CoinDCX Initiates Crypto Awareness With Bitcoin Chai Cafe In Mumbai

India’s crypto sector has seen a steady growth despite a lack of a proper crypto regulatory framework. In a recent study done by Foresight Ventures, India is currently leading the digital currency adoption in Asia. Indonesia and Vietnam coming in a close second and third place.

However, a good chunk of the Indian population, owing to the unregulated nature of the crypto space in India, does not invest in digital assets still. To combat this issue, an interesting initiative has spawned in Mumbai.

CoinDCX, an exchange platform based out of Mumbai, has come up with a plan. The idea is to foster conversations around digital assets amongst working professionals and students in and around tea stalls. Ideal!

For the uninitiated, Indians love their tea. Colleagues often gather for their evening 5 o’clock tea routine around their favorite tea vendor, where they hold important offline discussions.

Explore: India’s CoinDCX CEO Is Hoping For Relaxation On Crypto Taxation In Budget 2025. And Can CoinDCX Acquire WazirX?

Menu mein se kya choose karoge?

Mere liye toh classic Bitcoin chai hi sahi hai. pic.twitter.com/t4Ym4InhNi

— Sumit Gupta (CoinDCX) (@smtgpt) January 28, 2025

To capitalize on this space, CoinDCX, is mobilizing mobile chai (tea) cafes to different financial districts and tech parks across Mumbai. Local tea vendors are being involved by using special branded cups with crypto-themed messages. This setup encourages a relaxed yet informative conversations about cryptocurrency.

Prashant Verma, Chief Growth and Marketing Officer at CoinDCX said, “Just as equity investors have traditionally gathered over chai to discuss stock market trends, we envision a similar culture emerging around crypto. This initiative is designed to resonate with the Indian public and spark organic conversations around the growing asset class.”

Explore: India Curiously Optimistic About JioCoin Amidst High Taxation

CoinDCX and Others Initiate Trust Building Measures After WazirX Hack

The initiative by CoinDCX can also be seen as a trust building pilot program for those unsure about investing in Crypto. Prior to this, CoinDCX also announced a new initiative to build India’s first home grown Custody Solution – Bharat Custody. The company has set aside Rs 50 Crore for research and development for this project.

The Indian crypto market recently saw a reputable crypto exchange – WazirX subjected to a cyberattack. Assets worth over $230 million were stolen from the exchange. While blockchain allows people to track stolen assets, it is much harder for the authorities to recover illegally obtained assets.

As WazirX  plans to reopen its platform, competitors are putting in place strategies to poach some of the WazirX’s user base. CoinSwitch for example launched a Rs 600 crore initiative to help those affected by the WazirX hack. Users will receive signup rewards, redistributions of revenue, and referral rewards. These, however, will only accrue post WazirX reopens its platform.

According to a November 2024 report by Bharat Web3 Association, Karnataka, Maharashtra, Telangana, Haryana and Uttar Pradesh emerged as hubs for blockchain and crypto related businesses with over 400 companies.

Throughout the ever-evolving dynamics of the top exchanges in India, after recent setbacks, the objective remains to bring back investor confidence in digital assets through grassroot initiatives like Bitcoin Chai Café.

Explore: WazirX Hack Update: Singaporean Court Approves Company’s Restructuring Plan

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