We’ll soon start seeing good global products in the crypto space in India: R Subramanian
CoinDCX, the nation’s first crypto unicorn, has partnered with Advertising Standards Council of India (ASCI) to actively support the advancement of advertising standards within India’s cryptocurrency and digital asset industry, thereby promoting transparency in communications and building public confidence in the space.
Since its launch, CoinDCX has added many significant gateways to build a strong and safe crypto portfolio for everyone who invests in their app. DCX has always revolutionised its crypto-based products by developing borderless financial services that ensure a faster, simpler, and uninterrupted flow of capital. These are the major reasons why 4 million+ Indian consumers invest in CoinDCX and consider it to be the most loved platform for crypto currency investment.
In an exclusive interview with Adgully, Ramalingam Subramanian, Head of Brand & Communications, CoinDCX, speaks about the purpose behind CoinDCX and ASCI’s partnership, plan for expansion of CoinDCX globally, how this partnership will benefit the Indian consumers and a lot more.
What is the purpose behind this partnership? How did CoinDCX come up with this idea of actively supporting the advancement of advertising standards?
ASCI has always been a prominent organisation when it comes to supporting education and in general to spread awareness about the best and ethical practices related to advertising. As a responsible business, it was very important for CoinDCX to decide the steps that we take when it comes to adoption and as a concept, we have always believed that we should first get educated and then acquire. CoinDCX in their previous history has launched an educational academy before launching any advertising campaign. This is what we believe in and will always remain standard for us.
We then felt that we wanted standard guidelines and we should work with the best people around to maintain this. This has been a case in the past, where CoinDCX were acquainted with online KYC, AML processes and thus, we have always partnered with the people who understand this business and its investment potential. When we talk about sustainable growth, without people understanding the asset class and the choices that they have, it will be very difficult for us to build a business/ brand and this is what the partnership is all about, to educate and acquire the transparency of advertisements in the crypto sector.
How will Indian consumers benefit from this recent partnership?
The membership is definitely going to benefit the Indian consumers. Taking such important steps will bring a lot more clarity in how advertising should be done, especially in our sectors for the consumers. The aim is to basically interact with this asset class and assure them about the steps that we take and about their money that they invest in our sectors.
How is the involvement of CoinDCX going to raise the bar for advertising transparency in the crypto space in India?
CoinDCX is one of the known value projects in the country today. Because of this, we also have an understanding about how the other side of business works, such as investing in new asset classes, blockchains and a lot more. When working with another leading body, it helps us to give them the right knowledge and guidance about the crypto sector. CoinDCX is not just an Indian player, it also consists of a decent global presence with good global investors like Coin Base, who have gone through this process in the US. We also got a chance to learn a lot of internal things and to share it with our consumers through this global investment partnership.
CoinDCX has reached unicorn status, becoming India’s first crypto unicorn start-up. What is your take on the same?
We closed a round recently and CoinDCX is valued at $1.1 billion for the same. Unicorn is just a state and a milestone. The industry is very vast and we are very young in the business. It is a proud moment for us that we have been able to achieve this milestone at a very young age, but it has also added a huge testament to the value that industry can create in India. Yes, we are the first one to reach there, but I am pretty sure there are going to be many more players and a lot more things will come in the next few years. It was a moment for us to celebrate, but more importantly, it is now a moment to be more responsible for the people who look up to us, which is a good position to be in and a very important position for us to communicate the right message to our consumers.
What are the things to keep in mind whenever you list a coin on your exchange?
There are a lot of criteria that we follow. We created a compliance framework almost a year back, titled ‘The 7M Framework’, which checks seven parameters all starting with the letter M. Basis that there is a score that comes in and any project that is scored above 3.5 can then be considered as a listed project. This is the first check and there are a couple of more checks that we go through. Also, in CoinDCX we have a two-product strategy, one that we create for investors or the new people who are joining the space and for them we have a different criteria and not all the tokens are listed – we have around 45 tokens for the new people on our app. The second product strategy is for the advanced people, who actually understand how crypto works. Irrespective of these changes in the product strategies, all the tokens will still be listed in the 7M category and have to go through all the checkings.
Is moment-based consumer engagement the future of marketing? How?
As attention spends keep on dropping and because people are so connected and engaged today, there is a lot of scope available. It is not like things didn’t happen the similar way in the past. Currently, it’s more the state of a fade. It was a phase where meme-marketing was the talk of town and then something else came up. Similarly, moment-based consumer engagement will be there for a while, but for it to be really a sustainable thing, it has to serve a longer time frame. It is useful and very tropical right now, but if I predict for it to survive further, it depends on the categories and largely on the brands for the products that they sell. But I can make sure that newer and newer systems will be coming in the future.
What is the plan for expansion of CoinDCX outside India? How do you see 2021 ahead?
In 2021, we are seeing a lot more adoption happening, a lot more growth happening, but most importantly, a lot more education happening. Interesting insights that we have is that people are investing with us and we have observed that patterns are emerging where people are able to diversify into multiple different assets. At CoinDCX, we have an internal benchmark where people start to diversify three different classes. Despite a dip in the market and major corrections taking place, we saw netbyte. People were still entering into this phase and were trying to understand the asset class a lot more, which was a very encouraging sign for us. As a business, yes we will have growth, we will improve our numbers as we go forward, but the focus will still remain on the same simple parameters that CoinDCX always works on – educating and then acquiring. The main aim will always be to make things much more safer and simpler for our customers.
Talking about the expansion, you may see some interesting stuff that might be coming up on CoinDCX, and global expansion is something that’s close to our hearts. In addition to this, we will soon start seeing good global products in the crypto space, especially for India.
As founders themselves, Sumit and Neeraj have always maintained that this is the third revolution of IT Space and we have the capital, capability to actually own it.