Indian cryptocurrency exchange, CoinDCX, becomes the first in the country to launch simple staking services for its users. First reported on Coindesk, the staking service will launch with three tokens Tron (TRX), Harmony (ONE), and Qtum (QTUM).
Speaking on the latest developments, CoinDCX CEO, Sumit Gupta, confirmed the staking service would not carry fees or hidden charges. The Mumbai based digital asset exchange is built to promote retail staking with low minimum balances required to stake. A minimum of 100 ONE (~$1), one QTUM (~$3), and five TRX tokens (~$0.1) is required with an annual return of 8-10%, 6-10%, and 5-10% respectively.
Gupta further said the exchange would pool the staking deposits from customers in a bid to increase their staking rewards while simplifying the staking process. Additionally, CoinDCX will also measure the optimal reward system by offering staking rewards through their partner exchange, Binance, or directly on the blockchain.
The exchange has raised over $5 million in 2020 in a bid to expand its products and market base. In March, following the landmark Indian Supreme Court ruling against the crypto ban, CoinDCX raised a $3 million Series A funding round from BitMEX and Bain Capital. The exchange further extended its raise by $2.5 million, led by Coinbase Ventures and Polychain Capital, to increase the company’s market share and encourage crypto adoption in India.
Author: Lujan Odera
The Mumbai-based crypto exchange CoinDCX has added support for bank transfers, just a few hours after the ban on crypto imposed by the Reserve Bank of India (RBI) has been lifted.
On Wednesday, March 4, CoinDCX made the announcement that its users can use the Indian rupee to purchase cryptocurrencies. This makes CoinDCX the first Indian platform to support bank account transfers. The incorporation arrived in under 6 hours after the ruling made by the Supreme Court of India against the 2018 crypto ban imposed by the RBI. RBI wanted financial institutions in the country to no longer provide services to companies operating cryptocurrencies.
Crypto Enthusiasts in India Very Happy with the Ban Lift
The managing partner and founder of Ikigai Law, which is the law firm that filed a petition on behalf of Indian crypto exchanges and CoinDCX, Anirudh Rastogi, said the decision made by the country’s Supreme Court judges has grounds and that there was too little evidence to indicate cryptocurrencies are a threat to banks or the financial system in India.
He said the RBI ban wasn’t “proportionate to the risk sought to be addressed by such ban.” Sumit Gupta, the CEO and co-founder of CoinDCX, made a statement in which he expressed how he thinks the court verdict is probably a catalyst of the Indian cryptocurrency industry transforming completely.
Banking Integration, a First Priority for CoinDCX
Gupta also mentioned that his exchange’s first and most important priority was banking integration, as soon as people of India could once again make any investment in digital assets. Here are his further words on the matter:
“With renewed accessibility and convenience in purchasing cryptocurrencies, we believe that this change will have a dramatic effect in accelerating crypto adoption in India.”
It’s not yet known if the CoinDCX’s banking integration will bring the two entities together for now. No comments by the exchange have been made yet.
Author: Oana Ularu
The Mumbai-based crypto exchange CoinDCX and the trading platform OKEx have closed a partnership in order to offer Indian customers leveraged futures.
The announcement was made on Friday and says that OKEx is going to help CoinDCX to develop DCXfutures, a new derivative facility in return for introducing the trading platform to the Indian market. By using DCXfutures, investors from India will be given the option to trade the 15x leveraged futures provided by OKEx. The platform will be available for both retail and institutional investors, offering futures contracts in Bitcoin (BTC) and Ether (ETH). Here’s what the head of OKEx India, Zaz Zou had to say about the new partnership:
“India is primed to be the driving force behind the mass adoption of cryptocurrencies, which is why we are keen on adding more equitable currencies to the ecosystem. We believe having a variety of options to transact digital currencies will bolster the growth of economy in India as it positively impacts both crowdfunding and institutional funding.”
Crypto Ban in India Still to Be Ruled On
In the following weeks, the Supreme Court of India is expected to rule over the banking ban issued by the Reserve Bank of India (RBI). Anticipating that the ruling will be in their favor, many crypto companies in the country are starting to set their stalls out. In November 2019, Binance acquired the Indian exchange WazirX and entered the Indian market.
A Growing Demand for Futures
The audit and credit rating firm Crebaco Global has looked at the crypto scene in India, and calculated that if regulated properly, it can reach the $12.9 billion market size, not to mention that it can create somewhere in between 25,000 to 30,000 jobs. This is what Sumit Gupta, the CEO of CoinDCX said about the Indian market and what’s expected of it:
“We have witnessed rapidly growing demand for futures trading among Indian cryptocurrency market participants. […] huge potential of cryptocurrency markets to accelerate economic growth and wealth generation.”
DCXfutures is currently open for testers and expected to become available for the public in Q2 of 2020.
Author: Oana Ularu