Even with govt regulations, CoinDCX is aiming big

Cryptocurrencies are dominating every conversation across the world today. 

In January 2020, Bitcoin crossed the $40,000-mark and skyrocketed after Tesla said it will start accepting Bitcoin payments.

But, on Wednesday, Bitcoin had slid by 13 percent and Ethereum by 15 percent. The tumble started after Tesla CEO Elon Musk announced that the company will not accept Bitcoin in payments, citing environmental concerns created by cryptocurrency mining.

‘Buy the dip’ investors are now warned by financial advisers to wait before investing. 

Bitcoin’s downfall can also be traced to China’s crackdown on cryptocurrencies. On Tuesday, China confirmed that it is banning financial institutions and payment platforms from providing services related to cryptocurrency transactions. The country also warned investors against speculative cryptocurrency trading.

Several cryptocurrencies have been witnessing record growth in value, propelled by global giants like Tesla, PayPal, JP Morgan, and Visa. 

India, too, is seeing increased trading and investments in this sector.

After the Supreme Court of India lifted the ban on cryptocurrency exchanges in March 2020, homegrown crypto exchange CoinDCX reached an astounding trading value of more than $1.5 billion a month. 

For the Mumbai-based startup, this led to its user base growing from 150K to 400K investors on its exchange in the last 15 months.

Co-founders Sumit Gupta and Neeraj Khandelwal say the growth has been incredible, with the trading volume close to $0.5 billion per month from April 2020, crossing $1 billion in January 2021, and $1.5 billion in April 2021.

However, with the Indian government coming out with “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021,” CoinDCX, along with other industry players and experts, have been constantly engaging with the government and other relevant stakeholders for a positive framework.

They are highlighting the size of the crypto ecosystem in the country, and the financial opportunities for millions of Indian investors, such that the regulators will usher sensible and positive regulations for the industry. 

Read all about how the Indian startup ecosystem is battling the second wave of COVID-19 here.

Here are some useful tools to help you find the nearest vaccine centres in real-time.

You can also share a tribute to COVID-19 warriors, saviours, and survivors here.

The Interview

The COVID-19 pandemic has been hard on all of us. Especially for those who have limited access to healthcare infrastructure. 

At a time like this, Pediatric Surgeon Dr Nilima Kadambi and Vikalp Sahni, Founding member of GoIbibo Group, and Founder of digital healthtech startup Eka Care, explain that it’s important not to panic in the face of adversity. 

In a conversation, the duo spoke extensively about taking each day with a sense of positivity, focusing on mental health, and making it a personal duty to spread the right information. 

Editor’s Pick: 100X Entrepreneur Podcast

Karan Bajaj, Founder and CEO of WhiteHat Jr, donned several hats before starting up. He was the CEO at Discovery, an author with Penguin Random House and HarperCollins Publishers. 

During this journey, Karan says he took three professional breaks to understand himself better and take leaps ahead. Read more.

Startup Spotlight

Pune-based Inspacco provides disinfection services during COVID-19

Amidst the pandemic, India saw a sharp rise in demand for surface sanitisation services to keep homes, offices, and public places disinfected and safe. And, Pune-based Inspacco is providing a solution to this problem. 

Founded in 2019 by IIM alumnus Sanket Nerkar and Paresh Kotkar, Inspacco is a service-tech startup, which offers maintenance services such as housekeeping, electricals, surveillance, and pest control, among others, to gated communities. Read more.

News & Updates

• Bengaluru-based C-CAMP received CSR funding from Mercedes Benz Research and Development India (MBRDI). C-CAMP will utilise the funds to deploy about 110 oxygen concentrators in public healthcare centres across Karnataka.

• OYO Founder and Group CEO Ritesh Agarwal announced that the startup will pay full salary for eight months, sponsor children's education, extend medical coverage, and extend COVID-19 support to its alumni, inclusive of access to OYO’s COVID-19 war room, oxygen support, among other facilities.

• Paytm Payments Bank Ltd said it continues to lead as the largest UPI beneficiary bank ahead of all other banks in India. According to the latest report by the NPCI, PPBL has registered 430.04 million transactions in April 2021 as a beneficiary bank.

• Facebook said it is expanding its 'COVID-19 Announcement' tool in India that will help health departments of states and union territories share essential COVID-19 related updates with their communities. India is the second country after the US to launch this feature.

• Hospital-focused supply chain platform Aknamed acquired Vardhman Health Specialties (VHS) for $35 million. The transaction enables Aknamed to promote excellence in the delivery of healthcare essentials, with an enhanced pan-India footprint with leadership in therapeutic areas such as oncology, immunotherapy and virology. 

Before you go, stay inspired with… 

“There are ups and downs in everyone’s life but I do feel that we could have done a better job of looking after this wonderful planet. That said, there's still time.” 

— Ruskin Bond, Author

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