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News on Medial
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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Related News
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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Crypto unicorn CoinDCX lays off more employees
Entrackr
·
1y ago
Medial
Cryptocurrency exchange CoinDCX is letting go of around 70 employees (12% of its workforce) to ensure profitable and sustainable growth, due to challenges posed by the bear market and regulatory impact. The company had achieved unicorn status in 2021 and raised $135 million in 2022, but is now adapting to challenging conditions.
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Wamda Capital, Pantera, others exit MENA crypto platform BitOasis
VCCircle
·
1y ago
Medial
Wamda Capital and Pantera Capital have exited their investment in BitOasis, a cryptocurrency platform based in the Middle East and North Africa. The strategic stake sale was made to an Indian digital assets platform, CoinDCX. The acquisition positions CoinDCX as a major player in the Middle Eastern and North African cryptocurrency market. BitOasis is known for providing a user-friendly platform for trading and storing cryptocurrencies in the region.
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Solana, CoinDCX offer Rs 25 Cr grant for Indian Web3 developers
YourStory
·
1y ago
Medial
Blockchain platform Solana's Solana Foundation, along with Indian cryptocurrency exchange CoinDCX and Superteam, will issue a Rs 25 crore grant programme for Indian Web3 developers. The programme is exclusively designed for Indian builders within the Solana ecosystem and for those working to advance blockchain development in India.
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Twitter India Turns Profitable In FY23
Inc42
·
1y ago
Medial
Twitter Communications India, the Indian subsidiary of X Corp. USA (formerly Twitter Inc.), has reported a net profit of INR 30 Cr in FY23, making it profitable. The company's operational revenue has increased by 32% to INR 208 Cr, covering up the net loss of INR 32 Cr in FY22. After Elon Musk's acquisition of the company, several changes were made, including the firing of CEO Parag Agrawal and scaling down the India team. Twitter Blue, a premium subscription service, was introduced in India, and the company celebrated its first anniversary under new ownership.
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Engineer Arrested in INR 379 Cr CoinDCX Crypto Theft
StartupTalky
·
8d ago
Medial
A Bengaluru engineer, Rahul Agarwal, was arrested in connection with a significant cryptocurrency theft targeting CoinDCX, a leading Indian exchange, resulting in a loss of INR 379 crore. The arrest followed an investigation prompted by suspicious activity reported by CoinDCX's vice-president, leading to the discovery that Agarwal's work laptop had been involved in the breach. Despite admitting to freelance work, Agarwal denied involvement. Authorities are probing potential external links and security lapses at CoinDCX.
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CoinDCX lost nearly 90% of trading volume due to 30% tax on gains, reveal Co-founders
OutlookIndia
·
1y ago
Medial
Indian cryptocurrency exchange CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal discuss the regulatory environment and challenges faced by the virtual digital assets industry in India. They welcome regulations for a safer environment but emphasize the need for them to be formulated in a way that doesn't push companies to move their base overseas. They also mention the impact of the 30% tax on gains and the decline in trading volume it caused for CoinDCX. The co-founders discuss their new project Okto, aimed at simplifying customer experience and making blockchain-based applications more accessible.
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Zeta India crosses Rs 800 Cr revenue in FY23, turns profitable
Entrackr
·
1y ago
Medial
Zeta India, a banking tech firm, reported revenue growth of 32.7% to Rs 816 crore in FY23, turning profitable in the same period. However, it did not match the growth levels of the previous fiscal year. The company offers financial services to institutions and generated 76% of its income from outside India. Employee benefits accounted for the majority of expenses, but cost control measures helped the company post a profit of Rs 22 crore in FY23. Zeta became a unicorn in May 2021 after raising funds from SoftBank and Mastercard.
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CoinDCX elevates Mridul Gupta to founding partner
Entrackr
·
1y ago
Medial
Crypto exchange CoinDCX has elevated Mridul Gupta as its founding partner. In his new role, Gupta will be responsible for meeting the company’s growth goals, focusing on international expansion, building high-performance teams, and driving profitability. According to CoinDCX, Gupta will continue to be responsible for the India market, strengthening its product portfolio, marketing, partnerships, and operations to accelerate the firm’s strategic growth in India. He joined the platform in 2021 as its chief operating officer (COO) and has been instrumental in building compliant crypto investment & trading products. Prior to CoinDCX, he was the chief strategy officer at Pine Labs. He also had a stint at Stellaris Venture Partners, Goldman Sachs, his own startup and consulted multiple banks across India & South East Asia. Recently, CoinDCX has acquired BitOasis as they are planning to enter into the Middle East and North African market. Launched in 2018 by Sumit Gupta, CoinDCX is a cryptocurrency trading platform designed to facilitate cryptocurrency transactions. The company’s platform allows customers to trade multiple cryptocurrencies legally and withdraw funds to their bank account.
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CoinDCX To Roll Out Okto Ecosystem With In-House Blockchain And Token
Inc42
·
1y ago
Medial
Indian cryptocurrency exchange CoinDCX is set to launch its own blockchain and token, Okto Chain, in a bid to drive adoption of decentralized finance (DeFi) in India. Okto Chain will serve as an orchestration layer, integrating Web3 functionalities into developers' apps, simplifying blockchain development. The Okto Chain will be powered by the $OKTO token, ensuring network security and fueling growth. CoinDCX has also introduced the Okto points program to reward on-chain transactions, with 7% of $OKTO tokens to be distributed via an airdrop campaign. CoinDCX's previous DeFi app Okto Wallet has over 1 million users.
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