Tag: coindcx

CoinDCX, Binance Start 2023 With Crypto Awareness Programme, Web3 Scholarship

The crypto sector, that crossed the market cap of $1 trillion this week, is witnessing a bull sentiment with a bunch of new investors entering the digital assets sector. Indian exchange CoinDCX on Monday, January 23 launched a crypto awareness initiative for Indian industries and investors. The name of this initiative is ‘Namaste Web3′. On the other hand, international crypto exchange Binance has decided to step into 2023 with a Web3 scholarship programme that would onboard 30,000 people.

With India and many other nations, working to frame legislations around the crypto sector, more people would be open to engaging with the investment and trading instruments.

CoinDCX, with its awareness initiative, is looking to inform potential crypto investors about the risks and benefits of pouring money on digital assets.

“Web3 technology has opened up a huge white space for innovators and builders. However, the mass adoption of this technology can only happen through continuous education. Through the Namaste Web3, we are providing the ecosystem a voice and visibility to drive public awareness about the use cases and the benefits of this technology,” Sumit Gupta, Co-Founder and CEO of CoinDCX said in a statement.

Road shows around crypto awareness will be organised in various Indian cities including Bengaluru, Delhi, Mumbai, Hyderabad, Ahmedabad, Chennai, Jaipur, Pune, Indore, and Kolkata.

Seminars on what to expect from Web3 and how to build decentalised apps (dAapps) using blockchain will also be part of Namaste Web3.

While this initiative goes live in India, Binance has decided to take crypto awareness to a global level with its Binance Charity Scholar Program (BCSP). Over 30,000 people would be eligible to get scholarships and blockchain trainings as part of this programme.

The BCSP will host trainings for developers on how to use Web3 for the creation of advanced, next-gen apps and platforms.

The University of Western Australia, the University of Nicosia in Cyprus, the Frankfurt School of Finance & Management in Germany, and the Utiva Technology Hub in Nigeria have agreed to participate as educational partners in BCSP’s initiative.

The adoption of crypto, NFTs, and the metaverse are expected to explode this year, as more brands and companies will try to outshine each other for visibility among the Web3 native audience.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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CoinDCX Launches DeFi Mobile App ‘Okto’ Aimed at Widespread Expansion of Web3 in India

Crypto exchange CoinDCX launched ‘Okto’, a decentralised finance (DeFi) app to open the Web3 sector for a widespread adoption in India, on Friday, August 26. The company is aiming to help members of the Indian crypto community to dive deeper into the DeFi space. As per Investopedia, DeFi is an emerging financial technology based on secure distributed ledgers. The system removes the control that banks and institutions have on money, financial products, and financial services to democratise existing financial systems.

CoinDCX announced the launch of Okto during its ‘Unfold 2022′ event held in Bengaluru city on Friday. This mobile app will offer a keyless, self-custodial wallet service backed by several layers of security as well as native access to more than a hundred decentralised apps ranging across DeFi, NFTs, synthetics, and cross-chain bridges, among others.

In India, this Okto app will be available within CoinDCX Pro, whereas globally, Okto will be rolled-out as a standalone app.

“We firmly believe that the next phase of growth for the crypto industry will not only come from exchange of value but also from applications built on the underlying blockchain technology. As the technology is maturing, builders are creating use-cases to unlock value and make the internet a more equitable space. Our new Defi offering is the first step in this direction,” Neeraj Khandelwal, Co-Founder, CoinDCX, said in his address at the event.

The company, which claims to have been handling over 13 million monthly active users, intends to open the Web3 world for everybody with an Internet-enabled smartphone in their hands.

Back in July, CoinDCX had announced the appointment of Gaurav Arora as the Senior Vice President of CoinDCX Pro. Arora, the former Director of Products at Amazon Pay India, has a decade-long industry experience in growing and leading products and businesses.

CoinDCX is the first Indian unicorn (valued over a billion dollars) in the cryptocurrency space. Apart from its recently closed $135 million (roughly Rs. 1,044 crore) Series D funding round led by Pantera and Steadview, the company has previously raised over $100 million (roughly Rs. 760 crore) with Coinbase Ventures and Facebook co-founder Eduardo Saverin-led B Capital as its investors.

In a bid to provide early-stage support to budding blockchain projects in India and around the world, CoinDCX also launched its venture investment arm recently with the plan of investing Rs. 100 crore in the start-up industry.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Indian Crypto Exchanges Under ED Scanner for Probe on Money Laundering, Foreign Exchange Violations

A bunch of crypto exchanges in India have found themselves embroiled in a legal controversy. CoinDCX, WazirX, and CoinSwitch Kuber have been served notices by the Directorate of Enforcement (ED), India’s financial watchdog. The exchanges will be probed in cases of money laundering and violating foreign exchange laws. Along with ED, authorities concerned with India’s foreign exchange management act (FEMA) will also be part of the investigations on these crypto exchanges.

FEMA is “to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.”

“Crypto is an early-stage industry with a lot of potential. We receive queries from various government agencies. Our approach has always been that of transparency,” a CoinSwitch spokesperson told Gadgets 360.

Citing CoinDCX, media reports said the ED is seeking details on how crypto exchanges in the nation work overall.

Both CoinDCX and WazirX have claimed to be in compliance with India’s laws and are ready to work with the law enforcement agencies.

The development comes at a time when the Indian crypto sector is already struggling under market volatility and the implementation of new tax laws. It may further impact the trading volumes on these exchanges.

Already, the average daily transaction volume on Indian exchanges WazirX, CoinDCX, BitBNS, and Zebpay reportedly dipped to $5.6 million (roughly Rs. 44 crore) in the last few days. Up until June, this volume was around $10 million (roughly Rs. 80 crore).

Not only is the global crypto industry going through a downtime, but India’s one percent TDS law on each crypto transaction, has dented trading volumes of these virtual digital assets.

India still awaits a more detailed legal framework governing the crypto sector, work on which is ongoing under Sitharaman’s supervision.

Meanwhile, this is not the first time that Indian exchanges have bene summoned by law enforcement authorities.

In June 2021, WazirX received a show cause notice from the ED for contravention of the FEMA, 1999, for cryptocurrency transactions worth Rs. 2,790.74 crore.

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