Sumit Gupta- Creating India’s Largest Crypto Exchange

 Sumit Gupta- Creating India’s Largest Crypto Exchange

“Cryptocurrency” is one of the buzzing words of 2021 and is very trending these days. I am sure all of us at some point have heard of this and thought of investing our money. However there is one blockage in this, as we’ve all been very cautious about crypto investment considering the volatility. In 2017, when even investing in crypto currency seemed risky,  it was extremely courageous to think of a startup based on crypto currency. In this blog, we’ll discover about the new age entrepreneur and Co-founder of CoinDCX Sumit Gupta who is creating India’s largest Crypto-exchange.

Sumit Gupta aspired to become an IIT engineer and started off with his journey from kota – Rajasthan which is considered as a hub for IIT aspirants. He was bright and secured a rank of 315. This helped him get into IIT Bombay, one of the prestigious engineering institutions in India. Sumit has been very inquisitive about crypto currency and the fintech space since 2014. He also had a childhood friend and now his business partner Neeraj Khandelwal in this journey. They often spoke about how crypto currency is developing and starting something on their own. These plans were in the early age of their iit days and they also spent time taking cryptography classes. 

Later Sumit Gupta got placed in Tokyo and left for his new adventure in another land. He was having a good life but still felt something missing whenever he spoke to his friend Neeraj. He decided to learn about how corporations functioned and came back to India to launch his own company. Unfortunately, when he just started off with this new idea his partner got cancer and it was a big havoc in this Entrepreneur’s life. Everything felt like falling apart and he could not manage all at once. In one of his interviews with humans of bombay he mentioned, “Suddenly, I was the HR, operations & tech manager! When employees left, it hurt. I nearly used all my savings. ” 

His friend Neeraj would help him in these troublesome times and & say, ‘We’ll get through it,’ but they had to shut their company down” He said, “I lost money & my confidence. I’d wake up to no work; I sustained myself on savings.”

These setbacks are really big and wreck you emotionally. It is difficult to believe that better things await. But this man is a perfect example of finding a light at the end of the tunnel and darkness. In 2017, Sumit Gupta along with his friend Neeraj together found India’s largest online trading platform for crypto currency – CoinDCX

They launched CoinDCX from Neeraj’s flat; their venture would help traders build strong crypto exchanges. They had savings to sustain for 3 months. So they’d ask people to work for a low pay. 

This idea was not well perceived as it was a very niche market. They also borrowed money from their families for this business. 

And amidst all this struggle in 2017-18, there was very unfortunate news for crypto based start up. RBI ordered banks to stop trading with crypto companies. 

Sumit mentioned, “Our investors backed out! But we changed our strategy; ‘Nothing worse can happen. We can only move up now.’ So we worked hard, got an office, & after the reversal of the ban our investors came back!”

As banks keep blocking payment modes and exchanges trying to convince them, Gupta is optimistic that there will be positive outcomes.

He adds, “Personally, I am very bullish, India will introduce good crypto measures. I am positive and don’t think the ban will last.”

He says, technology will not stop on the government’s decision, we are explaining how there are numerous benefits in terms of employment opportunities, adoption of tech in the MSME sector, remittances – where India plays a big role.

The CoinDCX team created the entire platform from the ground up. Full-stack developers, blockchain developers, machine learning engineers, app developers, software engineers, and data scientists make up the 50-member team, giving them the expertise to incorporate any innovative logic or functionality in our market.And today they’re changing the way people perceive crypto! 

Today, CoinDCX has over 2 million users with 100 crore daily turnover. The founders are firm believers of hustle never stops and neither do they!

Also Read- Aditya Arora- Life of the FAAD guy

thevcstories

https://thevcstories.com

We manifest the entrepreneurial and startup ecosystem for enthusiastic entrepreneurs by helping them build their entrepreneurial skills and encouraging them in job creation rather than finding ones. These episodes aim to provide much-needed guidance & motivation among the youth and bridge the knowledge gap.

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