CoinSwitch Kuber’s cofounder Ashish Singhal and Sumit Gupta of CoinDCX have been designated co-chairs of the Blockchain and Crypto Assets Council (BACC), a management body under the Internet and Mobile Association of India (IAMAI).
BACC members involve cryptocurrency exchanges that are signatories of a self-regulatory code of conduct, ensuring their compliance with regulatory guidelines for running in India. CoinDCX and CoinSwitch Kuber are among the biggest crypto platforms in the country, both valued at over a billion dollars each.
In their role as co-chairs, Singhal and Gupta will be principally responsible for the growth of the crypto industry in India — both from businesses and customer perspectives. According to a statement published on Friday, India has seen an exponential surge in cryptocurrency adoption with more than 1.5 crore citizens holding crypto assets.
“The (crypto) industry is working closely with regulators and policymakers to build a prosperous and secure crypto environment to put India on the global crypto map,” Singhal was quoted as saying in the statement. “We believe that a progressive regulatory framework will foster innovation in financial offerings and bring financial well-being to every Indian.”
As per Gupta, India today ranks second globally in terms of the percentage of crypto ownership. “The interest and confidence in the new-age asset class will increase as more and more people understand its potential,” he stated.
About CoinSwitch Kuber
CoinSwitch co-founders Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari have worked in big firms including Amazon, Microsoft, and Zynga. In 2015-16, ethical hackers and crypto traders found it difficult to get the right crypto platform that provides the best exchange rate.
They created an AI and Machine Learning-based algorithm to provide the best exchange platform for its users. The full-fledged startup was launched in June 2017 named CoinSwitch.
CoinSwitch used to crawl different exchange platforms and used to provide the best price for its customers. It made the platform popular among crypto investors. Within a month of its launch, the platform was able to garner revenue in millions. Within six months got funded by Sequoia Capital.
What is CoinDCX?
India’s first crypto unicorn CoinDCX, founded in 2018, brings investing and trading solutions for crypto-based financial products for retail, HNI, and enterprise buyers. Its products cover CoinDCX, CoinDCX Pro, DCX Learn, Cosmex. The exchange is insured by BitGo and certified by ISO.
CoinDCX is the only platform that has raised funding in three different rounds in less than a year compared to other crypto spaces in India. Overall, it has raised $19 million. Polychain Capital, Bain Ventures, Bitmex, Coinbase Ventures, DG, Jump Capital, Uncorrelated Ventures, Mehta Ventures, and Alex Pack are the primary investors interested in CoinDCX.
Currently, DCX has 100 employees that are three times more than last year’s workforce. By the end of 2021, the company plans to have around 200 staff in total. The startup also launched its crypto product named Insta that saw a growth of 38% in the last two years. In terms of liquidity, CoinDCX is the largest crypto exchange platform in India.