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CoinDCX offers 1% bonus to investors shifting from foreign crypto platforms
Economic Times
·
1y ago
Medial
Cryptocurrency exchange CoinDCX is offering a 1% bonus to investors who transfer their holdings from offshore platforms to its exchange, taking advantage of the Indian government's crackdown on such platforms. CoinDCX has set aside $1 million for this initiative, with a cap of Rs 10,000 per person. The exchange expects a 500% increase in fresh inflows and a 10,000% increase in cryptocurrency deposits as a result. CoinDCX saw a 2000% surge in new inflows after show cause notices were issued to nine offshore crypto platforms, including Binance.
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Indian cryptocurrency CoinDCX turns profitable in FY23
IndianStartupNews
·
1y ago
Medial
Neblio Technologies, the Indian arm of CoinDCX, has reported a turnaround in its financial performance in FY23, moving from a net loss of Rs 41 crore to a net profit of Rs 28 crore. Despite a decrease in total revenue, the company managed to reduce expenses, mainly through a decrease in operating and other expenses. CoinDCX has also announced a 1% bonus incentive for users transferring assets to its platform from non-compliant exchanges, aligning with regulatory compliance efforts in the crypto industry.
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Web3 Entrepreneurs Could Snag $1 Million Investment At CoinDCX Unfold 2023
OutlookIndia
·
2y ago
Medial
CoinDCX Unfold 2023 offers a potential $1 million investment for web3 entrepreneurs in the fintech sector. The event presents a platform for startups to showcase innovative blockchain and crypto-related ideas. This initiative by CoinDCX highlights the growing interest in web3 technologies and aims to support and fund promising projects that contribute to the evolution of the fintech and blockchain landscape.
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Tier two, tier three cities emerge as crypto trading hubs: report
Economic Times
·
1y ago
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.
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Following WazirX’s $230 Mn Crypto Hack, CoinDCX Sets Up INR 50 Cr Crypto Investors Protection Fund
Inc42
·
1y ago
Medial
CoinDCX has established a crypto investors protection fund (CIPF) in response to the recent WazirX hack. The CIPF aims to compensate users for any losses resulting from security breaches or other adverse incidents. CoinDCX plans to contribute 2% of its brokerage income to the fund, along with annual revisions and an increase in the fund's size over time. This move seeks to build trust within the Indian crypto ecosystem.
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Indian investors are hoarding crypto post Trump's reserve call
Economic Times
·
5m ago
Medial
Indian investors are increasing their crypto holdings following US President Trump's call for a national crypto reserve. Indian crypto exchanges reported a 20-30% rise in trading, with Solana (SOL) and XRP seeing significant activity. CoinDCX observed a 10-fold surge in trading volume, briefly affecting their app's performance, which was quickly resolved. CoinDCX highlighted India's high crypto adoption rates, expecting further regulatory clarity to boost participation. Giottus also noted a rebound in trading volumes after a decline due to India's crypto taxation.
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Crypto exchange CoinDCX acquires Dubai's BitOasis
VCCircle
·
1y ago
Medial
Indian crypto exchange CoinDCX has acquired Dubai-based crypto platform BitOasis. The transaction value was not disclosed, but CoinDCX now owns the full share capital of BitOasis. The deal aims to strengthen BitOasis' position in the Middle East region and enhance its services. BitOasis provides broker-dealer services to qualified retail and institutional investors under its minimum viable product (MVP) operational licence, and it recently obtained a similar licence from the Central Bank of Bahrain. The acquisition aligns with the UAE's goal of becoming a global centre for the crypto industry.
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Cryptocurrency comeback: Indian exchanges shine amid offshore challenges
Economic Times
·
1y ago
Medial
The article highlights the recent surge in registrations and deposits on Indian cryptocurrency exchanges like CoinDCX, CoinSwitch, Unocoin, and BuyUcoin. This surge is attributed to fears of losing out on foreign assets as the Indian government blocked access to several offshore platforms. However, there are still challenges ahead, such as the use of VPNs to trade on non-compliant platforms and the reluctance of investors to bring back assets due to high taxation in India. The article also questions the future of foreign platforms like Binance in the Indian market.
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Indian Cryptocurrency Market Sees Resurgence On Bitcoin’s All-time High Rally
Inc42
·
1y ago
Medial
The demand for cryptocurrencies has surged in India, with trading volumes on major exchanges increasing significantly. Bitcoin reached all-time highs of $72,000 and $73,000, attracting new investors. Indian crypto platforms are offering incentives to attract new users, and homegrown platform Mudrex has launched Bitcoin spot ETFs for Indian investors. CoinSwitch claimed to have become the first Indian exchange to surpass 2 million users, while CoinDCX and WazirX also noted significant growth in trading volumes. However, industry leaders are calling for balanced regulation to control outgoing crypto transactions.
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Coinbase circles CoinDCX after $44 mn crypto heist
Livemint
·
11d ago
Medial
Coinbase is reportedly in advanced talks to acquire India's CoinDCX, following a $44 million hack affecting the local crypto exchange. The potential deal could value CoinDCX, one of India's largest crypto exchanges, at below $900 million, a significant drop from its peak valuation of $2.2 billion three years ago. This acquisition would allow Coinbase to further its presence in India, where it already holds stakes in CoinDCX and competitor CoinSwitch.
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CoinDCX’s Middle East arm BitOasis launches in Bahrain
Economic Times
·
2m ago
Medial
BitOasis, a crypto trading platform in the Middle East and North Africa, has launched operations in Bahrain after obtaining a license from the Central Bank of Bahrain. This move is part of CoinDCX's expansion strategy in the Gulf region, aiming for 1 million new users by 2026. BitOasis, acquired by CoinDCX in 2024, offers trading in 80+ virtual assets and has introduced premium services in Bahrain. The GCC market is predicted to grow significantly by 2033.
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