CoinDCX’s Call for Web3 Growth in India: Experts Emphasize Early Test Beds and Education

As India’s cryptocurrency landscape continues to evolve under the watchful eye of government regulations, CoinDCX, a prominent crypto exchange, is taking proactive steps to engage with the Indian crypto community. Recognizing the importance of community feedback in shaping the future of the industry, CoinDCX has launched an initiative to solicit suggestions directly from its members. With the goal of fostering inclusivity within India’s Web3 sector, CoinDCX aims to leverage the collective wisdom of the community to chart a course for sustainable growth.

At the helm of this community-driven initiative is Sumit Gupta, the co-founder and CEO of CoinDCX. Gupta’s leadership underscores the exchange’s commitment to facilitating an open dialogue and collaborative approach to industry development. Through a recent discussion opened on LinkedIn, Gupta invited members of India’s Web3 community to share their insights and recommendations. In his post, Gupta emphasized the exchange’s desire to go beyond mere financial support, seeking meaningful contributions that can drive the adoption and proliferation of Web3-based use cases across India.

Gupta’s outreach reflects CoinDCX’s proactive stance in fostering a vibrant and inclusive ecosystem for cryptocurrency and blockchain technology in India. By harnessing the collective expertise and perspectives of the community, CoinDCX endeavors to identify opportunities and address challenges that will shape the future trajectory of the industry. As the exchange continues to champion innovation and collaboration, the insights garnered from this community-driven initiative are poised to play a pivotal role in shaping the evolution of India’s Web3 sector.

Many blockchain and crypto enthusiasts were quick to jot down some steps that could help the Web3 ecosystem expand to its potential in India. “The validation of use cases, MVPs, and the establishment of early test beds are vital components in the Blockchain ecosystem. Please look into these areas,” said blockchain architect Amit Saxena, commenting on Gupta’s post.

“You know how important education in this domain is. We are growing in quantity but not in quality. Sadly, the industry wants just to mint money. Not interested in backing an educational platform like ours is disappointing,” wrote Mirzad Makhdoom, founder and CEO of Kerala-based Web3 school, Tribe Academy. Makhdoom has also claimed that his Web3 school is on the verge to go bankrupt in the next three months.

“How can we enhance this initiative? Apart from funding, what are the most effective ways to genuinely support upcoming web3 developers in India? We are keen to hear your ideas and suggestions. Your input could help shape a more inclusive, innovative, and thriving web3 ecosystem in India. Share your thoughts, stories, or any testimonials on how we can make a bigger impact together,” Gupta’s post added.

In February, the CoinDCX team partnered with now defunct crypto exchange Koinex to help the latter’s distressed users access funds they might have lost access to in 2019.In light of the escalating number of scams riddling the sector, the exchange also shared a list of dos and don’ts in February for the investor community to take into conscience.