CoinDCX, India’s largest and safest cryptocurrency exchange, announced that Insta (formerly known as DCXInsta), a fiat-crypto buy/sell product having completed two years today, has seen a 38% month-over-month in growth in the same time period. Insta, that allows investors to trade in INR currency, has become India’s most trusted and busiest fiat-crypto buy/sell product.
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Insta continues to be a major pillar of CoinDCX’s wider crypto adoption initiative, #TryCrypto, which aims to onboard 50 million crypto users and unlock the potential of cryptocurrency to the Indian market.
Insta, CoinDCX’s best-performing buy/sell product, was launched on 15 August 2018, and has grown to become India’s preferred fiat-to-crypto gateway via Indian Rupees (INR). Users can purchase 100+ cryptocurrencies for as little as Rs 10 instantly, at competitive prices with close to zero deposit and withdrawal fees through CoinDCX’s proprietary liquidity aggregation model. Funds on Insta are also protected through CoinDCX’s best-in-industry security measures.
Commenting on the milestone Sumit Gupta, CEO and co-founder of CoinDCX said: “When my Co-founder Neeraj and I started CoinDCX, we believed that cryptocurrencies can present unprecedented benefits to every consumer and that digital assets will serve as the future of finance. In order to fulfill our dream of democratising access to this new asset class, we created Insta to allow Indian users to trade crypto seamlessly and in one place. Today, we are proud to announce that Insta has become our most essential product, achieving 62% month-on-month growth following the Supreme Court Verdict. The past months have shown us that crypto has a future in India, and can unlock vast economic opportunities and benefits for the nation as a whole. With more Indians interested in participating in the global crypto economy following the Supreme Court lifting of the banking ban in India in March, a reliable on-ramp and off-ramp solution is key to our goal of pioneering national crypto adoption and industry development.”
Following the enactment of a banking ban on the cryptocurrency industry imposed by the Reserve Bank of India (RBI) in April 2018, CoinDCX first pioneered peer-to-peer cryptocurrency conversion through Insta, delivering Indian users maximum value with the access to over 100 of the most popular cryptocurrencies in the global market. CoinDCX was the first Indian exchange to integrate formal banking support when the ban was eventually lifted by the Supreme Court in March 2020, allowing Indian users to purchase cryptocurrencies directly with INR on Insta. The crypto exchange reported a 3x quarter-over-quarter growth in trading volume, and a 4x quarter-over-quarter growth in daily active users in Q3 of 2020.
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