CoinDCX X AMA session with BeInCrypto

Community, it's AMA time! Get ready for this interview – today we welcome Vijay Ayyar, Vice President of CoinDCX.

🗣 Community

I have 11 questions for Vijay. After that, he will answer your 5 most interesting questions.

Let's start with the basics. One of the most important pieces of information for traders and investors about any new crypto project is its team. Please tell us about the CoinDCX team.

Vijay:

CoinDCX is India's largest crypto exchange and wallet with 14M+ users. It is backed by Pantera, Bain Capital, Polychain Capital, Coinbase Ventures and many other top VCs. The CoinDCX team is 600+ strong including product, engineering, operations, marketing, customer support and partnerships.

BeCrypto: They have just launched their global crypto trading app in over 100 countries. What challenges do you anticipate as you enter new global markets, and how do you plan to overcome them?

Vijay:

CoinDCX has made the decision to enter international markets, believing that our product is best in class and that global users will embrace it. As always, there will be challenges – the market is very different now than it was a few years ago, there are many new international players as well as local players.

Therefore, it is very important to have a special place. That's why we launched a unique product called “Crypto Discount Broker” globally. As a broker, the app is connected to many international crypto exchanges, so it has the ability to offer more than 1000+ crypto assets for trading, at low fees.

BeInCrypto: Looks amazing! Are there any markets that you are particularly excited about or that you see as having great potential for cryptocurrency adoption?

Vijay:

Crypto adoption is growing worldwide, clear rules are coming, but crypto is giving real value to a number of people. Overall, we are excited about many markets across Europe, Asia and Africa, but we are not short on any one market. That is why we are currently present in more than 100 markets and we are taking our time to develop our country level strategy by assessing user demand and attraction.

However, to give you an idea of ​​our current traction, we see a lot of interest coming from users from Turkey, South Africa, Australia, Indonesia, Thailand, Austria, Netherlands, Philippines, Poland, Hungary, Qatar and Saudi Arabia.

BeInCrypto: What makes CoinDCX different from other cryptocurrency exchanges, and how does it meet the needs of traders and investors?

Vijay:

CoinDCX is a global crypto app “discount broker”. This means that our broker is integrated with major global crypto exchanges for liquidity, so when the user makes a trade on CoinDCX, the application will settle the trade on one of several crypto exchanges at the best price. The advantage is that a trader does not have to have multiple exchange accounts to trade different crypto tokens, he can access more than 1000+ crypto assets on Spot, Margin and Futures and do it with very low fees.

As a broker, we send large volumes to these international exchanges, so we are able to offer lower fees, keeping our fees down. A new trader may not be able to immediately enter the high-level VIP of an international crypto exchange. But with CoinDCX, you can do it.

Also, being a broker means that we can immediately offer any new crypto asset listed on one of our integrated exchanges, which is extremely important in the fast-moving crypto markets.

BeInCrypto: Can you explain the process of listing new cryptocurrencies on CoinDCX and how you ensure their credibility and growth potential? I see on your website that you use the 7m framework principle. How does it work?

Vijay:

We follow a strict process of listing cryptocurrencies on the platform. This includes things like safety, utility, volumes, market capitalization etc. We do this because we are a “regulation first” platform where we believe the market will lead the way in future regulations. The process is applied to any new crypto token we wish to list and once it passes this validation test it is approved by our coin listing team.

BeCrypto: How does CoinDCX handle liquidity for both popular and lesser-known cryptocurrencies?

Vijay:

As a broker, we are able to offer deep liquidity due to our multiple exchange integrations across all crypto tokens.

BeInCrypto: Our most common question. What special measures are in place to ensure the safety of users' funds and prevent hacking? How does CoinDCX compare to established international exchanges in terms of security?

Vijay:

CoinDCX places great emphasis on the security of its assets. We regularly publish a resource backup report on the platform. We recently received ISO/IEC 27001:2022 certification. The ISO/IEC 27001:2022 standard is an internationally recognized information security standard developed and maintained by the International Organization for Standardization (ISO).

Regarding the storage of crypto assets, we have partnered with the world's top security providers such as BitGo and Fireblocks to ensure the safety and security of crypto assets, using hot and cold wallet storage approaches to ensure that most of the crypto assets on the platform are not accessed “online” and not connected to the Internet. .

BeInCrypto: I think the next question is very interesting. The crypto community is faced with the reality that most of the world doesn't see cryptocurrency as something worth investing in. How do you educate and onboard users of varying experience levels? What educational resources and tools does CoinDCX offer to help traders and investors make informed decisions?

Vijay:

CoinDCX is proud to be able to onboard more than 15M+ users in a large market like India. This would not have been possible without a strong focus on education and learning.

We conduct workshops and sessions for users through community leaders across the country, focusing on understanding the basics of crypto, how/why to invest and how one should think about building a portfolio. We aim to take this approach globally by building strong communities and partnering with partners to promote crypto education.

BeInCrypto: Are there any upcoming features or developments on CoinDCX that will benefit traders and investors, and if so, what are they?

Vijay:

The CoinDCX team recently launched an exciting new product called “Okto”, a web3 wallet that provides users with more than 40+ blockchains and staking services, and allows fast exchanges. Having said that, we're working hard to bring innovation to the Crypt trading space and have a couple of ideas up our sleeve, so definitely watch this space!

BeInCrypto: What are the advanced trading features on CoinDCX such as margin trading, API access and algorithmic trading tools? How do these compare to other exchanges?

Vijay:

CoinDCX's Pro trading solutions/application is specially designed for traders and therefore we provide all the tools a trader needs to trade the markets efficiently. This includes spot, margin, futures, API, web and also solutions.

BeInCrypto: What is the CoinDCX fee structure for trading different assets? How do these fees compare to other exchanges, especially for high volume traders?

Vijay:

Being a broker allows us to offer very low fees due to sending large volumes to top global exchanges.

Currently, spot trading is completely free (zero fees) – no startups here (some platforms mention zero fees, but to use it you have to do some specific activity like tokenization etc.). At Margin and Futures we offer extremely competitive payouts in line with any top international platform.

BeInCrypto: I'm sure now our community will be more eager to try out your platform after information like this. Vijay, 2024 is coming! What are your thoughts on the crypto market in 2024 and how CoinDCX will position itself?

Vijay:

In the year 2023 is a very interesting year in the crypto markets, as the overall market has recovered well after the bear market of 2022. We have several bullish indicators going into 2024 with the Bitcoin ETF and the major halving.

So, all signs point to 2024 and possibly 2025 as well, so this is the right time to make sure you get a platform that allows you to trade the markets at your fingertips, offering you 1000+ crypto tokens at low fees. Spot, margin and futures. (Hint: CoinDCX's International Pro App!)

BeInCrypto: Let's go to the questions from our community!

First question from:

@Zhaolong8888

Customer care and service is part of helping users create an impression and stick with the platform. So how is your customer support now. Will there be more promotions in the future to attract users from Coin DCX?

Vijay:

We always put the customer first and in this regard, since we launched our global platform, we have ensured that we have a dedicated team of customer support staff to serve our global users. In fact, our core business team also frequently responds to their customers to resolve their issues. We believe that every customer interaction is an opportunity to make a mark and improve the experience in the early stages of making a product live for a global audience.

BeInCrypto: @Lucasaman is asking.

I read on CoinDCX's Twitter that “CoinDCX Pro app will be inactive starting November 30, 2023. All trade history, orders and funds will be immediately available in the CoinDCX app for a unified experience.” Can you explain to CoinDCX Pro why this is happening? Does the app still work?

Vijay:

It is important to clarify and ask a good question. This does not apply to our users outside India. The Pro app is the only app that goes live and continues to work. This update was specially for Indian users as we have 2 apps in India and now we have combined it into 1 single app. So nothing to worry about.

BeInCrypto: Question by @Deepak_sn:

What is your position when it comes to crypto regulation? And are you planning to take control in any jurisdiction?

Vijay:

CoinDCX strongly believes in a regulated future for crypto and we have been operating as a company from the very beginning believing that it will be regulated at some point. This means proper onboarding and KYC processes, proper controls from an operational perspective through transaction controls and anti-money laundering. We use some of the world's best equipment in this regard.

In India, regulations are taking some time, so we are in the process of regulating a few other jurisdictions and will announce something once it becomes more robust.

BeInCrypto: @VuongKy3:

With a cash-rich balance sheet and recent funding rounds, can you provide insights into CoinDCX's financial strength, indicating the company's ability to sustain operations for 4-5 years even with zero revenues?

Vijay:

CoinDCX has raised a $135M round from top investors in 2022, giving us a valuation of >$2B, India's first crypto unicorn. This will allow us the runway even if there is no revenue for at least 4-5 years – this is currently the strength of our account.

BeInCrypto: The last one is by @Gustav_mr.

Are you planning to implement a referral program and also give a certain % reward to all the recipients? It can also help in getting more investors.

Vijay:

Yes! We currently have a “beta” referral program for our first traders on the platform, whereby if you refer a friend and make a first trade > $100, you and your friend will each receive $10 as a bonus. Over time we will roll out a more long-term referral program for all users.

BeInCrypto: Great! Vijay, thanks for taking the time today!