CoinDCX, one of India’s largest crypto-asset exchanges and liquidity aggregators, has revealed that it will allocate $1.3 million towards increasing awareness and adoption of cryptocurrencies in India, a country with a population of over 1.5 billion.
According to a press release shared with Crowdfund Insider, the initiative aims to introduce 50 million Indian consumers to cryptocurrency markets. CoinDCX’s management said that the campaign, called TryCrypto, will operate as a long-term project that will support the cryptocurrency industry’s growth “well into the future.”
As noted in the announcement, the $1.3 million investment from CoinDCX will support the TryCrypto initiative with funds being directed towards educational programs, seminars, workshops, and distance learning courses (15%). Roadshows and awareness campaigning will receive 25% of the total investment. Meanwhile, meetups, community events, and community engagement will also be funded with 25% of the total investment. Product trials will get 35% of the total invested.
CoinDCX will also be introducing DCXlearn, a full-fledged crypto learning program.
Sumit Gupta, CEO and co-founder at CoinDCX, stated:
“Only 5 million people in India currently hold cryptocurrencies—less than 0.5% of the population. We believe, however, that by educating consumers and combating negative preconceptions of the industry we can boost the number from 5 million to 50 million, so that everyone can unlock the benefits of digital assets.”
Gupta added:
“In order to achieve this seachange, we are working with a host of industry partners and implore all like-minded businesses to help us work with consumers to — ‘Try Crypto’.”
As explained in the release, CoinDCX’s education-led approach aims to give first-time digital asset users the knowledge they need to ensure “they can navigate the cryptocurrency market safely and securely.”
The release noted:
“DCXlearn will consist of an online learning program along with massive open online courses (MOOCs). The cryptocurrency exchange is already in conversation with a number of top Indian universities in relation to promoting crypto education and the TryCrypto initiative within campuses.”
CoinDCX says it will also be conducting meetup events, educational seminars, and consumer campaigns to promote crypto adoption and awareness. The initiative will target India’s 50 largest cities during its first iteration of the TryCrypto campaign.
CoinDCX says it will work cooperatively with several industry leaders, including Inblox Network, Amesten Assets, and Cashaa in order to help people understand how to responsibly use digital assets.
Kumar Gaurav, CEO at Cashaa, remarked:
“With the Indian cryptocurrency sector expanding faster than ever before in the wake of the RBI ban being lifted—the TryCrypto campaign is the need of the hour. Education is more important than ever if we intend for more people to be a part of the crypto community. We at Cashaa firmly support the initiative and are proud to be a part of its future activities.”
CoinDCX’s $1.3 million commitment to the TryCrypto project has come after a March 6, 2020 Supreme Court of India ruling which essentially reversed the Reserve Bank of India’s (RBI) blanket ban on financial institutions offering banking services to individuals and firms dealing in crypto assets.
CoinDCX is also reportedly the first cryptocurrency platform in India to integrate bank account transfers.