Indian Crypto Exchange CoinDCX Crosses 1 Crore-User Mark

Synopsis: India’s biggest cryptocurrency exchange platform, CoinDCX recently reported that it has surpassed the mark of one crore users on its platform. Its user base has grown nearly 60-fold in a span of just one year amid the pandemic.

CoinDCX was launched in 2018 and was one of the initial cryptocurrency platforms in India. The ascent to this achievement i.e. one crore users was nurtured by the organization’s remarkable growth in the year 2021. From 1.4 lakh users in late 2020 to a user base of 98 lakh in 2021, was sufficient to predict its growth to 1 crore users sooner than later.

Commending the organization’s accomplishment, Sumit Gupta, Co-founder, and CEO of CoinDCX said that the platform’s incredible achievement was an indication of the fact that the Indian market is developing a significant interest in digital assets. Underlining his organization’s commitment to client experience, he also added, 

“CoinDCX’s high growth during the previous year affirms the trustworthiness that our clients have put in us as the country’s most secure crypto exchange platform. With this accomplishment, we hope to progress with our prime goal to offer a transparent trading experience, as well as provide stellar awareness and education in digital assets and blockchain technology.”

Information from several exchanges reveals that the crypto market in India is male dominant up to this point. Most of the CoinDCX clients are likewise men. But, the participation of females in the crypto domain is ascending at a great pace, as around 75% of the new users are females.

As per CoinDCX, there are various variables that have prompted the surge in the investors’ interest in cryptocurrency, which has arisen as the new age asset category.

“Crypto markets are flourishing due to which many companies are receiving direct exposure to this domain,” said Sumit Gupta.

“The ever-increasing awareness about crypto education and innovation is assisting potential investors with settling on informed choices prior to investing,” he added.

As indicated by the platform, Bitcoin (BTC), Ethereum (ETH), Decenterland (MANA), The Loopring (LRC), and Sandbox (SAND), were the platform’s most exchanged tokens during the year.

The exchange said that Bitcoin and Ethereum are the top preferences amongst investors when it comes to selecting cryptocurrencies. Cardano, Dogecoin, and Ripple are the top choices as far as utility tokens are considered.

“CoinDCX, a paramount crypto force, has been at the frontiers of India’s cryptocurrency landscape, positioning the country on the world map for technology and innovation. We’re pleased to continue strengthening our development in India and beyond, alleviating the resistance to make the future of finance available to all,” CoinDCX co-founder Neeraj Khandelwal said.

CoinDCX has become India’s first crypto unicorn with its series C funding round done by Facebook’s former co-founder Eduardo Saverin’s B Capital. The ISO-certified company additionally has investments from investors like Polychain Capital, Bain Capital Ventures, Temasek, and HDR Group, administrator of BitMEX.

The key growth driving factor of CoinDCX’s growth is the awareness as well as the appreciation of cryptocurrency amongst younger individuals, Tier-II urban areas, and women investors. Cryptocurrency is particularly preferred for its growth potential and its highly secure nature.

With intends to build a global monetary inclusion utilizing crypto products, CoinDCX has been creating borderless monetary services that focus on security, while at the same time guaranteeing a quicker, less complex, and continuous progression of capital.

It likewise offers an array of investment options for each type of investor. From CoinDCX for amateur learners and veterans to CoinDCX Pro for seasoned brokers, and CoinDCX Prime for HNIs and equivalent entities.

The trade determines most of its client base from the northern piece of the nation, including urban areas like Delhi and Lucknow, trailed by Pune. An enormous piece of its client base is 18-24 years of age.

Aside from metro and level I urban communities, level II urban areas like Patna, Jaipur, Indore, and Agra are additionally highlighted in the best 15 spots with the most dynamic client base.

The exchange has a strong belief in cryptocurrency and its future in India. This is because a large number of people are unaware and uneducated about cryptocurrency and its potential. CoinDCX has therefore initiated education in cryptocurrency and blockchain with DCXLearn to battle falsehood and drive awareness in arising technologies – especially as crypto propels towards mainstream adoption and as its significance surges.