Crypto exchange CoinDCX announced a $1.3 million financing to increase crypto awareness in India.
The funds will go towards a long term project called TryCrypto, which will seek to introduce 50 million Indian consumers to cryptocurrencies, according to the company.
The CoinDCX initiative aims to finance educational programs, seminars, workshops and distance courses, representing 15 percent of the funds allocated to the project.
Roadshows and awareness campaigning will represent 25 percent of the total investment, while meetings, community events and community involvement will receive another 25 percent of the funding.
Product trials will receive 35 percent of the total investment per announcement, resulting in a new crypto-learning program called 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.
Advantage of India’s Supreme Court ruling
Kumar Gaurav, CEO at Cashaa, applauded the news, citing the industry’s recent boost resulting from the lifting of India’s ban on Reserve Bank.
As Cryptolydian reported on March 4, the India’s Supreme Court has overturned the ban imposed by the country’s central bank on the dealings of local banks with crypto firms.
In April 2018, the Reserve Bank of India (RBI) had imposed a ban on local banks, preventing them from dealing with crypto firms. The ban came into effect in July of the same year.
Accordingly, the Internet & Mobile Association of India (IAMAI) filed a lawsuit against the RBI to the Supreme Court.