April 7: a day that will go down in India’s crypto history—or at the very least, in the diaries of CoinDCX’s slightly over-caffeinated founders. Picture it: you, a friend, five laptops, an optimistic vision in a cramped apartment, and possibly several empty Maggi packets. Fast forward seven years, and now you’re running the country’s crypto colossus, catering to 15 million enthusiasts (or, as your mum says, “those people on the internet buying invisible money”).
It’s been a proper Bollywood script—complete with explosive growth, harrowing regulation twists, villainous bans, and finally a national ranking at the top of the global crypto adoption charts. Apparently, we do love a happy ending (or at least, a hopeful intermission).
In an exclusive chat with The Crypto Times (pretends to act natural while adjusting the lighting and hiding last night’s pizza box), Sumit Gupta, CoinDCX CEO, spilled the beans on startups, crypto’s stubborn image problem, and how he plans to keep us all swimming in blockchain.
Q: Seven years! Did you ever think you’d make it this far—and that Indian crypto would become this monstrous juggernaut?
Sumit Gupta: When we kicked off CoinDCX in 2018 from a bachelor-pad-slash-office (“founder” is just code for “person with no furniture”), the dream was simple: make crypto for all, or at least anyone who would listen. The speed at which Indians have adopted this stuff is mind-boggling. Like, one minute you’re explaining “blockchain” to your uncle using samosas as analogies, the next you’re watching Bitcoins cross ₹1 crore and massive institutions embracing crypto like it’s a new cricket league.
Q: Be honest, this journey—more Everest or more snakes-and-ladders?
Sumit Gupta: Both! We celebrated unicorn status but had more plot twists than a web series. Staking, auto-KYC, gamified education… We did it all (sometimes with only minor meltdowns). Oh, and navigating regulations in India? Like explaining to your relatives why you didn’t become an engineer. But we survived, innovated, and apparently taught a nation about what HODL means.
Q: Where is India now in crypto adoption—miles ahead or just jogging in place with fancy gadgets?
Sumit Gupta: Not to brag, but we’re top of the Chainalysis charts for 2023 and 2024 (#humblebrag), with 75% of users being under 35—proving that millennials love two things: avocado toast and digital assets. Regulatory drama persists, but our youthful zeal won’t be tamed just because some officials find “meme coins” unfunny.
Q: Does crypto still have an embarrassing reputation or are we finally getting cool?
Sumit Gupta: One foot still in “dodgy internet money” territory, another in the “future of finance” club. Some governments act like they just discovered email, others are all in—touch wood, the tide is turning. U.S. and EU are starting to get their act together. But 40% of owners still clutch cold wallets the way the rest of us hoard Parle-G, worried about “hacks” and “scams.” It’s a process—Rome wasn’t built in a day, and neither was crypto PR, apparently.
Q: Security drama! After WazirX hack, how do you keep user trust? Panic rooms? Chains on the door?
Sumit Gupta: Cue the superhero music. We set up a ₹50 crore Crypto Investors Protection Fund (no capes required) for disaster scenarios—2% of all brokerage income goes into the pot, with regular audits. Plus, quarterly transparency reports, third-party “proof of reserve” checks, and strict KYC/AML (yes, we love acronyms). In other words: we do more paperwork than anyone since Aadhaar came out.
Q: Did WazirX’s mess turn users into crypto hermits, or did they flock to you?
Sumit Gupta: We became the herbal tea to WazirX’s energy drink—people wanted calm and reassurance. New users flooded in, did their KYCs, and—shockingly—read our reassuring policy docs. Turns out, “trusted and boring” is quite a flex during chaos.
Q: Global exchanges are back with FIU certificates. Game of Thrones-style turf war ahead?
Sumit Gupta: We love a good challenge. We’re serving up advanced trading, staking, VIP support, AI features (because you haven’t lived until a chatbot tells you to HODL). The aim: leave users so happy they forget Coinbase even exists.
Q: International expansion plans or just going to sulk at home?
Sumit Gupta: Why stop at India? We’ve nabbed BitOasis in MENA and we’re eyeing the world—one region at a time. No one said you couldn’t take your Bollywood flair to Dubai.
Q: How do pesky global events—US tariffs, angry politicians—affect crypto mood in India?
Sumit Gupta: Frankly, we watch the US and EU like desi parents watching their kid’s college applications. Tariffs, crackdowns, the odd international meltdown all cause ripples here. But positive global regulation? That’s like someone finally refilling your chai at the exact right moment. Confidence goes up, and everyone’s portfolios are slightly less dramatic.
Q: Last one! Is this a bull market or are we about to get a “rug pull” on our hopes?
Sumit Gupta: Bullish. Bitcoin’s climbing faster than your landlord’s rent, and even Ethereum’s getting invited to all the cool afterparties. But, and it’s a big but, there’s still volatility. Think of it as investing in crypto with a side of heart palpitations. Long-term, it’s sunshine and rainbows (with occasional thunderstorms).
So, cheers to seven years, 15 million users, regulatory soap operas, and never-ending memes. Onwards and upwards—or at least, sidewards, with the occasional moon landing. 🚀🪙
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2025-05-05 09:12