Gaurav Arora, a graduate from IIT Roorkee, has been named as the senior vice president of CoinDCX Pro. Arora will lead the cryptocurrency exchanges' upcoming initiatives aimed at increasing the adoption of decentralised finance (DeFi) in India at a time when the Web3 sector is picking up momentum.
Arora, the former Director of Products at Amazon Pay India, has a decade-long industry background in developing and leading products and businesses.
The IIM-Bengaluru alumnus will work on improving Indians' access opportunities in a digital ecosystem that operates on a decentralized economy as part of his newly acquired role at CoinDCX.
Web3 and DeFi's world is in its early stages, and is often unaccessible by most people because of its complexities. Our objective is to provide a pathway for these individuals to access the opportunities in this decentralized blockchain ecosystem in the near future.
The cryptocurrency exchange is planning to become one of the first services providers in India's Web3 sector to assist people explore other areas of the business, such as NFTs and the metaverse.
CoinDCX predicts that 25 percent of consumers will spend a minimum of one hour every day on the metaverse for work, shopping, education, social, or entertainment purposes by the year 2026. This ecosystem will have its own virtual economy enabled by digital currencies and NFTs.
The company claims to be attempting to free the Web3 industry from the difficulties that an average user may encounter when considering a journey into the next stage of the digital world.
As cryptocurrency has a slew of uses for consumers, I believe Web3 and blockchain technology will save billions of dollars and provide lucrative income streams. Gaurav, with his extensive experience in building consumer-friendly goods, will focus on building the DeFi space, which has the potential to financially empower billions, said Neeraj Khandelwal, Co-founder, CoinDCX.
The business, which was founded in early 2018, has spent the years perfecting its corporate functioning by bringing industry veterans to the top level.
Kiran Vivekananda has been named head of public policy and government affairs by the crypto exchange earlier this month. Now that the government is getting closer to drafting the crypto laws that would protect Indian investors, Vivekananda will be working with Indian regulators.
Vivekananda, who has worked with Dream Sports, Uber India, and HCL Infosystems, has had a combined experience of over 20 years.
CoinDCX has also launched its venture investment arm, which aims to invest Rs. 100 crore in aspiring blockchain businesses in India and around the world.
CoinDCX is the first Indian unicorn (valued at over a billion dollars) in the cryptocurrency sector. Besides its recently closed $135 million (roughly Rs. 1,044 crore) Series D funding round led by Pantera and Steadview, the company has previously raised over $100 million (roughly Rs. 760 crore) with Coinbase Ventures and Facebook co-founder Eduardo Saverin-led B Capital as its investors.
The company claims to have over 12.5 million users on its platform.