India’s crypto industry has often been in the spotlight for regulatory uncertainty and investor hesitation. Yet, amid this, CoinDCX, the country’s first crypto unicorn, is showing resilience and growth. Co-founder Sumit Gupta recently spoke about the company’s progress, how global investors are backing India’s Web3 journey, and why strong fundamentals matter more than hype.
Rising confidence in crypto
Bitcoin’s surge to fresh all-time highs and Ethereum’s continued strength have shifted global sentiment towards digital assets. Gupta believes the approval of Bitcoin and Ethereum spot ETFs in the United States was a turning point. Unlike the earlier wave of hype, today’s interest is rooted in genuine institutional participation. Startups with strong compliance and fundamentals are now being seen as valuable long-term bets, a far cry from the pessimism of 2022.
Recovering from a major breach
CoinDCX recently faced a $44 million security breach. However, Gupta clarified that customer funds were untouched since 95 percent of assets are stored in segregated cold wallets. The loss was absorbed entirely by the company’s treasury. The firm also relies on its Crypto Investor Protection Fund, currently worth Rs 70 crore, which grows every month to safeguard users. Gupta acknowledged that cyber threats are evolving, but said the company is strengthening systems with the help of global cybersecurity experts and constant audits.
Regulatory progress in India
Gupta highlighted how India’s approach to crypto has matured since the G20 Summit. Instead of talk of bans, there are now defined rules around anti-money laundering, KYC, advertising, and taxation. The introduction of the Crypto Asset Reporting Framework from 2026 will bring even greater clarity. CoinDCX was also the first Indian exchange to register with the Financial Intelligence Unit, reflecting its compliance-first approach.
Growth and expansion
CoinDCX has grown its registered user base to 2 crore, a 30 percent rise in just a year. In the first half of this year, the exchange recorded Rs 23,497 crore in spot trading volumes, a 37 percent jump compared to the previous year. Annualised revenues now stand at Rs 1,179 crore, with assets under custody crossing Rs 10,000 crore.
The company is also expanding internationally. With its acquisition of BitOasis in 2024, CoinDCX became the first Indian exchange to enter the MENA region. Licensed under Dubai’s Virtual Assets Regulatory Authority, BitOasis has since recorded significant growth, including a 50 percent jump in revenues.
The role of investors
CoinDCX has raised Rs 2,144 crore from global investors, a vote of confidence in India’s crypto future. Gupta stressed that funding in the sector is no longer chasing hype. Instead, investors are backing companies with real product-market fit, regulatory alignment, and robust infrastructure. The India Web3 Landscape Report 2024 noted that Indian Web3 startups raised 564 million dollars in 2024, more than double the previous year, bringing cumulative funding in the sector to over 3 billion dollars.
Final Word
Despite setbacks and challenges, India’s crypto sector is attracting both global and domestic confidence. With regulatory frameworks taking shape and companies like CoinDCX proving resilient, the future of digital assets in India looks promising.
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