Coinsbit India is a joint venture between Cryptic Coinsbit India and Prof-it Limited, intending to bring the best cryptocurrency exchange platform to India. With its headquarters in Estonia, the popular cryptocurrency exchange platform has a reported user base of 5 million users and a monthly transaction volume of around $50 billion-plus USD. It was named the best 2018 crypto exchange at Asian Blockchain Life, 2019. Their strengths include well-timed order execution, local market insight, and multi-tier crypto asset security management bringing a full suite of services that a blockchain and a global exchange provide to the users.
The year started with a bang for Coinsbit Global, as we launched Coinsbit India. We hit multiple milestones which came together to mark the launch in April, with the biggest airdrop in the history of cryptocurrency in India. During the first quarter, we worked on multiple iterations of the user interface, in order to come up with the most ambient user experience. We continued to execute our strategy of focusing on core technology development, technical integrations, automating KYC, aiming at the completion of the exchange system, and much more. At Coinsbit India, we believe that there can be a new financial economy based on Decentralization and Trust — the two core thought pillars of blockchain; and want to bring this revolution to India through our innovative financial platforms and products. In this quarterly report for Q1, we are happy to share what we have been up to, what is coming up, and what we learned on our thrilling journey, so far.
Between April and July, 50 new team members joined Coinsbit India, making our total count to 70 team members and expanding to 7 divisions.
1. 1M+ new users have joined Coinsbit India since the launch.
2. Launched CIN Token and conducted a super successful airdrop with additional 2 rounds resulting.
3. We have launched staking! 54,000 users have staked a total of 240,549,884.
4. We have enhanced our KYC processes and reduced our verification from 5–6 days to just under 5 mins!
5. Our security review process has been completed with successful results.
6. We are satisfied with the user experience of our MVP designs (the Coinsbit India platform, funds management tools, and fiat on- and off-ramps).
7. Full technical setup and integration of Coinsbit India exchange completed with blockchains of Binance Smart Chain, Tron, Ethereum, Litecoin, Dash, Bitcoin Gold, and Bitcoin Cash.
8. Completed full technical setup, testing, and development of Coinsbit India exchange platform and operations.
9. Featured on 70+ media publications!
10. Also… launched in our brand new office!
11. Revamped and created robust processes for our Support team!
12. Launched Ambassador program!
Coinsbit India announced the launch of a large-scale Coinsbit India Token (CIN) airdrop starting on April 9th, 2021. Coinsbit India Token (CIN) is the native utility token for Coinsbit India Ecosystem. We gave away CIN tokens as part of our Airdrop rewards and tokens worth $200 USD (2000 CIN Token) for every sign-up and KYC to engage both existing and new users. The airdrop was launched with the aim to introduce CIN and to explore Coinsbit India’s core base of efficiency, scalability, trust, transparency, and security. The airdrop was conducted in three rounds, each with a slightly reduced giveaway to encourage maximum early bird sign-ups. This strategy worked in our favor as we saw landslide registrations with nearly 1 million sign-ups in the first round itself and we can state firmly that our Q2 was full of hardworking days and technical progress.
The technical team made noteworthy progress in the quarter, meeting several significant development goals.
- The simplified exchange interface was completed and launched.
- We were also able to complete the fund’s management interface for users for viewing assets, transactions and staking dividends.
A number of other features were developed in the very first quarter. The advanced exchange interface will offer professional traders all the tools they are accustomed to. Verified users will be able to trade bitcoin and other popular cryptocurrencies along with INR pairing. Multiple tokens were tested and listed on the Coinsbit India exchange. The platform will be launching with multiple popular BTC, ETH, and stable coin pairings. The team was also able to execute the 5-level referral rewards program along with staking opportunities. In order to sustain CIN token value, a vesting schedule is implemented and there will be a gradual monthly release in the CIN tokens earned from airdrop and referrals. Coinsbit India continues to make great progress on legal fronts and our compliance efforts are yielding positive results.
Our global tech team is responsible for connecting Coinsbit India to the assets we let you trade. This involves incorporating blockchain components into the system with maximum security, availability, and efficiency. It also involves working with our fiat integration partners to define the processes and protocols that will allow our users to on — and offboard fiat currency. The integrations team met several major development goals this quarter. Exchange contracts for major cryptocurrencies were finalized, along with the API for fiat integration nearly completed and the Coinsbit India token staking contract fully completed.
With the hugely successful airdrop campaign which saw over 1M+ KYC verified users, we had to fire-fight a lot of scaling challenges which are not unusual for a startup exchange in the Cryptocurrency industry. Being a startup this has been one of our biggest learning curves so far. Overwhelmed, both operationally and emotionally, we underestimated the reaction and at one point, struggled to handle the traffic. Earlier during our market research, we observed that the highest-volume exchanges in India have user bases of 5 to 6 million. Based on this, and being a new name, we did not expect 1 million users in just the first 3 months! This is definitely a good problem to have and we recognize that! This made us upscale our efforts and team alike. We went into full throttle hiring and increased our backend support team by 200% and the headcount went from 10 to 30.
Marketing and Communication
As for the marketing department, we’ve been producing regular content about educating people on cryptocurrency and the onboarding of young crypto enthusiasts. We managed to grab the eye of such well-known media outlets as well!
Our core marketing team, lead by Akshit Khanna, has been working on a variety of initiatives both to formalize our partnerships, key brand ambassadors and to access non-tech-savvy people. We have partnered with experts in different markets who are helping us develop a more global strategy. Besides engaging with traditional print and broadcast media, we are currently working on educating the upcoming crypto community in the country. We are currently working on consolidating the concept of Coinsbit Academy to engage with our users.
Besides the marketing initiatives, our marketing and communications team has expanded to incorporate more bandwidth to work on brand communication. The new guidelines will ensure the right impact and meet the highest standards of clarity and expression. We now have a total of 11 members in our core marketing team.
Like everyone else, we also launched our handles successfully on all popular social media platforms with 175,307 users. Here are the links:
To ensure seamless support, we had to go into massive & quick hiring in the first quarter itself.
What’s coming up next?
Crypto to crypto trading from the platform with up to 50+ pairs
CIN can be used as a trading fee with a 25% discount
On/off INR ramp
CIN token listing on the exchange
CIN Smart Chain
The first quarter was definitely a strong start to Coinsbit India. We saw technology development and adoption results, which helped us draw up success metrics as an organization. Our key vision foundations were strengthened by the fact our users showed in us and our core team who worked extremely hard to make the journey seamless. The airdrop, staking launch, and crypto trading kicked off the brand launch in the right direction; activities that will strongly define the coming few months for the blockchain ecosystem and show a path to unlocking the scalability potential that can serve the piquing interest in cryptocurrency.
Coinsbit India also announced the opening of its physical office in Hyderabad, India. Do drop in, to know more!
Please note: we are using Quarters as per the Indian financial calendar where Q1 is April, May, June while Q2 is July, August, September, and Q3 is October, November, December.
Disclaimer: Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the merits of any investment, or the validity of the transaction.