The Mumbai-based Cryptocurrency exchange, CoinDCX, recently revealed plans to pledge $1.3 million towards increased awareness and adoption of cryptocurrency in India.
According to reports, CoinDCX will use the funds for a long-term initiative known as ‘TryCrypto.’ The goal of the project is to encourage more awareness about cryptocurrency among Indians. It is also set to increase the number of crypto users in the country.
Commenting on the potential of the Indian market, the CEO and co-founder of CoinDCX, Sumit Gupta said, “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,” he added.
At present, there is an on-going India’s Crypto Referral Program geared towards bringing more people into the crypto movement.
What makes up the ‘TryCrypto’ Initiative?
As part of the ‘TryCrypto’ initiative, CoinDCX plans to launch the DCXlearn, a comprehensive crypto learning program. It will incorporate an online learning program with extensive open online courses.
Additionally, the cryptocurrency trading platform is interacting with some top universities in India. Starting the TryCrypto initiative within campuses would ensure the promotion of crypto education.
As a direct benefit of the project, new users of crypto will get help and support to navigate their way safely into the market. This would go a long way in making cryptocurrency and blockchain more accessible to mainstream users.
Breakdown of the funding
Reports indicate that educational programs, seminars, workshops, and distance learning will get 15% of the total fund allocation. This is being considered the primary approach of the initiative.
Meanwhile, 25% of the funds are earmarked for roadshows and awareness campaigns. Another 25% will go towards community engagements, events, and meetups.
The remaining 35% of the investment will be dedicated to product trials.
As its initial approach, the TryCrypto initiative will start its programs in the 50 largest cities in India.
Collaborations with the TryCrypto initiative
To further advance the project, CoinDCX announced collaborations with the Inblox, Amesten Assets, and Cashaa. They’ll foster the promotion of awareness and a greater understanding of digital assets amongst their mainstream audience.
Also, leading Indian online media outlets and cryptocurrency news providers, Cryptokanoon and CoinCrunch, are set to support the TryCrypto initiative.
This comes on top of last month’s report of CoinDCX partnering with OKEx to launch their new product, DCXfutures.