The sun of June 27, 2019, did not bring much happy news for Indian crypto investors. While the world was rejoicing the bull run in the crypto markets, another Indian exchange succumbed to the RBI’s fait lifeline “ban” on crypto exchanges.
As a crypto enthusiast in a great country like India, failures like this does sink one's heart. The post released by Koinex that announced its closure does speak of the struggle the exchange went through.
“We have consistently been facing denials in payment services from payment gateways, bank account closures and blocking of transactions for the trading of digital assets. Even for non-crypto transactions like payment of salary, rent and purchase of equipment, our team members, service providers, and vendors have had to answer questions from their respective banks”
These are the lines which Rahul Raj, the founder of Koinex, wrote signifying the struggle that he and his team faced as they bid adieu to something which he and his team had passionately started.
The post has enough points that can bring empathy to the founders who were valiant in their fight but couldn't survive.
From a crypto investors point of view, the news of Koinex shutting down was even scarier. Over the last 14 months, they have had their own struggles as the whole crypto environment is unclear and fearful.
And this is not the first exchange that India has seen going down to the RBI rule. Last September, India’s then-largest crypto exchange by trading volume, Zebpay, was also forced to shut down citing the RBI restrictions. This was followed by Coindelta in March 2019 and Coinome in May 2019.
CoinDCX is here to stay!
Every exchange closure just sinks the heart further for the Indian crypto enthusiast, who looks for clarity and trust in these times. Understanding the pain and trouble that Koinex customers would go through, CoinDCX is happy to fill trust bridge and here to answer any of your doubts/queries you have via our support channel.
CoinDCX’s growth can clearly be seen as the company looks to provide the Indian crypto community with a crypto aggregator which not only meets the global standards but also provides the highest level of security against the malicious hackers.
CoinDCX, backed by Bain Capital and other prominent Angel Investors, with its aim to be a one-stop solution for cryptos in the country, brings together the benefits of crypto trading, margin trading, instant buying and earning interest for Hodling cryptos all under one platform. CoinDCX allows users to trade in 484 markets with the highest liquidity. For margin traders, it allows them to trade with up to 5x leverage in 100+ coins. DCXinsta allows users to instantly buy/sell over 100+ cryptocurrencies while it's lending features allows crypto Hodlers to earn interest on his crypto holding in an easy and secure way.
With all these features coupled with the highest liquidity and amazing API tools to trade, CoinDCX does provide a platform to Indian crypto investors where they can come and easily say #AllisWell clearly sounding out loud #DontWorryIndia.
To sum up the whole scenario, yes one can’t deny that Exchanges are very crucial for the Indian Community to participate in this new asset class. We, at CoinDCX just want to assure that - India, we are here for you and will continue to serve you. The battle is ours to fit with this challenging environment and we’ll keep putting efforts to keep the blockchain fire on in the country as long as we keep working within the regulations of the great land of India.
P.S. To get ourselves stronger than before we are expanding our team. So if you are as passionate as we are, hit me at firstname.lastname@example.org and, we will probably join hands for a better decentralized tomorrow.