Cryptocurrency continues to grapple with a tarnished reputation, yet perceptions may be evolving: Statement by Sumit Gupta, CEO of CoinDCX.
Fresh Take:
Happy seven-year anniversary to CoinDCX, a biggie in India's crypto exchange scene! What started as a dream in a tiny apartment by five ambitious entrepreneurs has grown into a major platform catering to over 15 million users.
In the past seven years, this team has witnessed the rollercoaster ride of India's crypto adoption, facing the rough terrain of regulatory challenges and battles to finally a new dawn of hope as the country ranked globally number 1 in crypto adoption.
Recently, The Crypto Timescatch-up with CoinDCX's CEO, Sumit Gupta, where he shared his journey, the challenges, and the future prospects for crypto in India.
Question: Dude, here's to seven awesome years of CoinDCX! Looking back, did you ever think India's crypto ecosystem would get this far?
Sumit Gupta: Naw, man, back in 2018, our humble start-up was based outta a small apartment with just five team members. We dreamt big about blockchain's transformative potential, but the scale and speed of India's crypto evolution have been mind-blowing.
Back when we started, the crypto scene was still young, and adoption was slow. Yet, we sensed that a tipping point would come when awareness and innovation would speed up adoption. Today, seein' Bitcoin reach significant milestones like INR 1 crore and observin' institutional support from global giants confirms our faith. The Indian market has matured significantly, with over 1.6 crore users feelin' secure with platforms like CoinDCX.
Question: So, what's the lowdown on the journey? Was it all a struggle or smooth sailin'?
Sumit Gupta: Man, the road has been both tough and rewarding. From Centralcoin becoming India's first crypto unicorn to pioneerin' features like stakin', automated KYC, and educational initiatives like DCX Learn, CoinDCX has played an action-packed role in shaped the crypto scene. We navigated regulatory uncertainties, market volatility, and hella obstacles to make sure crypto became more accessible and secure for everyone in India.
Question: How do you check out the state of crypto adoption in India compared to earlier years?**
Sumit Gupta: India leads the world in grassroots' crypto adoption, y'know. Ranking first globally in the 2023 and 2024 Global Crypto Adoption Index by Chainalysis reflects widespread acceptance among everyday users, even amidst regulatory hassles like high taxation and strict trading rules.
What's fascinating is that 75% of Indian crypto investors are under 35, indicatin' strong interest from the younger generation. While regulatory challenges still smolder, India's leadership in adoption and innovation puts us in a prime position to shake up the global crypto landscape.
Question: Still, is crypto still fighting an image problem in the regulatory or media spheres, or are perceptions changin'?
Sumit Gupta: Crypto's image still fights a major uphill battle, but opinions are gradually shiftin'. In 2025, governments like the U.S. and the EU are movin' toward clearer, more structured regulations aimed at balancin' innovation with consumer protections and financial stability. The U.S. is signalin' a more friendly stance towards crypto as efforts continue to reduce regulatory uncertainty and fuel industry growth.
Public sentiment is improvein', with crypto ownership in the U.S. nearly doublin' since 2021, and consumer confidence reboundin' after sharp market gains. Nevertheless, skepticism remains: 40% of crypto owners still lack trust in the tech's safety, and concerns about security, compliance, and criminal misuse prevail in both the regulatory and media narratives.
Question: Post the WazirX hack, all the users became jittery. How has CoinDCX worked to build trust and ensure transparency? If god-forbid, a major security breach happens, how prepared is CoinDCX to respond? What emergency protocols are in place?**
Sumit Gupta: Directly respondin' to WazirX's hack, we set up the Crypto Investors Protection Fund (CIPF) initially funded with ₹50 crore ($6M) to compensate users in case of security breaches or unexpected losses. This fund is continually growin', supported by our commitment to allocate 2% of CoinDCX's brokerage income and is governed by transparency frameworks, audits, and regular reviews.
To further boost trust, we release quarterly transparency reports, including audited proof of reserves and Soviet-style war room-style meetings to discuss security measures. As of March 2025, we held over 507 million USDT across multiple reliable exchanges and wallets, demonstrate our solid reserve position and commitment to safeguard assets.
We follow global best practices, implementin' stringent KYC and AML regulations, continuously trainin' our staff on emerging threats, and achieve ISO/IEC 27001:2022 and Privacy ISO/IEC 27701:2019 certifications, makin' us one of the few Indian crypto exchanges to attain such standards.
Also Read: WazirX Haunted: Deep Dive into India's Biggest Crypto Hack
Question: Did WazirX's incident affect CoinDCX's user activity or sentiment? Any patterns you can share?**
Sumit Gupta: Damn straight, WazirX's incident impacted user sentiment across India's crypto scene, causin' a visible shift of users toward trusted platforms like CoinDCX. Following the incident, we experienced a surge in new user registrations along with increased wallet deposits and KYC completions, indicatin' user migration. Users felt CoinDCX's regulatory-first approach and robust security were key reasons for the switch. This trend highlighted a broader move towards platforms offerin' greater transparency and compliance.
Also Read: Sumit Gupta Unveils March 2025 Transparency Report
Question: How is CoinDCX holdin' its own as global exchanges re-enter India via FIU registration? Will there be any impact on your market share?**
Sumit Gupta: Our strategy to stay one step ahead amidst global exchanges re-entering India through FIU registration focuses on innovatin' new products, impeccable service, and customer trust. We aim to make CoinDCX synonymous with a top-notch user experience through AI-powered solutions, VIP support, advanced trading options like margin and futures, staking, and lending services tailored for Indian users.
Question: With global players enterin' India, CoinDCX thinkin' about expandin' internationally?**
Sumit Gupta: Hells yes, we are actively explorin' and implementin' global expansion opportunities. With global exchanges fergin' back to India, we took significant steps to create an international footprint, most notably with the acquisition of BitOasis, a leader in the Middle East and North Africa (MENA) region. This strategic move strengthened our position to grow in multiple regulated markets globally.
Question: How are global factors, like US tariffs or geopolitical tensions, affectin' crypto sentiment in India?**
Sumit Gupta: International developments like US tariffs and global political tensions significantly influence investor sentiment towards crypto in India by givin' off regulatory ripple effects and market uncertainty. Indian investors closely observe global regulations, with a particular focus on decisions from the US and Europe, since these shape the global crypto market dynamics and impact liquidity and trading volumes domestically. For instance, stringent regulations or tariffs in the US make Indian investors wary, affectin' trading activity and investment flows. Similarly, global shifts toward clearer regulation and institutional adoption boost investor confidence in India's crypto market.
Question: So, what's your take on the current market cycle? Are we still bullish, or are we headin' into bearish territory?**
Sumit Gupta: Right now, we're in the midst of a powerful bull market, triggered largely by Bitcoin reachin' new highs above $93,000 and Ethereum showin' strong growth. Macroeconomic pressures and global turmoil have introduced brief periods of market volatility, but the overall sentiment remains positive. Institutional interest and adoption are at record levels, and fresh capital continues to flow into both established and emerging projects. Still, it's important to remember that market risks persist, and unpredictable events can trigger short-term downswings. But the foundational outlook remains strong, tellin' us we're in a bullish phase with occasional times of caution and rapid shifts.
- CoinDCX's CEO, Sumit Gupta, expressed surprise at India's crypto ecosystem growth, considering their humble beginnings in 2018 with a small team based in an apartment.
- Bitcoin's significant milestones, such as reaching INR 1 crore, and institutional support from global giants validate the team's initial dream about blockchain's transformative potential.
- The Indian market has matured significantly, with over 1.6 crore users feeling secure with cryptocurrency platforms like CoinDCX.
- The journey with CoinDCX has been both challenging and rewarding, marked by Centralcoin becoming India's first crypto unicorn, pioneering features like stakin', automated KYC, and educational initiatives like DCX Learn.
- India has a leading position in grassroots crypto adoption, with 75% of Indian crypto investors being under 35, indicating strong interest from the younger generation.
- Regulatory challenges still exist, but there have been efforts to create clearer, more structured regulations aimed at balancing innovation with consumer protections and financial stability.
- CoinDCX follows global best practices, implementing stringent KYC and AML regulations, continuously training staff, and achieving ISO/IEC 27001:2022 and ISO/IEC 27701:2019 certifications.
- To build trust and ensure transparency, CoinDCX launched the Crypto Investors Protection Fund (CIPF) with ₹50 crore ($6M) and releases quarterly audited transparency reports, including proof of reserves. The fund is continually growing, supported by CoinDCX's commitment to allocate 2% of their brokerage income.
