CoinDCX Success Story – The Safest Cryptocurrency Trading Platform

CoinDCX Success Story – India’s Leading Cryptocurrency Platform

CoinDCX is one of India’s safest and largest platforms of cryptocurrency exchange. The platform is 100% legal and it is built for all kinds of traders. The company allows full freedom to the traders and they can trade their assets according to their needs. The trading experience on the platform is reliable, effortless, and quick. It offers a huge range of tokens such as Bitcoin (BTC), Cardano (ADA), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Chainlink (LINK), Litecoin (LTC), Matic Network (MATIC), etc. So let us get into this article to read the success story of this amazing company that changed the face of cryptocurrency trading in India.

CoinDCX – Key Points

• Company Name – CoinDCX
• Headquarters – Mumbai, Maharashtra, India
• Founders – Sumit Gupta and Neeraj Khandelwal
• Founding Year - 2018
• Industry – Cryptocurrency, Software
• Valuation - $1 Billion
• Funding - $244 Million
• Areas Served – Worldwide
• Number of employees – 90 - 100
• Website – www.coindcx.com

CoinDCX – Brand Name, Logo, and Tagline

• Brand Name – This Singapore based company specializes in services related to crypto. So the brand name of the company is appropriate which lets it ooze uniqueness.
• Logo – The company’s logo is in beautiful black and red colour. It looks different and attractive.
• Tagline – The tagline of the company is – Your Gateway to Crypto.

CoinDCX – Founders

• Sumit Gupta – Sumit is the CEO and co-founder of CoinDCX. He holds a B.Tech degree in Electrical and Electronics and an M.Tech in Electronics and Signal Processing from the prestigious IIT Bombay. Sumit worked as a Data Research Analyst at Columbia Business School, Software Engineer at Sony. He is also the co-founder of ListUp.
• Neeraj Khandelwal – Neeraj is the CTO and co-founder of CoinDCX. He holds a B.Tech degree in Electrical Engineering from IIT Bombay. Neeraj leads the technical development of the company.

CoinDCX – Business Model

The company’s business model has single-point access to trade all cryptocurrencies available in more than 500 markets. They also have a highly scalable trade machine engine, that is capable of processing 1 million transactions per second. Every transaction on CoinDCX’s platform incurs a transaction fee.

CoinDCX makes money through some the ways like deposit fees, withdrawal fees, listing fees, trading commissions, etc.

CoinDCX – Revenue

CoinDCX’s revenue as of FY 2021 is $46 Million. The company is expected to see tremendous growth in the coming FY.

CoinDCX – Growth

Some of the growth factors of the company are as follows:

• The company saw a 3 times increase in the total volume in the first quarter of 2020 – 2021.
• CoinDCX saw an increase in the daily active users by 4 times.
• People aged 25 to 40 spend millions of dollars every day on cryptocurrency.

CoinDCX – Funding and Investors

CoinDCX has risen total funding of $244 million in 8 rounds. The company’s last funding rose on April 2022 in the Series D round of $135 Million. The details of the funding and investors of the company are as follows:

• Undisclosed Amount – Seed Round, Mar 30, 2018
• Undisclosed Amount – Secondary Market, Jan 7, 2019
• Undisclosed Amount – Seed Round, Bain Capital Ventures, Mar 20, 2019
• $3 M – Series A round, 100x Ventures, Polychain, Bain Capital Ventures, Mar 23, 2020
• $2.5 M – Series A round, Polychain, May 26, 2020
• $13.43 M – Series B round, Block.one, Dec 22, 2020
• $90 M – Series C round, B Capital Group, Aug 10, 2021
• $135 M – Series D round, Steadview Capital, Pantera Capital, Apr 19, 2022

CoinDCX achieved its Unicorn status from the last funding of $90 Million on Aug 10, 2021.

CoinDCX – Partnerships

CoinDCX has partnered with various celebrities such as Amitabh Bachchan and Ayushmann Khurana. According to the company, their personality matches the brand’s values and they are CoinDCX’s one of the first brand ambassadors.

Some other partners of the company are as follows:

• BITS Pilani
• Solidus Labs
• Onfido
• BitGo

CoinDCX – Campaigns

CoinDCX runs various campaigns to drive more audiences towards their company and to raise awareness amongst people. Some of the famous digital campaigns run by the company are as follows:

• #BitcoinLiyaKya Campaign – This campaign by the company is a humorous take on the cryptocurrency that aims to pull more audiences to indulge in the platforms like CoinDCX.
• Happy Day Rewards Campaign – This campaign aimed to show the dominance of the crypto asset class in the country. It also bought opportunities for various new users to win up to a lakh worth of Bitcoin daily.

CoinDCX – Competitors

CoinDCX is one of the leading players in the market and the company already has various competitors in the industry. Some of the top competitors of the company are as follows:

• WazirX
• Zebpay
• UPHOLD
• CoinSwitch Kuber
• Binance
• Bitso
• Unocoin
• Coinbase
• LocalBitcoins
• C-Cex
• Poloniex
• Kucoin
• HitBTC

CoinDCX – Challenges Faced

CoinDCX faced various challenges in its entrepreneurial journey before becoming a Unicorn. Some of the major challenges faced by the company are as follows:

• Price Drop – On May 19th, 2021, the price of Bitcoin fell dramatically to $31,000 in just a few hours. This bought an outrage amongst the investors and they started panicking. Due to this, Cryptocurrency platforms such as CoinDCX, Coinbase, WazirX, etc. had to experience an hour-long outage. Investors were trying to sell their shares but they were unable to do it, as the servers crashed.
• Unsuccessful Purchase – Due to this unfortunate incident, a lot of people started selling their shares but various investors wanted to buy them as well. But their purchase was unsuccessful because of the crashed server.
• No help from the banks – Reserve Bank of India (RBI), issued an informal advisory and various Indian banks stopped providing any kind of service to these crypto companies.
• Competitors – CoinDCX is not the only player in the market. It has various good competitors and some of them are performing well at various levels.

CoinDCX – Future Plans

CoinDCX has many exciting plans of the company are as follows. Some of the upcoming plans of the company are as follows:

• CoinDCX is planning to get 50 million Indians into this cryptocurrency industry by the end of FY 2023.
• They are also planning for widespread adoption amongst Generation Z and millennials and many new crypto enthusiasts.
• The company will keep on spreading awareness amongst people about cryptocurrencies.
• They are also planning to hire more people in the organization.
• CoinDCX is aiming to strengthen its customer retention through various campaigns.
• They are looking forward to improving the existing array of products.