Sumit Gupta and Neeraj Khandelwal commenced their cryptocurrency adventure from a humble apartment in Mumbai three years ago, with no concept of the storms that would befall them. Within months of the company’s inception in 2018, the RBI barred banks from handling cryptocurrency payments. CoinDCX, one of India’s major cryptocurrency exchanges, now has a daily turnover of 100 crore with a user base of more than two million. It is also the official live broadcasting sponsor of the World Test Championship Final, which is now taking place in the United Kingdom.
Mr Gupta told Humans of Bombay about the hardship that went into creating the firm, as well as the highs and lows that came with it. Mr Gupta described himself and Mr Khandelwal as “childhood buddies” who would study together in Kota, travel trains, and eat street cuisine. IIT and Mumbai seemed glamorous to them, despite their origins in tiny villages. They would take the same class at IIT-Bombay and dream of establishing something together. Mr Gupta, on the other hand, was hired by Sony in Japan.
“I made a good living,” he recalled, but when Mr Khandelwal called, he missed India and their discussions about the future.
Mr. Gupta stated that he learnt about corporate operations and returned to India to build his business. It did not go as planned. Soon after the company’s inception, his partner was diagnosed with cancer, and staff began to quit. Mr. Gupta was forced to close his business.
“I lost money and my confidence. I’d wake up to no work,” he asserted.
His childhood pal was there for him at this moment. They then started CoinDCX from Mr Khandelwal’s flat, with barely three months’ worth of money. “Then, in April 2018, the RBI ordered banks to cease transactions with crypto companies.” Mr. Gupta stated that their investors quickly withdrew their support. They had to modify their plan and labour nonstop. Three years later, when the RBI overturned its order, the investors returned.
“Today, it’s been three years since; we’ve hired over 150 people, have over two million users, and our daily turnover is 100 crores. We’re changing the way people perceive crypto,” Gupta remarked
What is CoinDCX?
CoinDCX was launched on April 8th, 2018 with the goal of providing a user-friendly experience where users can access a wide range of financial goods and services that are supported by industry-leading security measures and insurance protection.
It is a Singapore-based company that specializes in crypto-enabled financial services. DCX is bringing a revolution with its crypto-based products by developing borderless financial services that ensure a faster, simpler, and uninterrupted flow of capital.