crypto assets amongst the younger generation, Tier-II cities, and women investors, as well as a unified desire for a safe and reliable crypto trading platform.

Among its notable peers in India:

WazirX: One of the most successful cryptocurrency exchanges in India at present. The platform started on March 8. It provides its customers with peer-to-peer transaction capabilities and manages a technology that enables processing millions of transactions. As well, it can scale up the framework to meet the rising demand.

BuyUcoin: This is another pioneer of cryptocurrency exchanges in India. It provides a platform for the trading of cryptos such as Bitcoin, Ethereum, Ethereum Classic, List NEM, Civic, Litecoin, Bitcoin Cash, and many others. Recently, the function of periodic transactions has been included to allow customers to participate in crypto as a SIP.

Zebpay: Established in 2014, this platform has over 3 million customers and $2 billion in fiat transactions. It provides the opportunity to instantly buy Bitcoins and a variety of Altcoins with guaranteed execution and minimal slippage. The Disable Outgoing Transaction feature aids to block all outgoing transactions with a robust security mechanism.

CoinSwitch Kuber: A stable and user-friendly Indian platform for crypto trading provides access to combined liquidity to exchange at the best possible rates and trade simultaneously after finishing KYC/AML procedures. The platform is ideal for beginners and daily doers.

CoinDCX has also spearheaded education in crypto and blockchain with DCXLearn to combat misinformation and drive awareness in emerging technologies and innovation — particularly as crypto advances towards mainstream adoption and grows in its importance. It also offers a myriad of investment solutions for every investor, from CoinDCX for investment novices and veterans, to CoinDCX Pro for seasoned traders, and CoinDCX Prime for HNIs and institutions.

“As a leading crypto powerhouse, CoinDCX has been at the frontier of India’s crypto landscape, placing the nation on the world map for digital asset innovation. We’re proud to continue strengthening our growth in India and beyond, lowering the barriers to make the future of finance more accessible to all,” added Neeraj Khandelwal, Co-founder, CoinDCX.