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Mridul Das
Introvert!ย โขย 1m
The Rise and fall of India's First Crypto Unicorn: A Case Study on CoinDCX :) This case study highlights how government regulations can significantly disrupt a business overnight, yet strategic adaptation can help a company survive . The Turning PointOn April 1, 2022, the Government of India imposed a flat 30% tax on all cryptocurrency profits, regardless of the holding period. Unlike previous tax regulations, this new regime allowed no deductions or exemptions. This decision dealt a severe blow to the cryptocurrency industry in India, stifling growth and investor enthusiasm almost overnight. Before this regulatory shift, cryptocurrency exchanges like WazirX, CoinDCX, ZebPay, and Unocoin experienced exponential user growth, positioning India as one of the largest crypto markets globally. CoinDCX, in particular, had raised approximately $247 million across six funding rounds, achieving a peak valuation of $2.15 billion. The platform has over 20 million downloads and more than 10 million active investors and so still holding the unicorn status. After geting set backs and facing market volatility COINDCX continues to survive and according to the news reports they recently launched 'CoindCX Prime', a plateform tailored for High-NetWorth individuals and institutional investor ( Yes, they have changed their business model.) aiming to achieve $100 million in asset management by the end of 2025. Also to spread awareness regarding Cripto CoinDCX has initiated the "Bitcoin Chai Cafe'. These development shows that they are still working on playing big on cripto. Recently CoinDCX has focused on increasing cryptocurrency awareness and education in India. The company initiated the 'Bitcoin Chai Cafรฉ', an innovative campaign aimed at fostering community engagement and demystifying the world of crypto for the general public. :) Thanks if you read the entire post.
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