Starting their journey in the crypto space in an ordinary apartment three years back, Sumit Gupta and Neeraj Khandelwal had no clue about the upcoming stumbling blocks in store for them. a
Talking to Humans of Bombay, Sumit Gupta reminisced about how his friend, Mr. Khandelwal, and he would go together to study at Kota, with their regular train rides and street food munching. As small-town boys, their big dreams and aspirations consisted of IIT and Mumbai.
Finally, at IIT-Bombay, both Gupta and Khandelwal would take the same cryptography classes together, talk about crypto, and fantasize about their own startup. However, as the time came, Mr. Gupta got recruited in Japan at “Sony”.
He earned well, but when his childhood friend Mr. Khandelwal would call him, both of them would recall their past, resulting in Mr. Gupta missing and experiencing nostalgia for India and their conversations about future dreams.
Eventually, as time passed, Mr. Gupta came back to India after acquiring knowledge about the functioning of corporations and launched his startup. Unfortunately, things took an unexpected turn, and soon after the startup’s launch, his partner was diagnosed with cancer, and employees started leaving the firm. Mr. Gupta almost used up all of his savings and was eventually compelled to shut the firm down as a result. He had no other choice or plan to turn the situation around in a positive direction.
“I lost money and my confidence. I’d wake up to no work.”
-Sumit Gupta, co-founder, and CEO at CoinDCX
At this moment of his life was when his old friend Mr. Khandelwal stepped in and proved himself as a pillar of encouragement and support. It was then that CoinDCX, now India’s largest cryptocurrency exchange, was formed. It wasn’t an easy process, and Mr. Khandelwal’s flat with only savings worth of a three-month sustainable period was used. They even borrowed from their families. Little did both the friends know that there was another storm waiting for them.
Soon after, India’s central bank and regulatory body – The Reserve Bank of India (RBI) – had ordered banks to cease all sorts of trade with crypto firms. Correspondingly, investors got cold feet and backed out. Both Gupta and Khandelwal had to work endlessly and form new strategies to change their troubled plight. Three years later, when the RBI had taken back its order, investors started to return.
“Today, it’s been three years since; we’ve hired over 150 people, have over two million users, and our daily turnover is 100 crores. We’re changing the way people perceive crypto,” -Sumit Gupta.
CoinDCX is now also the official live streaming sponsor of the World Test Championship Final underway in the UK.
An article about this inspiring story was posted on the official Instagram page of Humans of Bombay, and the post got thousands of likes with comments about how “friends fall and grow together” and the “amazing and motivational” backstory CoinDCX has.
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Behind this story written and told, only Sumit Gupta and Neeraj Khandelwal know the real struggle that came with their success. It is the truly hard work combined with sleepless nights and endless dedication that paid off later on. It is truly inspiring how two childhood friends built up India’s biggest cryptocurrency exchange after such big obstacles and never gave up for once, even though it must have almost felt like shattered dreams and no results.
Currently, CoinDCX has over 2 million users and users love their platform to trade crypto. It has become one of the top crypto exchanges operating in India.
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