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<ul><li>India is one of the fastest-growing <keyword id="2721952" type="General" weightage="100" keywordseo="crypto" source="Orion">crypto</keyword> markets globally.</li><li>The country-wide lockdown and global pandemic did not dampen the spirit of crypto traders in India.</li><li>In fact, the crypto market was almost immune to the coronavirus and the havoc it wreaked across the world.</li><li>According to analytics firm Comscore, the cryptocurrency market in India grew from 17 million users in March 2021 to almost 90 million users in March 2022.</li></ul>Digital currency exchanges and India’s cryptocurrency market, which were non-existent a decade ago, have grown leaps and bounds in the last three years. Despite the global pandemic and highly volatile nature of the market, the popularity of cryptocurrencies seems to show no signs of slowing down. According to a new report by measurement and analytics firm <a href="https://www.comscore.com/Insights/Blog/India-s-Cryptocurrency-Boom?utm_campaign=APAC_IN_JUN2022_BP_CRYPTO_MARKET&amp;utm_medium=email&amp;utm_source=comscore_elq_APAC_IN_JUN2022_BP_CRYPTO_MARKET">Comscore</a>, the cryptocurrency market in India grew from 6 million users in March 2020 to 17 million users in March 2021. It further grew by 421% from 2021 to 2022 and touched 90 million users in March 2022, making it one of the fastest-growing crypto markets in the world. Almost 90 million users used a cryptocurrency exchange platform in the month of March 2022 alone. This number could be higher if you consider the users who access foreign trading platforms over virtual private networks (VPN). <a href="https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index/">India is second only</a> to Vietnam in the number of cryptocurrency users. In addition to the massive jump in user adoption, the report shows that users spent over 6.1 billion minutes on crypto exchange platforms in March 2022, up from 1.7 billion minutes in the month of March 2021. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td colspan="2" style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;background-color:#f8f8f8;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Crypto Market in India (Million UVs) </td><td style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Minutes (Million) </td><td style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth UV </td><td style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth Minutes </td></tr><tr><td style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar '20 </td><td style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6027 </td><td style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">149 </td><td style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar '21 </td><td style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17116 </td><td style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1725 </td><td style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">184% </td><td style="border-bottom:solid #e9ecef 1.5pt;border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1058% </td></tr><tr><td style="border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar '22 </td><td style="border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">89226 </td><td style="border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6121 </td><td style="border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">421% </td><td style="border-top:solid #e9ecef 1.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">255% </td></tr></tbody><tbody></tbody></table>Source: Comscore Citing the possible reason behind crypto’s user growth globally, the report said that the financial crisis of 2008 was one of the biggest factors that led to the rise of Bitcoin. This alternate currency was designed to function without any intervention from central authorities. The growth of the cryptocurrency market in India, the report further said, was accelerated by several factors including increased awareness due to heavy marketing campaigns targeting Gen-Z users, user-friendly app launches,<a href="https://www.moneycontrol.com/msite/wazirx-cryptocontrol-articles/the-bull-run-in-the-crypto-market-isnt-over-yet-here-are-5-reasons-why/"> the Bitcoin bull run in late 2021</a>, listing of Shiba Inu coin on <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>, among others. <div type="image" title="crypto-3" msid="92081724" hostid="261" caption="&amp;lt;p&amp;gt;Comscore&amp;lt;/p&amp;gt;"></div> “The pandemic in 2020 wreaked havoc across the world, the effects of which were felt by the global economy. This caused several commodities and assets to start losing their value and led to people to look for alternate assets to invest in. Owing to the fact that the cryptocurrency market was almost immune to the Coronavirus, this became one of those assets that people trusted, especially in India,” said Visakh Vijayakumar, client insights partner in the report. Crypto exchanges race for a position at the top Cryptocurrency’s growing success in India has spawned several successful home-grown exchanges, such as WazirX, ZebPay and <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword>. It is becoming increasingly mainstream now. As per Comscrore’s report, CoinDCX was the largest cryptocurrency exchange platform in India with over 40 million users in March 2022, followed by WazirX and <keyword id="10587326" type="General" weightage="20" keywordseo="coinswitch" source="Orion">CoinSwitch</keyword> with 31.7 million and 30.1 million users respectively. Top fourth player Binance attracted about 27.6 million users. <div type="image" title="crypto market growth" msid="92081685" hostid="261" caption="&amp;lt;p&amp;gt;Comscore&amp;lt;/p&amp;gt;"></div> From April this year, cryptocurrency gains are being <a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms">taxed at 30</a>%, the highest tax bracket, and a separate 1% tax on ‘source on all transactions,’ which might impact crypto’s growth in the country this year

Around 90 million users flocked to crypto bandwagon in March 2022: Report

<ul><li>Conducted across 15 cities in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, the research indicates 98% of respondents from <keyword id="302378" type="General" weightage="50" keywordseo="east-india" source="Orion">East India</keyword> are aware of <keyword id="6416838" type="General" weightage="20" keywordseo="CoinDCX" source="Orion">CoinDCX</keyword>. </li><li>60% of crypto users in the East have used it in the last one year. </li><li>Users stated easy interface, quick money withdrawal and good referral programs for their preference.</li></ul>A survey conducted by CoinDCX, one of India’s leading crypto exchanges, revealed that 74% of non-crypto users are aware of the crypto exchange. The crypto company conducted an empirical study across 15 cities to understand the awareness of crypto created by exchanges across India. The survey had over 2,000 respondents across platforms. The first crypto unicorn in India, CoinDCX has an estimated 13 million users. While 74% of non-crypto users are aware of CoinDCX as well, over 41% of respondents which included crypto and non-crypto users stated that they could recall the brand spontaneously. Awareness of the brand is 91%, highest among crypto users as compared to other crypto exchanges in the country, revealed the report. Having an easy interface along with safety and security features in place were some important hygiene factors that were considered by the respondents for choosing CoinDCX as their preferred exchange. <div type="ExtQuote" text="We are delighted that our brand CoinDCX has the highest recall in the crypto industry. Our education-led content is designed to help the masses easily learn about the fundamentals of crypto assets with an aim to strengthen our faith in India’s financial inclusion" auname="Ramalingam S, Head of Brand, Marketing &amp; Communications at CoinDCX said."></div> The research stated that the exchange is ‘user-friendly platform’, has ‘ease of withdrawing money, ' with ‘the best referral programme’. This was followed by other leading exchanges worldwide. CoinDCX has higher recognition in the East zone among crypto users. The research indicates 98% of respondents from East India are aware of CoinDCX. Total of 60% of respondents from the East have used it in the last one year. Moreover, the research indicated that the consideration for CoinDCX as a brand is 79% among female crypto users as compared to 67% among male crypto users. “However, the lack of credible information and jargon associated with investments makes them reluctant to invest,” said CoinDCX. The research stated that online channels such as websites, internet searches, influencers, and content creators on social media played key roles for the brand outreach among crypto users. While newspapers, online articles, and stories are the key drivers among non-crypto users, referrals from friends and family helped gain further trust. CoinDCX is backed by investors such as Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, <keyword id="684670" type="General" weightage="50" keywordseo="bain-capital-ventures" source="Orion">Bain Capital Ventures</keyword>, Cadenza, Draper Dragon, Republic, Kindred, and <keyword id="6409882" type="General" weightage="50" keywordseo="coinbase-ventures" source="Orion">Coinbase Ventures</keyword>. Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

74% of non-crypto users are aware of CoinDCX being India’s leading crypto exchange, reveals survey

<ul><li>India’s first crypto unicorn <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> is organizing <keyword id="14639251" type="General" weightage="20" keywordseo="Unfold-2022" source="Orion">Unfold 2022</keyword>, a web 3 event hosting developers, crypto enthusiasts and venture capitalists in the field. </li><li>The crypto exchange CoinDCX has over 13 million users in India. </li><li>Bounties worth $50,000 are up for grabs at the event for Indian web 3 developers. </li><li>The web 3 event announced the launch of a new <keyword id="4164994" type="General" weightage="50" keywordseo="defi" source="Orion">DeFi</keyword> app called <keyword id="14818768" type="General" weightage="50" keywordseo="okto" source="Orion">Okto</keyword>, allowing access to 100+ decentralized apps. </li></ul>With over 13 million users in India, one of the largest crypto exchanges in the country, CoinDCX kickstarted its three-day Web3 event Unfold 2022 today in India’s Silicon Valley, <keyword id="6354321" type="General" weightage="20" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>. The crypto exchange became India’s first crypto unicorn in August 2021. CoinDCX also announced its waitlist campaign for a first-of-its-kind, easy to access mobile app called the Okto on Friday. Okto is inspired from Octopus which is an inherently intelligent creature. What the crypto exchange is offering is a keyless self-custodial wallet backed by multiple layers of security that allows native access to 100+ decentralized apps. Indian users will be able to access the Okto wallet with CoinDCX Pro app to securely navigate opportunities in DeFi and globally it will be launched as a standalone Okto app. With this app users can access thousands of tokens from multiple DEXs across chains in your mobile and discover high yield generating opportunities. CoinDCX launched CoinDCX Ventures in May 2022, a project to help build and mentor the Web3 startups in India. Unfold 2022 will host crypto enthusiasts, developers and web 3 venture capitalists under one umbrella. Web 3 is a new iteration of the world wide web, which aims to make ownership of data less centralized. This is done using decentralization and blockchain-based technologies. CoinDCX’s web 3 event Unfold 2022 will begin from August 26th to August 28th and put under limelight the crypto community of India. Bounties worth over $50,000 are up for grabs for Indian web 3 developers at the day of the hackathon being held at the event. India has also implemented new tax rules to regulate the cryptocurrency industry from July 1, which asks for 1% TDS to be deducted on transfer of crypto and other virtual assets. There has been considerable discussion in the crypto community on how best to support web 3 innovation in India. This conversation comes against the backdrop of the upcoming event, as Business Insider talks to Rohit Jain, Managing Director of CoinDCX Ventures. How large is India’s web3 ecosystem and how’s it poised to grow? How can your event Unfold 2022, help bring synergy into the web3.0 community in India? India today has the second largest crypto user base in the <a href="https://go.chainalysis.com/rs/503-FAP-074/images/Geography-of-Cryptocurrency-2021.pdf">world</a>. We believe that with increasing regulatory certainty, India will probably have the largest pool of web3 developers in the world in the next two years. When Web2 was developing, it was a different story as the digital economy was not strong. That story will change with Web3 developers. India will see more unicorns coming out of the Web3 space as compared to the Web2 space. <a href="https://www.unfold2022.com/">Unfold 2022 </a>will help grow the web3 community in India with the theme for the conference being “innovation” and answer the question- How will Indian web3 space look like 12-24 months from now? There are three components to this event- hosting India’s largest web3 conference on August 26. The second day is demo day. As many as 20-25 Web3 venture capitalists are coming forth to invest in Web3 projects in India. A three-day hackathon, which is India’s largest multi-chain hackathon, will have a large number of teams participating in it. Will VC funding affect the decentralized nature of the crypto industry? We have invited some of the most active Web3 investors in the space to Unfold 2022. Innovation requires money and venture capital funding does not change the core of the crypto industry. There are certain terms and conditions the VCs have to agree upon before investing in a project. The decentralized nature of a token, post its launch, will remain the same. The rights of the VCs will differ in decentralized projects. What are the most promising Web3 projects that are being built in India? There are numerous web3 projects that we are excited about. CoinDCX has recently invested in some of these projects. One is <keyword id="5182473" type="General" weightage="50" keywordseo="epns" source="Orion">EPNS</keyword>, a web3 notification layer service. Another one, <keyword id="12830501" type="General" weightage="50" keywordseo="liminal" source="Orion">Liminal</keyword>, is building a Web3 custody solution. Router and Cinder are some other promising companies we have invested in. When a multichain environment exists, you need a sound infrastructure to form a bridge across chains. That is the pain point these companies are trying to resolve. What’s next on CoinDCX’s expansion agenda? Which pockets are you seeing value in? We want to grow the web3 space in India and the team is working on multiple initiatives based on customer feedback. Real-world use cases of DeFi are quite challenging and naturally this means the number of DeFi users globally is quite small. How do you onboard the next billion DeFi users globally? Web2 has moved towards a single click experience while DeFi is still a 10 clicks experience. We want to launch a user interface service which contributes to making the use of DeFi a one-click seamless experience. CoinDCX Ventures, an arm that helps fund web3 startups in India was launched in May 2022. Given the regulatory uncertainty right now, how do you see this space evolving for web3 startups in India? The regulatory environment globally is moving in lockstep. Global regulators are trying to figure out how to regulate the crypto ecosystem. When laws were drafted, they weren’t done keeping the nature of decentralized business in mind. The regulator is not against innovation but it will take patience and understanding to redraft the set laws. Governments are trying to protect the users while simultaneously trying to understand the crypto space. The secular trend is upwards and this is a global phenomenon. As long as you are helping improve a customer’s life, in the long term, web3 space in India will be fine. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/now-pm-modi-bats-for-flexible-workplaces-and-says-they-help-women/articleshow/93789410.cms">Now, PM Modi bats for flexible workplaces and says they help women</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/syrma-sgs-technology-lists-at-19-premium-slightly-below-grey-market-expectations/articleshow/93790852.cms">Syrma SGS Technology lists at 19% premium slightly below grey market expectations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/lamborghini-to-reportedly-launch-its-first-hybrid-car-in-india-next-year-electric-car-may-debut-in-2028/articleshow/93793333.cms">Lamborghini to reportedly launch its first hybrid car in India next year, electric car may debut in 2028</a>

‘Within 2 years, India will have the largest pool of web3 developers in the world’

<ul><li><keyword id="11973832" type="General" weightage="100" keywordseo="terra" source="Orion">Terra</keyword> has two tokens, calle <keyword id="227563" type="General" weightage="20" keywordseo="ust" source="Orion">UST</keyword> and <keyword id="216973" type="General" weightage="20" keywordseo="luna" source="Orion">Luna</keyword>.</li><li>The UST token is a stablecoin whose price is maintained using the Luna token.</li><li>The value of these tokens have fallen massively in the past month, with Luna approaching zero.</li></ul>Indian crypto exchanges are following their global counterparts, and delisting the stablecoin Luna. At the moment, <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>, CoinSwitch Kuber and <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword>, two of the top exchanges in the country in terms of trading volumes, have delisted the beleaguered tokens from their platforms, after prices of the stablecoin fell to nearly zero over the past seven days. The Terra crypto token was trading at around $80 on May 5, according to Coinmarketcap, but its value had dropped by 99.98% to around 5 cents at the time of writing. The platform itself has halted the blockchain, and Coinmarketcap warns users that there’s extreme volatility in the token right now. <div type="image" title="Coinmarketcap" msid="91539406" hostid="261" caption="&amp;lt;p&amp;gt;Coinmarketcap&amp;lt;/p&amp;gt;"></div> “The Terra blockchain has officially halted at block 7607789. Terra Validators have halted the network to come up with a plan to reconstitute it. More updates to come,” the company <a href="https://twitter.com/terra_money/status/1524935730308456448?s=20&amp;t=HUw6QhpFELqLyf3MXLlALQ">tweeted</a> through the Terra Twitter account, today. The token’s market cap has fallen from $30 billion to around $6 million in the meanwhile. <cmsannotation type="cmsannotation" annotationid="What is the Terra token and why did it fall?" comment="subhead" text="What is the Terra token and why did it fall?">What is the Terra token and why did it fall?</cmsannotation> The Terra ecosystem has two tokens, UST and Luna. Through a process called arbitrage, the Luna token is used to keep the UST stablecoin’s value pegged to one dollar. Through this, the company was able to keep the price of UST pegged to a dollar, while it earned profits through Luna, and also didn’t have to keep a reserve of USD at all times. The platform’s in-built algorithms track supply and demand of UST and Luna, and are designed to balance the two systems. The system sort of disintegrated earlier this month, when a broad sell-off of both UST and Luna tokens by investors led to big drops in both their prices. The developers of the Terra blockchain announced, at the time, that they would start buying Bitcoin in order to build a reserve for themselves. This, evidently, didn't work. <cmsannotation type="cmsannotation" annotationid="What happens to your Luna tokens?" comment="subhead" text="What happens to your Luna tokens?">What happens to your Luna tokens?</cmsannotation> To be sure, the Luna and UST tokens were both pretty cheap in INR terms, when compared to top cryptos like Ethereum and Bitcoin. The two cryptocurrencies, hence, may have been purchased by many in India as well. At the moment, the Terra blockchain has been halted, which means that trading in these tokens will not be possible, even through P2P trading. That said, some exchanges will allow users to withdraw the fiat values of these tokens. “We will enable Binance free transfer for users to withdraw their Luna funds," WazirX said in a statement on May 13, for instance. The platform is delisting Luna/USDT, Luna/WRX and Luna/INR pairs. CoinDCX, too, has said that it’s delisting both UST and Luna tokens with immediate effect. “Kindly note that users can continue to trade the above assets using other trading pairs available on CoinDCX Pro and CoinDCX Web Platform," the company said in a statement. On the other hand, CoinSwitch Kuber said that it will have “enabled a window” for users to sell and recover “some value” from their investments. The window will close at 5pm on May 13. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/last-day-to-apply-for-delhivery-ipo-grey-indicates-a-discounted-listing/articleshow/91526799.cms">Last day to apply for Delhivery IPO; grey indicates a discounted listing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/crypto-market-crash-how-an-algorithmic-stablecoin-differs-from-traditional-stablecoins/articleshow/91519914.cms">Crypto market crash — How an algorithmic stablecoin differs from traditional stablecoins</a>

WazirX, CoinDCX and CoinSwitch Kuber delist Terra's stablecoins from their platforms

<ul><li><keyword id="6416838" type="PERSON" weightage="20" keywordseo="coindcx">CoinDCX</keyword> has launched a new campaign to expand its reach. </li><li>It is also offering 1 <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> to a few lucky users.</li></ul>CoinDCX has launched a digital campaign titled #BitcoinLiyaKya on all social media platforms to bring new users onboard. The campaign employs a humorous story-telling approach to introduce cryptocurrencies like Bitcoin as the latest must-have investment for Indian investors. It aims to appeal to not just the millennial &amp; Gen-Z populations that have taken a liking to the crypto space but also the boomer generation that may have had apprehensions in venturing into this relatively new asset space. The #BitcoinLiyaKya campaign is currently live on YouTube, Facebook, LinkedIn, Instagram and Twitter handles. <div type="Youtube" id="YZlMBI3Qzu8" title="Bitcoin Liya Kya? | Prince and the Bitcoin | CoinDCX Go App #BitcoinLiyaKya #CoinDCXGo #TryCrypto" thumbUrl="https://i.ytimg.com/vi/YZlMBI3Qzu8/mqdefault.jpg"></div> With a special focus on Bitcoin in this campaign, CoinDCX is incentivizing new users with Rs 100 worth of free bitcoin through voucher code "CoinDCX Go." Additionally, a few lucky users stand a chance to each win a portfolio of 1 Bitcoin. Speaking on the purpose and timing of this campaign, Ramalingam Subramanian, Head of Brand and Communication, CoinDCX said, "with the #BitcoinLiyaKya campaign, we aim the viewers to consider Bitcoin as an investment class asset. We want people of India to consider investing 1 to 5% of their portfolio in crypto-assets such as Bitcoin. I think the millennials are digital savvy, they will be benefiting the most by investing in this digital gold." He added, "at CoinDCX, we have been empowering investors in making safe &amp; secure investments in popular crypto-assets like Bitcoin since our inception in 2018. Our CoinDCX Go app has been launched to facilitate the same purpose, and it has already crossed 1 million downloads in just five months. We aim to onboard new investors by leveraging the virtues of the simple, safe and compliant crypto ecosystem through this campaign and march towards building a larger investor community". Creating a pre-loaded portfolio on CoinDCX Go is simple and hassle-free. One only needs to install the CoinDCX Go app, signup and add the voucher code "CoinDCX Go". However, users must hold the portfolio for a month to unlock it and make at least one purchase.

Cryptocurrency exchange platform CoinDCX launches a new ad to encourage millennials and Gen-Z to invest

<ul><li><keyword id="6416838" type="PERSON" weightage="20" keywordseo="coindcx">CoinDCX</keyword> has raised funds three times this year, totaling to $19.4 million so far.</li><li>The latest Series B funding round was led by Block.one and included Coinbase Ventures, DG, Jump Capital, among others.</li><li>The company says it will use these funds towards developing its new flagship <keyword id="10474372" type="UNKNOWN" weightage="20" keywordseo="coindcx-go">CoinDCX Go</keyword> app.</li><li>This app is a part of the company’s #TryCrypto campaign, which aims to onboard 50 million Indians.</li></ul>CoinDCX, one of the largest <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> exchanges in the world, has raised $13.9 million in its latest Series B funding round. The round was led by Block.one and included investors like Coinbase, DG, Jump Capital, Polychain Capital, among others. This is the third round of funding for CoinDCX in 2020. In March 2020, it raised $3 million, followed by a $2.5 million funding in May 2020 – both at a time when the COVID-19 pandemic was at its peak. With the third round of funding now, it has raised $19.4 million in 2020 so far. Some of the prominent investors in CoinDCX include Block.one, Coinbase Ventures, which is the investing arm of San Francisco-based cryptocurrency trading platform Coinbase. CoinDCX has tripled its workforce this year Sumit Gupta, CEO and co-founder of CoinDCX said, “While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so. Our team tripled in number from 30 in March to 90 in December, and we are continuing to hire aggressively.” “The funds raised in the past as well as the current round will help us develop our newly launched <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> &amp; Crypto Investment App CoinDCX Go and make it the easiest and the safest way to onboard the everyday Indian into cryptocurrencies,” he further added. CoinDCX aims to onboard 50 million Indians into the cryptocurrency market CoinDCX recently launched its flagship app CoinDCX Go. This is a part of the company’s #TryCrypto campaign which aims to onboard 50 million Indians. In the past six months, CoinDCX says it has seen a three-times growth in the overall volume traded. In the same time, it has seen a four-time jump in daily active users, suggesting increased interest in cryptocurrency. This should not be surprising – <a href="https://www.businessinsider.in/stock-market/news/bitcoin-price-has-smashed-past-the-20000-mark-for-the-first-time-doubling-in-value-since-the-beginning-of-2020/articleshow/79775482.cms">Bitcoin has doubled investor wealth in 2020</a>, going from $11,100 at the beginning of the year to hitting $24,200 recently. <a href="https://www.businessinsider.in/stock-market/news/bitcoin-price-has-smashed-past-the-20000-mark-for-the-first-time-doubling-in-value-since-the-beginning-of-2020/articleshow/79775482.cms">Industry insiders believe there’s more to come</a>. Making Bitcoin a mass movement CoinDCX says the latest round of funding will help it develop its new app which is aimed at the masses – including onboarding 50 million Indians. But it is not alone. Payment giant PayPal has signaled its intent by allowing users to buy and sell cryptocurrencies, giving this idea a major push towards mass adoption. Visa and MasterCard have also thrown their weight behind Bitcoin – while <a href="https://www.businessinsider.com.au/mastercards-garry-lyons-davos-fintech-mastercardlabs-blockchain-bitcoin-2016-1">Visa has launched a credit card</a> that rewards purchases in Bitcoin, MasterCard has <a href="https://www.businessinsider.com.au/mastercards-garry-lyons-davos-fintech-mastercardlabs-blockchain-bitcoin-2016-1">invested in Bitcoin company Digital Currency Group</a>. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/bitcoin-price-has-smashed-past-the-20000-mark-for-the-first-time-doubling-in-value-since-the-beginning-of-2020/articleshow/79775482.cms">Bitcoin has doubled investor wealth in 2020 — and industry insiders say there's more to come</a> <a href="https://www.businessinsider.in/stock-market/news/the-winklevoss-twins-said-buying-bitcoin-is-the-trade-of-the-century-and-predicted-a-30x-return-in-a-recent-interview-here-are-the-9-best-quotes/articleshow/79722959.cms">The Winklevoss twins said buying Bitcoin is the 'trade of the century' and predicted a 30x return in a recent interview. Here are the 9 best quotes</a> <a href="https://www.businessinsider.in/stock-market/news/insurer-massmutual-scoops-up-100-million-worth-of-bitcoin-and-billionaire-mike-novogratz-noted-it-as-the-most-important-news-in-crypto-this-year/articleshow/79681890.cms">Insurer MassMutual scoops up $100 million worth of Bitcoin, and billionaire Mike Novogratz noted it as the most important news in crypto this year</a>

Cryptocurrency exchange CoinDCX has raised $20 million since the pandemic broke out⁠ — the founder says he is hiring aggressively as volumes have tripled

<ul><li><keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> and <keyword id="169284" type="General" weightage="20" keywordseo="asci" source="Orion">ASCI</keyword> aim to enhance confidence and credibility of India’s rapidly growing cryptocurrency and digital asset industry.</li><li>The move comes after crypto exchanges in India — which includes WazirX, CoinSwitch Kuber and CoinDCX —<a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-other-indian-crypto-exchanges-will-reportedly-have-new-advertisement-guidelines-in-the-next-seven-to-ten-days/articleshow/84756896.cms" data-type="tilCustomLink"> have been putting the pedal to the metal</a> when it comes to advertising in the country.</li></ul>Earlier last month, a notice by the Delhi High Court had asked Indian exchanges to add ‘standardised’ disclaimers to their ads in response to a plea that complained that the currency disclaimers are too small to read. Now, <keyword id="120108" type="General" weightage="20" keywordseo="advertising-standards-council-of-india" source="Orion">Advertising Standards Council of India</keyword> (ASCI), a voluntary self-regulatory organisation of the advertising industry has partnered with CoinDCX to mull over regulations to build transparency in <keyword id="11943645" type="General" weightage="20" keywordseo="crypto-advertising" source="Orion">crypto advertising</keyword>. With this membership, CoinDCX will actively support the advancement of advertising standards within India’s cryptocurrency and digital asset industry — thereby promoting transparency in communications and building public confidence in the space. Sumit Gupta, Co-Founder and CEO of CoinDCX, said: “We are honoured to be a member of ASCI that safeguards consumers' interests. The involvement reaffirms our commitment towards ensuring safety and security for our users, and to raise the bar for advertising transparency in crypto space in India. This will boost confidence among the users, and they can use our platform without any apprehension. Being the safest crypto exchange, we have always gone the extra mile to ensure we are fully compliant with the laws and imbue credibility and trust in our service and products.” Commenting on CoinDCX’s membership, <keyword id="212022" type="General" weightage="20" keywordseo="subhash-kamath" source="Orion">Subhash Kamath</keyword>, Chairman of ASCI said: “As ASCI steps into a digital age the nature of advertisers and advertising is changing rapidly. We welcome members representing these new industries, who believe in self-regulation. Collaboration and consultation with all stakeholders are keys to navigating the consumer protection challenges posed in this digital age.” Founded in 2018, CoinDCX has already onboarded more than 3.5 million users. It will now carry forward the vision of making crypto accessible in India and accelerate its efforts towards bringing 50 million Indians into crypto. With the growing positive sentiments in the crypto space this year, CoinDCX will continue to scale its dedicated products on the investments and trading side.

ASCI joins hands with CoinDCX to build trust and credibility in crypto advertising

<ul><li>Big Boss has launched in its digital avatar on Voot.</li><li>Bigg Boss OTT roped in 8 leading brands as sponsors for the exclusive digital season. After <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> and <keyword id="6416838" type="PERSON" weightage="20" keywordseo="coindcx">CoinDCX</keyword> joined in as the ‘co-powered by’ sponsors, Viacom18’s Voot roped in Vimal Elaichi, <keyword id="9555198" type="UNKNOWN" weightage="20" keywordseo="MX-TakaTak">MX Takatak</keyword>, <keyword id="2875740" type="PERSON" weightage="20" keywordseo="Netmeds">Netmeds</keyword>, <keyword id="150626" type="COMPANY" weightage="20" keywordseo="HM">H&amp;M</keyword>, <keyword id="270570" type="COMPANY" weightage="20" keywordseo="Durex">Durex</keyword> and Lotus Herbal as sponsors.</li></ul>With screens turned from television to digital, Bigg Boss, in its digital avatar, unleashed a super storm of over-the-top celebration and entertainment with its opening episode. With its launch on Voot with 13 contestants, Bigg Boss OTT roped in 8 leading brands as sponsors for the exclusive digital season. The season premiere episode witnessed viewers tuning in from across India registering the highest numbers of subscriber tune-in for a Bigg Boss opening till date. After Swiggy and CoinDCX joined in as the ‘co-powered by’ sponsors, Viacom18’s Voot roped in Vimal Elaichi, MX Takatak, Netmeds, H&amp;M, Durex and Lotus Herbal as sponsors. Joining as Presenting Sponsor, Vimal Elaichi is recognized as a brand to champion pioneering ideas with a strong youth appeal. Vimal Elaichi will leverage Bigg Boss’ fandom to connect and interact with viewers through highly engaging IPs like Video Vichaar and Extraa Masala giving the brand widespread exposure throughout the reality series. While Video Vichaar will enable viewers to share thoughts and opinions around daily developments within the house, Extraa Masala is a successful content around content IP that traditionally attracts hordes of Asli Fans who can’t keep away from the Bigg Boss phenomena. MX Takatak is a recognized brand in the short video format domain and in capacity as Social Media Partner, MX Takatak will deepen synergies with the show and its audience. MX Takatak will foster and drive growth for the Bigg Boss OTT x Voot community on its platform. As Style Partner, internationally loved fashion brand, H&amp;M will spruce up with style quotient on the show. A host of distinctive partners will seamlessly integrate with the daily storyline thus becoming an essential aspect of the overall storytelling. Additionally, Netmeds joins as Pharmacy Partner, Durex as <keyword id="11846994" type="UNKNOWN" weightage="20" keywordseo="special-partner">Special Partner</keyword> and Lotus Herbal as Beauty Partner will drive engagement through tasks and activities that both contestants and viewers will actively be involved in. Elaborating on the sponsorships, Gourav Rakshit, Chief Operating Officer, <keyword id="2947361" type="PERSON" weightage="20" keywordseo="Viacom18-Digital-Ventures">Viacom18 Digital Ventures</keyword>, said, “Bigg Boss has grown to become a celebrated proposition for brands to connect and engage with viewers. Given the multi-touchpoint offering, the interest the show generates is unlike any other. The diverse brands that have come onboard as sponsors, some of whom have joined the Bigg Boss family for the first time in this exciting edition, is testimony to popularity of Bigg Boss and the wide appeal of the Voot platform. We are excited to be working closely with them to create an ‘Over The Top experience’ for their audiences as well.” Speaking on associating with India’s largest reality phenomena, spokesperson at Vimal Elaichi said, “We are delighted to come on board as the presenting partner of Bigg Boss OTT- a new, pioneering idea for an OTT platform in India. Vimal has always associated with shows and IPs that have a large mass audience connect; testimony to that are our brand ambassadors Ajay Devgn and Shahrukh Khan! An innovative property like Bigg Boss OTT which is watched and loved by millions, fits in seamlessly with the same vision. We are very confident that this partnership will enjoy tremendous success.” On its premiere association with Voot for Bigg Boss OTT, Janhavi Parikh, Business Head - MX TakaTak said, “With this exciting partnership, we bring reality television to short video as well! Bigg Boss OTT shows the real side of celebrities to its viewers while MX TakaTak offers a great platform and encourages users, creators, digital enthusiasts to showcase their real talent across different genres. The natural content synergies that both platforms drive make it a win-win for us and we believe this will make for a great content fit for our users.” With the entertainment phenomenon’s tremendous popularity and reach, the sponsorships aim to provide brands with an opportunity to engage and collaborate through various touchpoints throughout the digital season. With prominence through ad spots, task integrations, special zones and other interactive and innovative branding opportunities, Bigg Boss OTT is all set to further give impetus to the brands to enhance their visibility and influence consumers.

Voot onboards 8 sponsors for Bigg Boss OTT as it opens its digital-first exclusive season

<ul><li>India’s crypto lobby, the Blockchain and Crypto Assets Council (BCAC), is coming up with new rules to determine how crypto exchanges can advertise on television and online platforms.</li><li>The new rules will reportedly be in place within the next seven to ten days.</li><li>The advertisement guidelines will be a part of the self-regulation code that is currently in the works.</li></ul>The next seven to ten days will determine how India’s nascent crypto industry will present itself to the masses. The Blockchain and Crypto Assets Council (BCAC) is set to introduce a new set of guidelines to determine how crypto exchanges in the country can advertise on television as well as online platforms like Netflix, Amazon Prime, Disney+Hostar and others. The move comes after crypto exchanges in India — which includes <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword>, CoinSwitch Kuber and <keyword id="6416838" type="PERSON" weightage="20" keywordseo="coindcx">CoinDCX</keyword> — have been putting the pedal to the metal when it comes to advertising in the country. But, that seems to have landed them in <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-coinswitch-kubers-advertising-roll-has-hit-a-roadblock-in-india/articleshow/84432645.cms">hot water with the regulators</a> for not giving sufficient warning about the pitfalls of investing in cryptocurrencies. Navin Surya, who is on the advisory board of the crypto council, told the Economic Times (<a href="https://economictimes.indiatimes.com/tech/technology/self-regulation-at-work-crypto-group-to-issue-advertising-guidelines/articleshow/84739257.cms">ET</a>) that the advertising guidelines will be a part of the self-regulatory framework that is already in the works. <cmsannotation type="cmsannotation" annotationid="What is the fuss over crypto advertisements in India?" comment="subhead" text="What is the fuss over crypto advertisements in India?">What is the fuss over crypto advertisements in India?</cmsannotation> There was a time that most people in India had no interest in cryptocurrencies. But, the past three years — especially the year of the pandemic — have been key in changing that perception. Meanwhile, crypto exchanges in India have also been doing their part to drum up business. They have been raking in sponsorship deals for bigwig events like the Euro 2020 football championships, the Indian Premier League (IPL) cricket tournament, and T20 tour between India and Sri Lanka. But, more visibility also means more criticism. A plea filed by advocates Aayush Shukla and Vikash Kumar in the Delhi High Court argues that these new ads don’t give enough warning to investors about the risks involved while investing in cryptocurrencies. According to them, the disclaimer text should cover 80% of the screen. <cmsannotation type="cmsannotation" annotationid="Trying to stay ahead of any official reprimands" comment="subhead" text="Trying to stay ahead of any official reprimands">Trying to stay ahead of any official reprimands</cmsannotation> Just as over-the-top (OTT) platforms tried to stay ahead of regulation in India with their self-regulatory code, crypto exchanges are also biding for the time until the industry matures. After the Delhi High Court’s notice, the Advertising Standards Council of India (ASCI) indicated that it could introduce guidelines with crypto advertisements becoming “an emerging area of concern.” ASCI guidelines are not legally enforceable. However, violation of ASCI guidelines is treated as a violation of government rules. <cmsannotation type="cmsannotation" annotationid="Cryptocurrency ads in India already have disclaimers — but there’s no ‘one size fits all’" comment="subhead" text="Cryptocurrency ads in India already have disclaimers — but there’s no ‘one size fits all’"><keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> ads in India already have disclaimers — but there’s no ‘one size fits all’</cmsannotation> The issue is not that these new crypto ads don’t have disclaimers — they do. However, each crypto exchange has been going about it in its own unique way. WazirX ads have a disclaimer that appears throughout the ad, but in a small font on the corner of the screen. With CoinDCX and CoinSwitch Kuber ads, it appears right at the end. In both cases, the font size is different. The Delhi High Court has asked for there to be a ‘standardised’ approach. The disclaimer — what it says, how it appears, the screen space required and its duration — should be the same for all the companies involved. Not only does that level the playing field but investors also are aware of the format and understand that there is risk in crypto markets. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/what-is-non-fungible-token-nft-everything-you-need-to-know/articleshow/84754933.cms">Here’s everything you need to know about NFTs — the front runner for the future of art</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/the-number-of-countries-exploring-cbdcs-more-than-doubled-during-the-pandemic-year/articleshow/84754157.cms">The number of countries exploring CBDCs more than doubled during the pandemic year</a>

WazirX, CoinDCX and other Indian crypto exchanges will reportedly have new advertisement guidelines in the next seven to ten days

<ul><li><keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword>, <keyword id="6416838" type="PERSON" weightage="20" keywordseo="coindcx">CoinDCX</keyword> and <keyword id="10245463" type="COMPANY" weightage="20" keywordseo="coinswitch-kuber">CoinSwitch Kuber</keyword> may have to put up bigger disclaimers on their television ads.</li><li>CoinDCX told Business Insider India that they remain committed to the adoption of "safe and compliant" measures "needed for mass adoption of <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> assets."</li><li>A notice by the Delhi High Court has asked Indian exchanges to add ‘standardised’ disclaimers to their ads in response to a plea that complained that the currency disclaimers are too small to read.</li><li>Others like the UK and Spain are also cracking down on crypto advertising for being ‘misleading’.</li></ul>Leading Indian crypto exchanges — WazirX, CoinDCX and <keyword id="10587326" type="UNKNOWN" weightage="20" keywordseo="CoinSwitch">CoinSwitch</keyword> Kuber — have been asked to add ‘standardised’ disclaimers to advertisements shown on television. The Delhi High Court notice comes after the exchanges have been raking in sponsorship deals for bigwig events like the Euro 2020 football championships, the Indian Premier League (IPL) cricket tournament, and T20 tour between India and Sri Lanka. <div type="ExtQuote" text="While regulations, a constant demand from the industry, will cater to the advertising guidelines, adding disclaimers to all our advertisements that go on air has been a part of our self-regulatory framework. We are committed to safe and compliant measures needed for mass adoption of crypto assets and are willing to adhere to all measures that increase investor protection." auname="Ramalingam Subramanian, head of brand and communications at CoinDCX told Business Insider India"></div> The bench consisting of Justices DN Patel and Jyoti Singh issued the notice in response to a plea claiming that <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto</a> assets are volatile and pose an increased likelihood of risk as compared to other investment options, according to <a href="https://www.livelaw.in/news-updates/delhi-high-court-notice-guidelines-crypto-currency-exchanges-advertisements-televisions-standardized-disclaimers-177478">LiveLaw</a>. The current ads do have disclaimers but the plea points out that they are too small to read and need to be broadcasted in a standard size. Instead, advocates Aayush Shukla and Vikash Kumar — who filed the plea — have asked for the disclaimer text to cover 80% of the screen while advertising and have a slow voice reading it out. <div type="Youtube" id="RHVzYkhROms" title="Buying Bitcoin is so simple | Wazirx, India ka Bitcoin exchange |" thumbUrl="https://i.ytimg.com/vi/RHVzYkhROms/mqdefault.jpg"></div> Since the issue involves <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">digital assets</a> and televising standards, the notice also names the Government of India, Securities and Exchange Board of India (SEBI) and the Ministry of Information and Broadcasting (MIB) as respondents in addition to the crypto exchanges. <div type="Youtube" id="lGFPuS_h22s" title="Kuch Sawal hai toh puch lo | ft. Kunaal Roy Kapur | Trade Kar, Befikar" thumbUrl="https://i.ytimg.com/vi/lGFPuS_h22s/mqdefault.jpg"></div> <div type="Youtube" id="2cW61jx0KK4" title="Bitcoin Liya Kya? | Chintu ki mummy and Bitcoin | CoinDCX Go App" thumbUrl="https://i.ytimg.com/vi/2cW61jx0KK4/mqdefault.jpg"></div> <cmsannotation type="cmsannotation" annotationid="The UK advertising watchdog does not think ‘it’s time to buy’" comment="subhead" text="The UK advertising watchdog does not think ‘it’s time to buy’">The UK advertising watchdog does not think ‘it’s time to buy’</cmsannotation> India isn’t alone in its concerns around crypto advertising. In the UK, the country’s advertising watchdog — the Advertising Standards Authority (ASA) — is also cracking down <keyword id="11638881" type="UNKNOWN" weightage="20" keywordseo="crypto-ads">crypto ads</keyword>. IT has put <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> marketing campaigns as a ‘<a href="https://www.ft.com/content/19ad9810-402d-4529-89b5-732521829548">red alert</a>’ priority on its roster. Earlier in May, The ASA had <a href="https://www.businessinsider.in/cryptocurrency/news/uk-watchdog-bans-adverts-saying-its-time-to-buy-bitcoin-calling-them-misleading-and-irresponsible/articleshow/82972955.cms">banned</a> Luno’s Bitcoin ads citing them as ‘misleading’ and ‘irresponsible. Luno, which is owned by the Grayscale digital assets company, had put up ads across London’s transport network stating, “If you’re seeing Bitcoin on the Underground, it’s time to buy,” and “If you’re seeing Bitcoin on a bus, it’s time to buy.” <cmsannotation type="cmsannotation" annotationid="Spain is mulling over laws to control and supervise crypto ads" comment="subhead" text="Spain is mulling over laws to control and supervise crypto ads">Spain is mulling over laws to control and supervise crypto ads</cmsannotation> The Spanish government has proposed to put cryptocurrencies under the helm of the National Securities Market Commission (<a href="https://www.lexology.com/library/detail.aspx?g=437c6383-5668-4ffc-a29e-73d1f9fcd44f">CNMV</a>). The circular, currently in the public space for comments, would give the financial regulator the power to insist on the disclaimer, request changes, and suspend them altogether if they’re non-compliant. The circular is set to come into force on 31 August 2021, if there are no objections. In addition to regulating crypto ads, the Indian government is also mulling over regulations to address the crypto industry as a whole. The country’s crypto bill was hyped to be scheduled during the Budget Session of Parliament in March and then again during the upcoming Monsoon Session — but it seems unlikely. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/binances-compliance-journey-gets-bumpier-as-another-partner-backs-out/articleshow/84373786.cms">Binance’s compliance ‘journey’ gets bumpier as another partner backs out</a> <a href="https://www.businessinsider.in/cryptocurrency/news/a-single-bitcoin-transaction-has-a-bigger-carbon-footprint-than-100000-hours-of-youtube-videos/articleshow/84373569.cms">A single Bitcoin transaction has a bigger carbon footprint than 100,000 hours of YouTube videos — here’s how the crypto industry wants to fix that</a> <a href="https://www.businessinsider.in/cryptocurrency/news/south-korean-banks-are-finding-a-way-to-hold-onto-cryptocurrencies-without-having-to-touch-the-asset-itself/articleshow/84349075.cms">South Korean banks are creating custody companies to deal with cryptocurrencies — without having to touch the asset itself</a>

WazirX, CoinDCX and CoinSwitch Kuber have been asked to add ‘standardised disclaimers’ to their ads on television

<ul><li>A bear market in the crypto sector is time for innovation, increasing capacities and building new products for Indian crypto players.</li><li>The global lull has resulted in trading volumes dropping by at least 50% on exchanges like <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword>, <keyword id="10245463" type="COMPANY" weightage="20" keywordseo="coinswitch-kuber">CoinSwitch Kuber</keyword> and <keyword id="6416838" type="PERSON" weightage="20" keywordseo="coindcx">CoinDCX</keyword>.</li><li>CoinSwitch Kuber CEO, Ashish Singhal, told Business Insider that the crypto maket’s volatility is just a part of market building.</li></ul> The slowdown in the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto</a> market over the past couple of months has given crypto exchanges, especially in India, a chance to take stock of their services. “Bear market brings in an opportunity for us to further strengthen security and work on building educational initiatives to bring more awareness around crypto as an asset class,” Ashish Singhal, CEO and co-founder of CoinSwitch Kuber told Business Insider. “Volatility is just a part of market building. We are hopeful that the market will see a steady recovery.” With regulatory troubles, overwhelming trading volumes and more, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">exchanges</a> have all hands on deck. But with the pressure easing now, they are looking to build capacities for when the next big boom in crypto happens. <div type="ExtQuote" text="“Of course, with a strong and clear regulatory framework in place, the entire crypto industry would benefit from the measures and help propel the next growth phase of crypto adoption in our country.&quot;" auname="Sumit Gupta, the CEO &amp; Co-Founder of CoinDCX, told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="The crypto bear market is a global phenomenon" comment="subhead" text="The crypto bear market is a global phenomenon">The <keyword id="11600120" type="UNKNOWN" weightage="20" keywordseo="crypto-bear-market">crypto bear market</keyword> is a global phenomenon</cmsannotation> Globally, the ratio of Bitcoin held on exchanges in comparison to the total number of coins in circulation has fallen to 13% in July — <a href="https://www.businessinsider.in/cryptocurrency/news/the-amount-of-bitcoin-held-on-exchanges-is-at-its-lowest-in-6-months-while-ether-reserves-are-at-record-lows-indicating-any-sell-offs-could-be-a-lot-more-modest/articleshow/84181378.cms">the lowest level in 6 months</a> — according to data from crypto analytics group <a href="https://app.santiment.net/charts?settings=%7B%22slug%22%3A%22bitcoin%22%2C%22ticker%22%3A%22BTC%22%2C%22from%22%3A%222021-01-05T08%3A00%3A00.000Z%22%2C%22to%22%3A%222021-07-06T06%3A59%3A59.999Z%22%7D&amp;widgets=%5B%7B%22widget%22%3A%22ChartWidget%22%2C%22metrics%22%3A%5B%22price_usd%22%2C%22percent_of_total_supply_on_exchanges%22%5D%2C%22axesMetrics%22%3A%5B%22price_usd%22%2C%22percent_of_total_supply_on_exchanges%22%5D%2C%22colors%22%3A%7B%22price_usd%22%3A%22%2326C953%22%2C%22percent_of_total_supply_on_exchanges%22%3A%22%23AC948C%22%7D%2C%22settings%22%3A%7B%22percent_of_total_supply_on_exchanges%22%3A%7B%22node%22%3A%22area%22%7D%7D%7D%5DD%5D">Santiment</a>. Similarly, the amount of Ether held on exchanges as a percentage of total supply fell to just 18% in June. <div type="ExtQuote" text="&quot;The crypto market is down globally. This isn't India specific. Moreover, factors like China's crackdown and Elon Musk's current stance, could also be the reason for the current market state.&quot;" auname="Ashish Singhal, CEO and co-founder of CoinSwitch Kuber told Business Insider"></div> Meanwhile in India, the trading volume within most Indian exchanges has more than halved since the peaks of April and May, when Bitcoin and other cryptocurrencies were on a bull run. <cmsannotation type="cmsannotation" annotationid="Fall in trading volumes likely means that more people are HODL’ing" comment="subhead" text="Fall in trading volumes likely means that more people are HODL’ing">Fall in trading volumes likely means that more people are HODL’ing</cmsannotation> A fall in the amount of cryptocurrency held on exchanges isn’t necessarily a ‘bad’ thing. In fact, it suggests that more people are buying tokens and holding them in their own private wallets — off the exchange — which means there is less scope for a big sell-off. "Consolidation is widely considered to be a sign of the crypto markets maturing with more investors adopting a longer-term approach towards crypto assets,” Gupta told Business Insider. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/6674415"></div>]]></cdata></div> CoinDCX currently has 3 million users on all its platforms with an eventual goal of onboarding 50 million users by the end of 2021. <cmsannotation type="cmsannotation" annotationid="Indian exchanges want to use the lull to build up more services" comment="subhead" text="Indian exchanges want to use the lull to build up more services">Indian exchanges want to use the lull to build up more services</cmsannotation> As the price of Bitcoin and other cryptocurrencies continues to drop and the trading volume remains limited — it gives crypto firms the time to innovate, whether that’s exchanges or decentralised finance (DeFi) apps. Like CoinDCX and CoinSwitch Kuber, WazirX is also looking to add new features and improve the platform and has hired over 100 new people for marketing, tech and support purposes, according to the Economic Times (<a href="https://economictimes.indiatimes.com/tech/technology/crypto-exchanges-use-trading-lull-to-build-capacity-improve-systems/articleshow/84173761.cms?from=mdr">ET</a>). <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/6673981"></div>]]></cdata></div> More importantly, though, the bear market allows the peripheral — and arguably more important — side of the crypto industry to build its base. DeFi apps may not be huge right now, but with the focus away from the prices of Bitcoin, Ethereum and others, many large investors may look to invest in innovation using public blockchains. A DeFi app built on the Ethereum chain ultimately will benefit the Ether currency too, so it is in a large investor's interest to promote firms that are truly innovating using blockchains. But crypto firms may not have a lot of time on their hands. The recent rise in stocks linked to Bitcoin mining — like Riot Blockchain, Marathon Digital, and Nvidia — may be <a href="https://www.businessinsider.in/cryptocurrency/news/rise-in-bitcoin-mining-stocks-may-be-a-bullish-signal-that-investors-are-returning-to-the-space-fundstrat-says/articleshow/84237515.cms">a positive signal</a> for the cryptocurrency prices, according to research firm Fundstrat. David Grider, the lead digital asset strategist at the company, explained that bitcoin mining stocks tend to rise and fall ahead of bitcoin. However, others, like <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-may-have-to-tumble-to-25000-before-major-investors-really-buy-back-in-says-ceo-of-crypto-unicorn-amber-group/articleshow/84233944.cms">Amber Group CEO Michael Wu</a>, believe that Bitcoin will have to drop to at least $25,000 before investors get back on the horse. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crypto-crackdown-is-not-with-bitcoin-mining-only-stablecoins-software-influencers-are-also-on-its-radar/articleshow/84229285.cms">China’s crypto crackdown is not likely to stop with Bitcoin mining — stablecoins, software, influencers are also on its radar</a> <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-exchanges-can-run-into-trouble-with-investors/articleshow/84205889.cms">Cryptocurrencies aren't all diamonds and roses — lawsuits from people who lost big are piling up with exchanges</a> <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-sports-sponsorships-are-heating-up-again-as-ufc-bags-a-multi-million-dollar-deal-from-crypto-com/articleshow/84229910.cms">Crypto sports sponsorships are heating up again with multi-million dollar deals on the table</a> <a href="https://www.businessinsider.in/cryptocurrency/news/ceo-of-the-worlds-largest-cryptocurrency-said-that-financial-assets-like-cryptocurrencies-only-come-along-once-in-a-generation/articleshow/84164488.cms">The CEO of the world’s largest cryptocurrency asset manager reckons that crypto as an asset class is ‘here to stay’ — Here are 12 of his best quotes</a>

You Searched For "coindcx users" and got 11 results

Around 90 million users flocked to crypto bandwagon in March 2022: Report

Karuna Sharma

74% of non-crypto users are aware of CoinDCX being India’s leading crypto exchange, reveals survey

Insider Studios

‘Within 2 years, India will have the largest pool of web3 developers in the world’

Eetika Kapoor

WazirX, CoinDCX and CoinSwitch Kuber delist Terra's stablecoins from their platforms

BI India Bureau

Cryptocurrency exchange platform CoinDCX launches a new ad to encourage millennials and Gen-Z to invest

BI India Partner

Cryptocurrency exchange CoinDCX has raised $20 million since the pandemic broke out⁠ — the founder says he is hiring aggressively as volumes have tripled

Rounak Jain

ASCI joins hands with CoinDCX to build trust and credibility in crypto advertising

BI India Partner

Voot onboards 8 sponsors for Bigg Boss OTT as it opens its digital-first exclusive season

BI India Partner

WazirX, CoinDCX and other Indian crypto exchanges will reportedly have new advertisement guidelines in the next seven to ten days

Prabhjote Gill

WazirX, CoinDCX and CoinSwitch Kuber have been asked to add ‘standardised disclaimers’ to their ads on television

Prabhjote Gill

Indian crypto exchanges aren’t worried about the lull in trading volumes — they see it as an opportunity

BI India Bureau

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