The company said the incident was "quickly contained" and that the affected account was isolated.
CoinDCX is among the first Virtual Digital Assets (VDA) exchanges in India to achieve ISO/IEC 27001:2022 standard by BSI.
In his new role at CoinDCX, Rajnish will be instrumental in building CoinDCX's superior user experience. He will lead CoinDCX's customer experience across all product lines, including self-help platforms, voice and back office inquiries and core product experience.
This partnership will ease the complexities associated with crypto tax calculation and reporting, making it seamless for investors and traders to comply with tax requirements
Vijay previously led corporate development and international, including early stage investing and strategic projects for Luno, a crypto wallet and exchange owned by the Digital Currency Group (DCG).
By combining security, accessibility, and ownership, Okto marks a new era for the world of DeFi.
Established with the goal of making crypto and web3 accessible to Indians, the exchange now serves over 15 million customers
According to the Government’s notification, Virtual Digital Assets (VDA) service providers such as exchanges, custodians and wallet providers are required to comply with various regulatory requirements.
Vivek will be responsible for enhancing and simplifying the user journey and product experience for CoinDCX’s 15-million-strong customer base
How to find new users for your Web3 community? To find new users one has to be clear on the people they are looking to target. If the community is for investing then LinkedIn works better than twitter. The process should not be restrictive and stick to one platform, rather strengths of different platforms should be used. Facebook, twitter, LinkedIn,Telegram, Whatsapp, Moj app, Koo and Discord servers are some of the existing Web2 platforms which can be used to find new users for Web3 communities.
How to find new users for your Web3 community? To find new users one has to be clear on the people they are looking to target. If the community is for investing then LinkedIn works better than twitter. The process should not be restrictive and stick to one platform, rather strengths of different platforms should be used. Facebook, twitter, LinkedIn,Telegram, Whatsapp, Moj app, Koo and Discord servers are some of the existing Web2 platforms which can be used to find new users for Web3 communities. How to retain a community sustainably? It is not uncommon for users to switch between communities. The one measure to avoid this and retain a community sustainably is having an entry barrier. Having clear entry criteria for the new users affects the quality of the community. When likeminded people with similar vision come together they tend to stick for longer periods and not get affected much by vulnerabilities of the crypto space like the fall of FTX or bear run of prices. Is it a good time to invest in crypto? Investing is a highly personalised decision. Risk appetite, the reason for investing and goals for future varies for every individual. Thus, one has to do own research and not fall for word of mouth or hype before investing, not just in crypto but for any other asset class too.
CoinDCX announced the launch of Namaste Web3, an initiative aimed at generating awareness and understanding of the third-generation internet or Web3, and its potential for Indian industries.
How To Value A Community? Finding a tangible value is a critical aspect for a community. Following the methodologies of traditional companies to find value like Discounting Cash Flow doesn’t work well for communities. Scriblooooor draws an analogy with the process of finding GDP of a country to find value of a community. He states example of Superteam Dao, a community he is part of where the value is determined by the collective output of its members. But there is no one size fits all method for finding value to the community. Ankur focuses on why knowing the reason and the nature of community is important for this. For example, if the community is for investing then the value can be determined by the value of assets with the users.
How To Form A Community In Web 3? Entry criteria and not giving emphasis on Governance are the key factors to keep in determination for Scriblooooor. While forming a community one should not go after the number of people in community or followers on social media. They should focus more on the quality of the members. The next key step is to emphasize on speed optimization by not falling into the trap of governance. Action is more important than being stuck in voting and permission process for Ankur. Clarity in vision, creating a niche purpose for forming a community like investing or research and being real are important while forming a community.
How Different Your Life Would Have Been Without Being A Part Of An Active Community In Web 3? For Scriblooooor, the shift to remote work and being a part of community has made him more open to absorbing newer ideas, exploring opportunities and trying new products. The reason for this is that working in Web3 is working on internet and in a community one works with other people while working for self at the same time. Ankur feels the same. Being a part of community helps him in understanding the crypto space in depth as there is a scope of shared learning and experiences. For the same reason we are witnessing emergence of Global Web3 communities.
Why Is Web 3 Heavily Dependent On Communities? Ankur answers by stating the human need to socialise by forming communities. Communities in Web3 is not a new concept as existing Web2 platforms too have communities. Though In Web 3, economic elements makes it essential to being a part of community. Scriblooooor adds to this by stating examples of Airbnb and instagram who are active with their host community meet-up and creator’s engagement. He states that the key difference between the communities in Web3 and Web2 is ownership of asset is with the user and not the platform. To put in simple words, communities in Web3 is equivalent to Amul, a jointly owned co-operative where the owners are the dairy farmers who hires the services like marketing.
Why Is Web 3 Heavily Dependent On Communities? Ankur answers by stating the human need to socialise by forming communities. Communities in Web3 is not a new concept as existing Web2 platforms too have communities. Though In Web 3, economic elements makes it essential to being a part of community. Scriblooooor adds to this by stating examples of Airbnb and instagram who are active with their host community meet-up and creator’s engagement. He states that the key difference between the communities in Web3 and Web2 is ownership of asset is with the user and not the platform. To put in simple words, communities in Web3 is equivalent to Amul, a jointly owned co-operative where the owners are the dairy farmers who hires the services like marketing. How Different Your Life Would Have Been Without Being A Part Of An Active Community In Web 3? For Scriblooooor, the shift to remote work and being a part of community has made him more open to absorbing newer ideas, exploring opportunities and trying new products. The reason for this is that working in Web3 is working on internet and in a community one works with other people while working for self at the same time. Ankur feels the same. Being a part of community helps him in understanding the crypto space in depth as there is a scope of shared learning and experiences. For the same reason we are witnessing emergence of Global Web3 communities.
CoinDCX firmly believes in providing the right information and urges everyone to equip themselves in the crypto space before making any decision. Cryptonomics, all things crypto, is an investor education initiative in association with Business today and is a step in the same direction.
Catch all the insights of the crypto world and Fireside chat on Building Communities in Web3 with Scriblooooor, Superteam Dao, and Ankur Vaid, Co-founder at Unit on #Cryptonomics: All things Crypto
Catch all the insights of the crypto world and Fireside chat on Building Communities in Web3 with Scriblooooor, Superteam Dao, and Ankur Vaid, Co-founder at Unit. Network and Growth at Reflexical, moderated by Raghav Dudeja, Mumbai Chapter leader only on Cryptonomics. All things Crypto.
The global crypto ecosystem faced a blow with the collapse of the biggest crypto exchanges like FTX and Voyager. This has led to an erosion of trust amongst the users. In such a situation, CoinDCX, India’s leading crypto exchange took a step to establish the trust back by releasing their proof of reserves and liquidity with a statutory auditors certificate. Proof of reserves and Proof and liabilities are a part of the proof of solvency. It enables users to track the value and usage of their funds in real time. In this, Reserve to liability is an important metric to measure solvency. If the ratio of assets of the organization to its liabilities is 1 then it indicates that the organization has enough asset classes to back its liabilities. For CoinDCX this ratio is more than 1. As of Dec 15th, 2022, its total asset value stands at USD $157 million and total liabilities at USD $155 million. CoinDCX partnered with Coingabbar to provide a no-bias third-party overview of the audit in order to lay a strong foundation of trust and transparency. Paras Malhotra, SVP - Exchange Operations, CoinDCX states that building trust is a process and measures have to be taken consistently. For the same reason, CoinDCX took the call of not having native tokens, unlike other crypto exchanges. Apart from this, having a strong KYC process, regular INR and trade surveillance, no manipulation of records, and releasing proof of reserves every quarter going forward are some processes that the organization has opted for as regular practices for self-governance.
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