Mumbai-based CoinDCX, a cryptocurrency trading platform and liquidity aggregator, has invested $1.3 million in TryCrypto, an organisation working to make blockchain and cryptocurrency more accessible to mainstream users.
TryCrypto said it will use the funding towards educational initiatives, seminars, online courses, roadshows and awareness campaigning, meetups, community events, community engagement, and to product trials.
As part of the initiative, CoinDCX will roll out DCXlearn, a full-fledged crypto learning program, on TryCrypto.
Sumit Gupta, CEO and Co-founder, CoinDCX, says,
“Only 5 million people in India currently hold cryptocurrencies — less than 0.5 percent of the population. However, we believe that by educating consumers and combating negative preconceptions of the industry, we can boost the number from 5 million to 50 million, so that everyone can unlock the benefits of digital assets. In order to achieve this, we are working with a host of industry partners and implore all like-minded businesses to help us work with consumers to.”
According to CoinDCX, its education-led approach is geared towards giving first-time crypto users a sufficient knowledge base to help them navigate the cryptocurrency market safely and securely.
DCXlearn will consist of an online learning program along with massive open online courses (MOOCs). The cryptocurrency exchange is already in conversation with a number of top Indian universities to promote crypto education and the TryCrypto initiative within campuses.
In addition to DCXlearn, CoinDCX will also organise meetup events, educational seminars, and consumer campaigns to encourage large-scale cryptocurrency adoption and awareness —targeting India’s 50 largest cities in the first iteration of the TryCrypto campaign.
To ensure the success of the TryCrypto initiative, CoinDCX said it will be working with industry partners, including Inblox Network, Amesten Assets, and Cashaa, to promote greater awareness and understanding of digital assets among mainstream audience. It added that leading Indian online media outlets and cryptocurrency news providers such as Cryptokanoon and CoinCrunch have also dedicated themselves to support the TryCrypto initiative.
Kumar Gaurav, CEO of Cashaa, a crypto platform, said, "With the Indian cryptocurrency sector expanding faster than ever before in the wake of the RBI ban being lifted, the TryCrypto campaign is the need of the hour. Education is more important than ever if we intend more people to be a part of the crypto community. We, at Cashaa, firmly support the initiative and are proud to be a part of its future activities.”
CoinDCX’s investment in TryCrypto follows the landmark ruling by the Supreme Court of India on March 6, which struck down the Reserve Bank of India’s (RBI) ban on financial institutions providing banking services to cryptocurrency businesses, as well as the announcement that CoinDCX became the first cryptocurrency platform in India to integrate bank account transfers — just six hours after the Supreme Court decision was made public.
“With one of the youngest populations in the world, India requires solutions which are modern and novel for millennials who are looking for better instruments to manage their finances. Crypto is fast becoming a preferred choice for these young, technologically savvy consumers. However, an initiative like CoinDCX's TryCrypto campaign has the potential to bring the benefits of cryptocurrencies to a larger audience than ever before,” said Kashif Raza, Co-founder of CryptoKanoon.
(Edited by Megha Reddy)