On March 12, Crypto exchange CoinDCX revealed a $1.3 million in financing to increase awareness and acceptance of cryptocurrencies in India.
The funds would go towards a long term project named TryCrypto, which will aim to introduce 50 million Indian consumers to cryptocurrencies, according to the business.
Funds Allocated To Fund Activities
The CoinDCX initiative seeks to support training activities, conferences, workshops and distance courses, comprising 15% of the funds allocated to the project.
Roadshows and awareness campaigns will represent 25% of the overall budget, while forums, community gatherings and community engagement will receive another 25% of the funding.
Product trials would obtain 35% of the overall investment per the announcement, resulting in a new crypto-learning platform named DCXlearn.
Sumit Gupta, CEO and co-founder at CoinDCX, commented on the potential of the Indian market.
“Only 5 million people in India currently hold cryptocurrencies — less than 0.5% of the population. We believe, however, that by educating consumers and combating negative preconceptions of the industry, we can boost the number from 5 million to 50 million so that everyone can unlock the benefits of digital assets.”
The TryCrypto campaign will start rolling out its educational program in India’s 50 biggest cities in the first instance.
CoinDCX, among the project’s collaborators, emphasizes that it will work with Inblox Network, Amesten Assets, and Cashaa.
CoinDCX’s Announcement Comes Supreme Court of India’s Historic Ruling
Kumar Gaurav, CEO at Cashaa, applauded the report, citing the industry’s recent boost resulting from the lifting of India’s ban on Reserve Bank.
The Indian Supreme Court, as reported by Newsccm on March 4, annulled the RBI’s blanket ban on banks dealing with crypto businesses. The ban was initially implemented by the central bank in July 2018.
However, the national central bank has appealed against such a decision out of concern that the court’s ruling could result in cryptocurrency trading which puts the banking system in danger.