We are still at the beginning of something huge: CoinDCX founders on the future of crypto What began as an ambitious startup soon became Indias first crypto unicorn. But beyond its valuation, CoinDCXs journey is a reflection of Indias evolving relationship with crypto—shifting from scepticism to growing acceptance. In this exclusive interview, the founders share insights into their mission, the roadblocks theyve faced, their vision for Web3, global expansion, and how Indian technology can make its mark on the world
India has emerged as a global leader in cryptoadoption, despite regulatory uncertainties and high taxation. According to blockchain analytics company Chainalysis, the country maintained its top ranking in crypto adoption for the second consecutive year in 2024. A young, digitally savvy population with widespread smartphone access has played a significant role in driving this trend.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} The rise of crypto from the fringes to the mainstream is deeply intertwined with India’s digital transformation, ushering in a new era of investment sentiment fuelled by a strong push for portfolio diversification. CoinDCX, one of India’s largest crypto exchanges, has been instrumental in this shift, bridging the gap between cutting-edge technology and everyday accessibility.
Founded by IIT Bombay alumni Sumit Gupta and Neeraj Khandelwal, CoinDCX has not only weathered the challenges of India’s evolving crypto landscape but has also helped shape it. In this email interview, the founders reflect on their entrepreneurial journey, the hurdles of launching a crypto exchange in India, and how CoinDCX stands apart through its focus on security, compliance, and innovation. They also share their vision for Web3, the expansion of decentralised finance (DeFi) through Okto, and what lies ahead for crypto investors.
EconomicTimes.com: Can you share a bit about your backgrounds and what inspired you to enter the crypto space?
Sumit: My journey began in the small, quiet village of Rahi in Madhya Pradesh. I studied at a local Hindi-medium school until the 5th grade, and despite limited resources, my parents prioritised my education. It was in class 10 that I first heard about IIT, and I made it my goal to study there. After achieving that dream and graduating from IIT Bombay, I was recruited by Sony via campus placement, which took me to Japan. However, my passion for contributing to India’s growth brought me back, which continues to drive me today.
Neeraj: I grew up in a village near Jaipur, Rajasthan, and after completing my schooling, I joined IIT Bombay for higher education. My father ran a utensil shop, and growing up around his business, I learned early on about entrepreneurship and the importance of ethics and hard work. After college, I joined the family business to understand the real-world challenges of entrepreneurship. This experience laid the foundation for my work with startups, where I focused on technical architecture and further developed my entrepreneurial skills.
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EconomicTimes.com: How did you two meet?
Sumit: It’s an interesting story. We first crossed paths in Kota while preparing for the IIT entrance examinations. I was searching for shared rental accommodation when I saw a sublet notice. That’s how I met Neeraj, and by coincidence, we both ended up at IIT Bombay, spending the next four years together.
EconomicTimes.com: What was the turning point that led you to start CoinDCX, and how did your early experiences shape your vision for the company?
Neeraj: Our story is similar to that of many successful tech and finance startups. We started small and now have grown into one of the largest crypto exchanges in India. At IIT Bombay, we were exposed to cutting-edge technologies, which ignited our passion for blockchain. We recognised its potential to reshape industries and empower individuals globally but saw that in India, the technology was largely complex, inaccessible, and misunderstood. This gap motivated us to establish CoinDCX in 2018, driven by a vision of making crypto more accessible, secure, and easy to use for the masses.
Sumit: ne of our biggest achievements has been simplifying crypto investing for Indians. This has helped us onboard over 1.5 crore Indian users on our platform. The CoinDCX app is a one-stop shop for everything crypto, including advanced trading tools, Crypto SIPs for regular investing, and even options for earning passive income. We continue to innovate and build new features to make the experience even better.
EconomicTimes.com: What were the biggest obstacles you faced when launching CoinDCX in 2018, and how did you overcome them?
Sumit: When we launched CoinDCX, we were confident in the potential of blockchain technology, but crypto was still a largely unknown concept in India until 2016. There was widespread scepticism, and awareness was low. Neeraj and I knew we were embarking on an unconventional journey, starting with limited resources from Neeraj’s flat in Mumbai.
Just before our launch, we faced a major obstacle—the Reserve Bank of India imposed a banking ban on crypto, which led investors to pull back, making it difficult for us to secure funding. Despite these challenges, we stayed committed to our vision, focusing on solid product development. We persevered through the tough times and when the ban was lifted in 2020, investors came back, and we were ready to scale. In 2021, CoinDCX became India’s first crypto unicorn.
We’ve been focused on educating people about responsible crypto investing. Over the years, we’ve launched initiatives such as DCX Learn, Namaste Web3, and Learn Karo. Crypto Karo, reaching over 50 lakh people, spreads awareness and promotes responsible practices in crypto.
EconomicTimes.com: When CoinDCX started, there were other exchanges in the market. What did CoinDCX do differently to stand out?
Sumit: From day one, our primary focus has been on providing the highest level of security and trust to our users. We understand that for any trader, the foremost concern is the safety of their funds, and to build this trust factor, we prioritised security, transparency, and compliance. CoinDCX was the first crypto exchange in India to register with the Financial Intelligence Unit (FIU-IND), ensuring we adhered to regulatory standards. Additionally, we obtained ISO certification, a clear demonstration of our commitment to maintaining the highest quality standards.
Furthermore, our Proof of Reserves (PoR) and liabilities transparency initiatives have set us apart. These steps have not only helped us earn the confidence of our users but have also solidified CoinDCX as a responsible and compliant entity in the crypto space.
Neeraj Khandelwal: While our exchange remains India’s largest, where investors can trade safely and in a compliant manner, Web3 presents opportunities beyond a centralised exchange. We are on a mission to bring Web3 to the masses.
In order to provide greater investment opportunities, especially in the DeFi space, we introduced Okto, a self-custodial wallet. Okto empowers users to trade more than 50,000 tokens across various DeFi chains such as Ethereum, Base, Polygon, Binance Smart Chain, and Arbitrum. To further simplify the Web3 experience, we’re rolling out Okto Chain, which will help developers integrate Web3 features into any app seamlessly. This will significantly improve user experience, making Web3 more accessible. With Okto Chain, Web3 is much closer to becoming mainstream.
EconomicTimes.com: What is the scale and size of your company and who are your investors?
Sumit: CoinDCX has grown significantly since its inception. Today, we are a team of over 500 employees, with offices across key cities in India, including Mumbai, Bengaluru, and Delhi. We have also expanded our presence internationally, with a strategic acquisition of BitOasis in the Middle East and North Africa (MENA) region, further cementing our global footprint.
Our vision and the potential we see in the crypto space have attracted some of the most respected investors worldwide, including Pantera Capital, Steadview Capital, Bain Capital Ventures, and Coinbase Ventures. Today, CoinDCX is valued at $2.3 billion. What makes us truly proud is the culture that we have built in our organisation. We have been recognised as one of the “best companies to work for” for four consecutive years.
EconomicTimes.com: What is your vision for CoinDCX?
Sumit: We truly believe we are still at the beginning of something huge. When the internet was in its early stages in the 2000s, no one imagined companies such as Google or Amazon would become what they are today. Similarly, in Web3, that massive shift is yet to happen. Last year, we acquired BitOasis, one of the pioneering crypto platforms of the MENA region. We want to be present in more such crypto-friendly countries.
Neeraj: Our vision is to create a global impact and shift the narrative about India’s tech capabilities—that India can build technology and products that can match any global level. Our Okto DeFi Wallet has onboarded more than 12 million users globally. Our Okto chain is going to be live soon and we are excited about the Token Generation Event. Okto’s vision is to make Web3 accessible, efficient, and seamless for all.
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This story originally appeared on: India Times - Author:Faqs of Insurances
