'Look forward to regulations, they can change dynamics of crypto industry'
Ramalingam Subramanian, Head of Marketing at CoinDCX, discusses the future of cryptocurrencies with Voot's Chanpreet Arora at e4m’s eTechManch conference
Ramalingam Subramanian - Chief Marketing Officer CoinDCX in conversation with Chanpreet Arora, Business Head, Voot AVOD discussed building a brand in an environment and industry with a serious trust deficit. Subramanian was part of a fireside chat at the e4m eTechManch Digital Conference.
Arora kicked off the conversation by speaking about the global cryptocurrency market capitalization valued at more than $1.5 trillion. However, Arora believes that the awareness and adoption of cryptocurrency in India are still at a nascent stage, and players such as CoinDCX and the industry at large have an uphill task to build awareness and trust in the industry and not just for their own brand. “How do you build trust and awareness in a volatile environment for an industry, which in itself is lacking trust?" asked Arora.
In response to Arora’s question, Subramanian said that it’s about trying to build the right kind of understanding of a product and a brand. “What India lacks is not a challenge of trust, but it's a challenge of misinformation or a lack of understanding at various levels,” said Subramanian.
He further explained that building trust is a three-step process -- build education, build comfort, and build an environment that is comfortable for everyone to put their money in.
“Unlike other products out there in the market, it is an investment asset, so we need to build a conducive environment and it's up to us as the players in the industry to do that. We launched a complete education portal at CoinDCX. This step we took last year when we went big in trying to focus on the entire adoption piece in India. We launched a try crypto campaign last year with the focus that we need to reach out to 15 million Indians. If people believe in the values of a company, they start becoming loyal to it and that's what we have started experiencing. These will be the right steps to build trust, along with acquiring more and more customers.”
Arora further spoke about the consumer dependency on the financial advisor when it comes to cryptocurrencies. She raised another point whether CoinDCX is taking steps in educating the intermediaries as well?
“CoinDCX learn as an initiative was also heavily driven via the community approach. We regularly do seminars, training programs for intermediaries and financial planners,” shared Subramanian.
Subramanian noted that the whole concept of blockchain and Bitcoin talks about a trustless system where people can actually come up and make their own decisions without depending on someone. “We have to use the traditional approach and educate the masses including the financial planners out there. But the goal of the entire blockchain and the financial revolution has been to bring that power back to the people.”
When an ecosystem is being built on one side there is the government that is evolving in its thinking process and then there are players which are making mistakes a lot of the time.“What role do you think CoinDCX should be playing in this entire scenario to be trusted in the industry?" asked Arora.
“The common belief keeping us all together is that the ecosystem needs to be built,” said Subramanian. He further added, “People will make mistakes and the objective of a leader in the pack is to ensure that we are all aligned to a certain goal. When it comes to the government side, it's the biggest example of decentralization. I'm very happy that the government is taking steps towards it, even with the latest announcements made on their part they are taking steps to understand what this is all about and come up with a system by which they can create a facilitative framework to regulate this environment.”
Arora then asked what three pegs will any marketer, over a period of five years or 10 years, focus on to help get bitcoin to the same mainstream gold status that we have today.
“One thing that as a marketer, we should remember is having discipline in an unregulated environment and holding ourselves accountable to our own value system. While I can have a business pressure to acquire customers, get x amount of revenue, drive profits, it really ends up on how I stay close to the value system that we actually started the business on, and how do we stick to it as we start scaling. I am looking forward to regulations coming in as they might change the dynamics of the industry in itself. The campaigns and activities as marketers that kind of calms that we use are something that I feel will help us grow the stature of cryptos as an asset plus Coin DCX as a brand, working in this space,” concluded Subramanian.
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