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Tier two, tier three cities emerge as crypto trading hubs: report

Economic TimesEconomic Times · 1y ago
Tier two, tier three cities emerge as crypto trading hubs: report
Medial

Tier-2 and tier-3 cities in India, including Lucknow, Patna, and Jaipur, have emerged as significant cryptocurrency trading hubs, accounting for a 5% market share each. This is according to a year-end report by crypto exchange platform CoinDCX. The report also highlighted that the average age of crypto traders has increased to 30 years, attracting more mature investors. Additionally, the gender ratio remains largely unchanged, with seven males for every one female participating in crypto trading. The Indian government's introduction of a 1% tax on trading virtual digital assets (VDAs) led to a significant shift of trading to offshore platforms, with approximately 90% of trades occurring outside of India.

Exclusive: CoinDCX CTO, Finance and Legal heads set to resign

EntrackrEntrackr · 2m ago
Exclusive: CoinDCX CTO, Finance and Legal heads set to resign
Medial

Exclusive: CoinDCX CTO, Finance and Legal heads set to resign Crypto exchange CoinDCX is facing a fresh round of exodus at the top level, with multiple senior executives set to exit the company, according to two sources familiar with the matter. “CoinDCX’s Chief Technology Officer (CTO), Head of Finance, and Head of Legal are exiting the company as part of broader structural changes aimed at streamlining operations and cutting costs,” said a source requesting anonymity. CoinDCX has also initiated a new round of layoffs, though the number of affected employees remains unclear. In August 2023, the Bengaluru-based firm had laid off around 12% of its workforce, impacting around 70 staff. As per sources, the changes come as CoinDCX continues to grapple with declining trading volumes and increasing compliance headache. Confirming the top-level exits, a CoinDCX spokesperson said, "We are ramping up our teams and strengthening our leadership bench across key functions. We currently have over 100 open positions, including new senior leadership roles such as CFO and General Counsel. Our business has scaled significantly across geographies, and we expect this momentum to continue as the crypto industry gains broader recognition…” Seven-year-old CoinDCX claims to be the largest cryptocurrency exchange in India, with more than 15 million registered users. The company recently began operations in Bahrain through its subsidiary BitOasis as part of its expansion into the MENA region. Led by Sumit Gupta, CoinDCX is aiming to generate over 30% of its revenue from this market. CoinDCX turned unicorn in August 2021 when the firm raised $90 million in Series C round. The company scooped up another $135 million to go past the $2 billion valuation mark in April 2022. However, it has not raised any external funding over the past three years. Crypto platforms in India have been under scrutiny as the country has yet to establish a regulatory framework for the sector. In the past, the Enforcement Directorate summoned several cryptocurrency firms, including CoinDCX, to investigate potential violations of the Foreign Exchange Management Act (FEMA). An ET report suggests that India is expected to publish a discussion paper in June to examine potential policy options for crypto assets. The paper will reportedly incorporate insights from a joint report by the International Monetary Fund (IMF) and the Financial Stability Board (FSB).

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