BENGALURU: Crypto exchange CoinDCX co-founder and chief executive officer Sumit Gupta said India can become a global Web3 hub in the next few years. “We are working towards making this a reality and are excited about what the future holds for us,” he said, as the company marks its fifth anniversary. Founded from an old flat with savings to sustain for three months, founders Sumit Gupta and Neeraj Khandelwal saw potential of blockchain technology and the positive impact it could create for India.
Since its inception in 2018, CoinDCX has seen the crypto industry evolve. “As a budding start-up in this space, we are proud to be the drivers of some of this transformation that has led to widespread adoption. Our efforts and subsequent growth over the years has been fuelled by the belief that web3 could significantly enrich the economy,” Gupta added.
The firm has navigated regulatory challenges and market volatility. In August 2021, CoinDCX became India’s first crypto unicorn. Through CoinDCX Ventures, it invests in early-stage Web3 start-ups. Recently, it forayed into DeFi services to make it available to all through the Okto wallet app.
Khandelwal said, “Despite bear market, we have worked on our strengths and remained committed towards India’s web3 dream. Going forward, we hope to make our platform more comprehensible and provide easy access so that more people can experience the power of Web3.” By 2025, about 1 billion Indians will be connected to the internet, and about 850 million are expected to utilise smart devices and it is likely that Web3 will reach at least 200 million people in India in coming years, CoinDCX said.