Newly minted crypto unicorn, CoinDCX, has joined the Advertising Standards Council of India (ASCI), a voluntary self-regulatory organisation of the advertising industry, with an aim to improve confidence and credibility of India’s rapidly growing cryptocurrency and digital asset industry.
As per the cryptocurrency exchange, it would support, through the membership, the advancement of advertising standards within India’s cryptocurrency and digital asset industry, promoting transparency in communications and building public confidence in the space.
Responding on the development, Sumit Gupta, co-founder and CEO, CoinDCX, stated, “The involvement reaffirms our commitment towards ensuring safety and security for our users, and to raise the bar for advertising transparency in crypto space in India. This will boost confidence among the users, and they can use our platform without any apprehension."
As per reports, ads by crypto exchanges lately came under the scanner of ASCI with the body considering additional and fresh guidelines required to protect the interests of consumers.
Responding on CoinDCX’s membership, Subhash Kamath, Chairman of ASCI stated, “As ASCI steps into a digital age the nature of advertisers and advertising is changing rapidly. We welcome members representing these new industries, who believe in self-regulation. Collaboration and consultation with all stakeholders are keys to navigating the consumer protection challenges posed in this digital age."
CoinDCX newly became India’s first crypto unicorn after raising $90 million in its Series C funding round, which was led by Facebook co-founder Eduardo Saverin’s B Capital Group, among others.
Founded in 2018, CoinDCX has onboarded more than 3.5 million users. The exchange aims to make crypto accessible in India and accelerate its efforts towards bringing 50 million Indians into crypto.