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Building Trust in the Crypto world- Fireside Chat with Ramalingam Subramanian

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The world of marketing is evolving at a faster rate than ever. The recent marketing trends that were working for a business two weeks earlier might become outdated by the end of the month. What is that one factor that holds the business, their consumers, and the technology driving the business together? What should a company based on the latest technologies such as blockchain aspire for their consumers to have an enthralling experience? CoinDCX, India’s largest cryptocurrency exchange, believes the secret idea is to build trust. 

Every year exchange4media organizes Techmanch, India’s biggest digital marketing conference. It reaches out to the top marketing heads from various organizations to share that one revolutionary idea they stumbled upon while building the business. It’s a platform that just not brings the advertising, marketing, and media fraternity together but also focuses on leapfrogging the digital marketing industry through small yet defined steps. 

Dignitaries such as Dr. Anurag Batra- Chairman & Editor-in-chief exchange4media, Deepak Iyer-President India Modelez, Rubina Singh-CEO iProspects, Shreyansh Modi-Head of performance marketing Flipkart, and Ramalingam Subramanian-Chief Marketing Officer CoinDCX, Crypto Exchange, along with some other prominent names from the digital world graced this event. 

It was not an exaggeration when Dr. Anurag Batra said that technology was a part of the value chain management. Businesses that focus on building a value-centric relationship with their consumers flourish in the dynamic business world. 

Having said that, CoinDCX, being one of the pioneers for India in the cryptocurrency world, focuses on building trust. The same idea was conveyed by Head of Marketing and Brand, Ramalingam Subramanian during his fireside chat with Chanpreet Arora, Business Head-Voot. 

Building trust in the volatile Indian cryptocurrency market

Although the cryptocurrency market cap today stands at a value of more than 1.5 trillion dollars there is a lack of awareness and adoption of the technology, especially in India. Chanpreet Arora was not wrong when she mentioned how volatile the crypto industry is given the lack of trust in the infant stage it is in. The volatility around bitcoin value has always been a topic of discussion in the investor households of India.

“Trust is about building the right kind of understanding about the product.”-Ramalingam Subramanian

According to Ram, the challenge for India is not the lack of trust but the challenge of misinformation and lack of understanding. This lack of understanding is present at several levels. The difficulty lies in the various levels of understanding and the image portrayed to the large consumer base during its inception. What can CoinDCX, the largest crypto exchange in India, do to build that trust? This is a major issue that the organization has to solve being the pioneer in the Indian cryptocurrency market

Top 3 approaches  to build trust: CoinDCX Crypto Exchange

Educating the masses on ‘what is blockchain’ and ‘what are cryptocurrencies’
User-friendly products for easy and safe cryptocurrency investing
Comfortable environment for diversifying the investment portfolio
  1. Educating the masses – Educate the masses before involving them with the product and industry at large. To execute the same we have launched our complete education platform DCXlearn, a one-stop cryptocurrency course and learning platform to understand ‘what is blockchain?’ as well as ‘what are cryptocurrencies?’ 
  2. User-friendly products– Build products that are comfortable and easy to work with. We have built products that are safe and easy to use. While a few are limited to a few assets some products can be used for advanced trading.  CoinDCX, the safest and simplest crypto investment app in India is for everyone who wants to start crypto investments.
  3. Comfortable environment– An environment where consumers feel safe and secure to start cryptocurrency investing with their money. Therefore, as one of India’s largest cryptocurrency exchanges, it is our responsibility to build that conducive environment for cryptocurrency investing

The entire ‘TryCrypto’  campaign last year was launched with the intent to reach out to 50 million Indians and educate them. Our first step was to launch an education portal rather than an advertisement campaign.

As the largest crypto exchange in India, it does not fall under our responsibility to tell people where one should invest. However, it is our responsibility to provide them with a guided pathway. We came up with an unbiased method to introduce them to a few safe assets, to begin with. This helped us to uplift them from the state of confusion.

“We see our customers as guests to a party, and we are the hosts. It’s our job each day to improve every aspect of customer experience.” -Jeff Bezos 

The same principle was followed by CoinDCX to win and retain the trust of the consumer base. We wanted our consumers to believe in the values of our company to gain their loyalty. We have started to experience this already, as our consumers have understood our approach and have already started to appreciate it. We believe these would be the right steps to build trust along with acquiring new customers. 

 

Complete cryptocurrency course for financial planners 

Just like Chanpreet Arora, a lot of people still depend on their financial planners especially in India before initiating cryptocurrency investing in any crypto asset. Many are inquisitive if CoinDCX also has any cryptocurrency courses or programs to educate these intermediaries in the B2B sector. 

DCXlearn is heavily driven by the community approach. We are quite regular with the seminars, community programs, and workshops for not just beginners in the field of trading and investments but also for financial planners and intermediaries. This is an important aspect that we focus on. 

The entire system of blockchain and cryptocurrencies is based on decentralization. The system gives the user complete authority to take care of the asset rather than depending on someone. We are striving to build trust around this trust-less system where you do not have to depend on someone for your decisions. 

We have taken the traditional balanced approach, to educate the masses. However, the entire goal is to bring in decentralization and give the power back to people. To build a decentralized ecosystem.

CoinDCX compliance with  crypto regulations in India 

“The responsibility of the leader in a pack is to keep everyone aligned with the objective we started with. The entire industry is striving to build a thriving ecosystem.”- Ramalingam Subramanian 

Just like democracy which is built on the belief system of For the people and of the people so is a decentralized exchange (DEX). If people are not aware of their contribution neither can democracy function at its best nor can the DEX. 

We are extremely thrilled that the government has put its foot forward in this industry. The latest announcements on their part concerning the safety of crypto investments are encouraging for the entire industry. The sole aim of all the crypto regulations is to protect the investor and his assets.

The entire investment sector, be it an asset class, works on the fundamental principles of taking calculated risks. The government should take up steps and form crypto regulations in India to protect the best interests of crypto investors. We are enthusiastic about the level of communication done at the governmental level towards the crypto industry. 

We are hopeful and enthusiastic about the upcoming changes. The crypto regulations will be in the best interest of the crypto investors as well as crypto exchanges. 

High bitcoin prices and Network Effect 

Chanpreet, being in the primitive stage of understanding crypto, compared Bitcoin with Gold. Bitcoin is believed to be the digital gold of this century due to the high value of the token. 

However, the fascinating aspect about it is from where does it get this intrinsic attribute? Or to be precise who decides the bitcoin price in India?

We can’t define the base value of any currency. How can we approach these currencies and understand the market trends they are about to set?

As Ram pointed out, the biggest use case for gold is that it’s a store of value. Where does this value come from? Network effect. It’s a belief among people that their reserves stored in gold will multiply with time. This is one of the primary reasons why any investor invests in gold.

The same ideology is followed by Bitcoin and is similar to gold as an asset class. Just like one can invest in gold, store and multiply it later. Similarly, one can buy, store and expand one’s reserves through bitcoin. 

The market is volatile since it is a tradable commodity. Cryptocurrency investing is another form of investment that is driven by a network effect. 

3 Steps to help Bitcoin march towards mainstream 

Discipline
Accountability, as one of the largest crypto exchanges in India.
The activities built around our value chain management 
  1. Discipline: One of the most important things as a marketer in an evolving market is to build discipline. We are infants in the cryptocurrency industry. However, our goal is to achieve the trust of the people through our disciplined approach.  
  2. Accountability: We must hold ourselves accountable to the value system. No matter what pressure we face as an organization, we need to stick to the value system that we have created. The dynamics of the cryptocurrency industry will change in the years to come. Our goal should be to build a brand and product that they just do not comply with the crypto regulations but are even close to the value system that started it in the first place. 
  3.  The activities built around our value system: These activities will just not help CoinDCX to evolve and get better but will also bring crypto to the mainstream market just like Gold and other asset classes. We will encounter multiple revolutions in the tech space. It is the right time for us to build technology and contribute to nation-building at large. We are thrilled to contribute to the revolution and build the nation. 

The Final Takeaway 

CoinDCX is one of the key players and pioneers in the Indian cryptocurrency market. Apart from bringing the correct products to the people to start crypto investing, it also serves the responsibility of educating the masses with its easy and simple cryptocurrency course, DCXLearn. 

We want our users to know exactly what they are getting themselves into. This not only helps us to build a loyal and educated consumer base but we are contributing to the nation-building at large. We do not want to miss out on the opportunities to contribute to the digital revolution that we are about to see. 

The industry is volatile just like any other industry. The only way to build trust is through discipline, accountability, and education. We are here to serve rather than just exist.


Source: 

TechManch Editions Links
1st Keynote with Jeffrey Dachis at TechManch & IDMA 2017
2nd Marketing experts share their experience at TechManch IDMA 2018
3rd Techmanch 2019: Tamara McCleary CEO, Thulium
4th e-Techmanch 2020, Digital Marketing Virtual Conference & IDMA 2020 Virtual Awards Ceremony
5th TechManch Conference

Dignitaries:

Dr. Anurag Batra
Rohit Dosi
Rahul Welde
Deepak Iyer
Rubina Singh
Elizabeth Venkataraman
Praval Singh
Shreyansh Modi
Prasad Shejale
Reena Mishra
David Kaganovsky
Chanpreet Arora
Michelle Doti Taylor
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