CoinDCX, one of India’s leading cryptocurrency exchanges, on Wednesday announced the appointment of Gaurav Arora as Senior Vice President of CoinDCX Pro. A graduate from IIT Roorkee, Arora will be responsible for directing the crypto exchange’s upcoming initiatives aimed at developing decentralized finance (DeFi) adoption in India. CoinDCX’s move comes at a time when the Web3 sector has gained momentum in expansion.
Arora, former Product Manager at Amazon Pay Indiahas decades of industry experience in developing and leading products and businesses.
As part of his new role at CoinDCXIIM-Bengaluru alumni will work to simplify access for Indians in a digital ecosystem powered by a decentralized economy.
“The world of Web3 and DeFi is in its infancy and is inaccessible to most people due to its complexity. We believe that in the next few years hundreds of millions of users will interact with the decentralized blockchain ecosystem. Our goal is to provide a bridge for these customers to safely and easily access opportunities in this system,” said Arora while commenting on her appointment at CoinDCX.
The crypto exchange is looking to become one of the early service providers in the Web3 sector in India to help people explore other elements of the industry such as NFTs and metaverse.
Citing a report by Gartner, CoinDCX said that by 2026, 25% of consumers will spend a minimum of an hour a day on the metaverse for work, shopping, educational, social or entertainment purposes. This ecosystem will have its own virtual economy enabled by digital currencies and NFTs.
The company claims to be trying to remove the Web3 realm from the complexities that an average user might encounter while considering entering the next phase of the digital world.
“I believe that Web3 and blockchain technology will save the average person billions of dollars and create powerful income opportunities like electronic money There are many consumer applications. Gaurav, with extensive experience in building consumer-friendly products, will focus on building the DeFi space that has the potential to financially empower billions of people,” said Neeraj Khandelwal, Co-Founder. founder of CoinDCX, said in a press statement.
The company, which launched in early 2018, has been perfecting its operations by bringing in industry veterans into senior positions.
Earlier this month, the cryptocurrency exchange designated Kiran Vivekananda as head of public policy and government affairs. Vivekananda will now work with Indian regulators as the government moves closer to crafting cryptocurrency laws aimed at protecting Indian investors.
In an effort to provide early stage support for budding blockchain projects in India and around the world, CoinDCX also recently launched venture capital branch with investment plan Rs. 100 crore in the startup industry.
CoinDCX is the first Indian unicorn (worth over a billion dollars) in the crypto space. In addition to a recent $135 million (1,044 crore) Series D funding round led by Pantera and Steadview, the company previously raised over $100 million (about 760 crore) with Coinbase Ventures and Facebook co-founder Eduardo Saverin, leads B Capital as investors.
The company claims to have more than 12.5 million users on its platform.