Saturday, February 4, 2023

Two IITians Behind India’s Largest Crypto Exchange CoinDCX

It has been almost three years since Neeraj Khandelwal and Sumit Gupta introduced the Indian crypto exchange, CoinDCX, and started their cryptocurrency journey. This journey is no less than a roller coaster ride, as they faced an RBI ban in 2018, which was revoked by the Supreme Court of India in 2020. The crypto industry is still struggling with the uncertain regulatory policy of the country. However, crypto enthusiasts believe that the industry would find its way out and resolve the issue as soon as possible.

Recently during an interview with the Humans of Bombay, the co-founders of CoinDCX discussed their journey, from where they started and now, where they are? Also, how does the RBI ban change the whole situation for cryptocurrency in India?

CoinDCX Journey Started From Kota

Gupta and Khandelwal’s crypto journey started from Kota, a city in India. They both were taking coaching from Kota to crack an IIT entrance exam. They grew up in a small town with their families, therefore, it was a bit difficult for them to live on their own. 

However, Gupta and Khandelwal survived and got admission into IIT Bombay. It was by chance, they both ended up in the same cryptography class. As they got to know more about cryptos, it became their dream. Gupta and Khandelwal decided to introduce a startup, which would be owned by them.

Soon Gupta and Khandelwal started CoinDCX, to help the traders develop strong crypto exchanges. Both of them had invested most of their money in the company, they had savings which could sustain for three months only. Therefore, they tried to work for others at a lower pay cost.

Gupta stated that according to the people, the co-founders of CoinDCX invested in a niche market.

This did not end there, in 2018, the RBI issued an order to banks asking them to stop offering their services for the crypto-related activities in India. After this news broke out, many of the CoinDCX investors took back their money. 

As they were devastated with customers taking back all their money, Khandelwal told Gupta to not give up and said, “Nothing worse can happen to us. We can only move up now.” 

The co-founders worked day-night with their team and built their own office. In March 2020, as the SC revoked the blanket ban the investors started coming back to the platform. 

It has been almost three years, today, and till date, CoinDCX has hired more than 150 people and the company’s turnover is around $13.46 million. 

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