Crypto startups will remain strong if public markets take a hit: CoinDCX CEO
The CEO of CoinDCX, a cryptocurrency exchange operating in India, Sumit Gupta, talked about his take on the current state of the crypto market and the future plans of the exchange as well in an interview with Forbes India.
Crypto startups will survive
According to the statement given by Gupta in the interview, the US Federal Reserve increasing rates and public markets taking a major hit won't affect the crypto industry as bad as much as some of the other startup categories. As per the CoinDCX CEO, the crypto industry has huge capital investments going to categories or industries that have a "higher propensity to grow in the coming years."He further said that the recent $4.5 billion fund announced by Andreessen Horowitz (a16z), a venture capital firm in Silicon Valley, California, is another major bullish signal for the crypto industry. This new fund is Andreessen Horowitz's fourth crypto fund, and the total amount raised for crypto and blockchain investments is now standing at $7.6 billion for a16z.
"We are planning to hire 1,000 people by the end of this year. It's a great time to hire while other companies are on a hiring freeze. We think this is a great opportunity for us to build a good and strong team that can give us innovative products in the future," said CoinDCX CEO.
CoinDCX continues to hit milestones
CoinDCX is India's first crypto-based firm to achieve unicorn status in the nation. The exchange recently had a new crypto yield program called 'Earn,' through which customers can earn interest on their idling crypto assets. The CEO has huge expectations from the Earn feature, and he also revealed that the exchange aims to allocate more funds to DCXLearn, an initiative to educate people on crypto and Web 3.0, in the coming years."The long-term plan is to allocate more budget to this initiative and come up with creative ways of releasing the content. Who knows, in the future, we'll even have a Metaversity for crypto education," Gupta said.
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