We are in the process of making crypto mainstream: Sumit Gupta, CoinDCX
In his keynote address at the Pitch BrandTalk summit, Gupta, the CEO and Founder of CoinDCX, shared the inspirational story behind setting up the cryptocurrency exchange company
At the recent Pitch Brandtalk virtual summit, Sumit Gupta, CEO and Founder, CoinnDCX delivered a keynote on “Making Crypto Accessible to Indians” followed by a quick fireside chat with Nawal Ahuja, Co-Founder, exchange4media Group.
Gupta began by sharing some details about his initial journey and spoke about the inspiration that led him to set up CoinnDCX.
“I was born in a small village in Madhya Pradesh and always thought about how to do bigger things in life. My approach was always to accept challenges and this philosophy is now reflected in the vision of CoinDCX, which is about doing something valuable for the country and then taking it to the global stage” said Gupta.
“My biggest learning happened during my IIT days where I met my co-founder Neeraj too. When you start your business it may not work the way you want it to work, this happened with my first venture. The failure of my first start-up taught me some crucial lessons”, he added.
Speaking about the vision of his new venture CoinDCX, Gupta says that the idea was to enter a niche space where there was the possibility of bigger returns and a larger impact.
“We all believe in the power of decentralised finance and how blockchain can help in achieving that. We know the internet in India has deeper penetration and we realised India has a higher potential in terms of innovations, especially in fintech and crypto has a lot to offer in this space. We went about thinking about how to build India as a base to lead global blockchain and crypto. We solved problems like making investments in crypto simpler, and then we started educating people about crypto free of cost.”
According to Gupta, when you are in a space, which is new, you tend to face multiple challenges not just in terms of tech products, but also in terms of legal, regulatory compliance, hiring etc.
“We are in the process of making crypto mainstream. I think your job as a company is not to just sell your services but also to make sure your end-users understand it and get educated in the process. I am very excited about what the future holds for crypto entrepreneurs and the crypto enthusiasts in the country. Though there are still uncertainties, as people say “when nothing is sure, everything is possible”, he explained.
When asked to demystify crypto for a layperson and share the overview of the crypto ecosystem, Gupta said that it was crucial for people to start getting exposure in this space.
“Crypto is a largely unregulated space. We are right now in the infrastructure phase of this technology. Right now if you see globally, the infrastructure is being built up. I think people need to link it with the real world, make a small investment, and start reading about it. Though the interfaces in crypto are not very simple and the space is new, it’s often tough for people to understand the way it works and that is the reason we have started the DCXLearn platform”, he shared.
“In future, you will see decentralised applications being built around blockchain. I think in the next one or two years, when governments will start regulating crypto, you will see an inflection point and that is when you will see more competition and innovation too”, he further added.
Speaking about the best ways of building brands in a new environment, Gupta said, “I believe two things are very important----you have look beyond your personal benefits and you have to grow the category. It also means you have to solve multiple problems and that is the way to build strong brands in a new environment.”
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