Crypto exchange CoinDCX has announced on March 12 a $1.3 million funding towards increasing awareness and adoption of cryptocurrencies in India.
According to the company, the funds will go towards a long-term project called TryCrypto, which will seek to introduce 50 million Indian consumers to cryptocurrencies.
Items to be funded within TryCrypto
Educational programs, seminars, workshops, and distance courses are among the fronts that the CoinDCX initiative aims to finance, representing 15% of the funds allocated to said project.
Roadshows and awareness campaigning will be 25% of the total investment, while meetups, community events, and community engagement will receive another 25% of the funding.
Product trials, per the announcement, will get 35% of the total investment, giving rise to 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."
In the first instance, the TryCrypto campaign is going to start rolling out its educational program in the 50 largest cities in India.
Among the collaborators of the project, CoinDCX highlights that it will work in cooperation with the Inblox Network, Amesten Assets, and Cashaa.
Announcement comes after India’s Supreme Court ruling
Kumar Gaurav, CEO at Cashaa, applauded the news, and cited the recent boost in the industry that resulted from the lifting of Reserve Bank of India's ban.
As Cointelegraph reported on March 4, the Indian Supreme Court nullified the RBI's blanket ban on banks dealing with crypto businesses. The central bank initially enforced the ban in July 2018.
The national central bank, however, has appealed against such decision out of concern that the court's ruling could lead to cryptocurrency trading that puts the banking system at risk.