On October 11, I sat in the audience seat as a panel gathered on the stage at Yourstory’s Techsparks 2019 event. The Fintech panel before me had the founders of some of the best startups in Fintech sitting there about to start the discussion on the future of Fintech. The panel included:
- Gaurav Kumar, Co-founder and Chief Product Officer, OkCredit.
- Shashank Mehta, Director, Product Strategy, Razorpay
- Gaurav Chopra, Founder & CEO, IndiaLends
- Sumit Gupta, CEO, CoinDCX
Digbijoy Shukla, Head, Startup Ecosystem – India, Amazon Internet Services was moderating the panel.
Cryptocurrencies are still not looked upon as a trusted financial tool in India. Sumit Gupta was the only representative for Cryptocurrencies at the entire event. CoinDCX was the only Crypto based business which was listed as a sponsor at the event.
At the first, Gupta took a cautious approach, praising UPI at times, talking about credit lending services, until the discussion stumbled on what makes a difference in Fintech today and how Blockchain is shaping it. Gupta spoke about India’s stance at Blockchain being cautious and hoping to end in a positive for the market.
“What is happening right now across the world, especially among progressive countries is that they have adopted a positive regulation when it comes to Blockchain. India is currently trying to understand the potential better. We strongly believe that in the time to come, we will see the government taking a positive stance when it comes to formulating regulations w.r.t Blockchain and cryptocurrencies.”-Sumit Gupta, CEO – CoinDCX
Shashank Mehta, the director of product strategy at RazorPay acknowledged the heavy volumes their company processed during the Crypto boom of 2017.
Shashank Mehta(2nd from left), director of @Razorpay just told in the #TechSparks panel on Fintech that their volumes were so high, they had never seen anything like that when crypto trading was happening in (2017). And then it crashed as regulations came in! pic.twitter.com/h0cexBHqpn— Naimish Sanghvi (@ThatNaimish) October 11, 2019
It should be noted that at the time, payment gateways like RazorPay were the first to stop processing the transactions for Crypto businesses, before even the banks took action.
Gupta later in the discussion spoke about decentralized finance (DeFi),
“Personally, I am a big believer in blockchain. Let’s take one example. When the Internet first came into existence, it was the transfer of information in a distributed manner. The same principle applies to blockchain. The technology is still in its nascent stages and the regulatory confusions surrounding them have caused a minor slowdown in the economy. Once there is more clarity in the regulations, cryptocurrency companies can take the mandatory steps together to make India one of the most Fintech and crypto-friendly nation in the world.”-Sumit Gupta, CEO – CoinDCX
The discussion went further on the market drivers which supports the adoption of crypto-based instruments. Sumit also answered the questions from the audiences where he explained the dynamics of blockchain, network effect, and the repairs decentralised financial services can do in the currently ruptured financial system.
When asked if the event was successful for them, CoinDCX told Coin Crunch it was,
” CoinDCX’s team met people from different industrial sectors which include government officials, company executives, board members, entrepreneurs, and journalists in the span of these two days. Numerous discussions on crypto-related topics like their security, trading platforms, payment and lending services, technical infrastructures, business logics, benefits to the unbanked population, financial inclusion etc. were discussed with these renowned participants. For us, the success of this event can be measured based on the interest the participants showed towards cryptos as our solid purpose of promoting this industry on behalf of the entire community was fulfilled after having these discussions. “CoinDCX on TechSparks event
What do you think of CoinDCX’s presence at TechSparks event? Let us know in the comments below.
Update: The story earlier carried a quote from Gupta reported by Yourstory, which has been rectified after clarification from CoinDCX.