Sumit Gupta: “Cryptocurrency will be a big contributor towards India’s goal of becoming a $5 Trillion economy”
Singapore based cryptocurrency exchange, CoinDCX is bringing global liquidity to the Indian cryptocurrency market. Founded in 2018, CoinDCX is currently the fastest growing exchange in India despite regulatory uncertainty. The initial goal of CoinDCX was to connect India with global markets and vice-versa. The exchange is now looking beyond India as it sets its ambition on the global stage.
We at Blockmanity had a chance to catch up with CoinDCX’s founder & CEO, Mr. Sumit Gupta. A graduate from the prestigious IIT Bombay, Sumit Gupta is one of the few entrepreneurs leading the cryptocurrency revolution in India.
In this exclusive interview with Mr. Sumit, we find out about CoinDCX, his journey, and what’s next for CoinDCX.
Blockmanity: Thank you for taking out your time for this exclusive interview, Mr. Sumit. Can you tell us something about CoinDCX and what separates it from the other exchanges?
Sumit: CoinDCX is India’s largest cryptocurrency platform that connects traders with massive global liquidity. Our massive liquidity and simple user interface are what sets us apart from the rest of the exchanges since it makes the trades extremely fast and reliable. We have empowered our traders with a bouquet of industry first and global power products to trade better using liquidity from the world’s leading exchanges like Binance, HitBTC, and Huobi global. We have brought all the crypto-trading products under a single roof. The products are designed for all types of traders keeping their experience, risk tolerance, and frequency of trading in consideration. You can trade in 500+ markets with DCXtrade, convert your INR to Cryptos and vice versa on DCXInsta, earn by lending your holdings with DCXlend, and leverage your trades using DCXmargin. The users have found the platform as simple as effortless. I doubt you will find any trading platform which is as simple to use as CoinDCX’s with such high liquidity.
Blockmanity: What was the inspiration behind CoinDCX?
Sumit: CoinDCX is one of the strongest products from the DCX product stable. We started DCX to enable global financial inclusion by building a global fin-tech movement in crypto. We started by building a lite crypto exchange with massive liquidity. CoinDCX, our exchange, hence became our first product.
Today we are happy that today CoinDCX is the largest exchange in one geography, i.e. India. We are proud that our users have called us their favorite cryptocurrency exchange and rated us as the most trustworthy.
Blockmanity: What solution are you planning to attract users that are currently not in the cryptocurrency space?
Sumit: Today we have reached a strong base with CoinDCX as an exchange. We are now trying to provide more useful products to our users. DCX Derivatives is something that we plan to launch in this space. By doing this we’ll be the first to introduce the same in India. This platform will introduce Bitcoin and other crypto futures to the traders where they can leverage up to 20x on trades. DCXDerivatives will have both normal and perpetual futures (again keeping the risk tolerance and frequency of traders in consideration). Liquidity and INR gateway were the biggest challenges cryptocurrency exchanges were facing in India and we have proficiently dealt with them.
Blockmanity: Do you think cryptocurrency restrictions in India will pose any threat to exchanges in India?
Sumit: Restrictions today are primarily because of minor confusions. More credible information is presented, the restrictions will suitably be adapted. We need to engage with the stakeholders and present a positive crypto story.
We firmly believe crypto is a big contributor towards our Indian goal of becoming a $5 Trillion Dollar Economy.
Blockmanity: That’s good and it certainly does bring a much-needed hope towards the market. As a closing question, I want to ask you – What’s next for CoinDCX?
Sumit: So DCX, the parent behind CoinDCX, is planning a slew of new products for the global crypto community. We have a list of fresh features, a refreshed new experience, and highest security.
We already have a strong presence in Singapore and India. We want to bring a massive financial inclusion of billions of people around the world with crypto-related Fin-Tech services. As a mission, we wish to benefit a billion people with financial inclusion using crypto enabled Fin-Tech services in the next 5 years.
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
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