Coindelta is an Indian cryptocurrency exchange where you can Buy, Sell and Store Bitcoin, Ethereum and other cryptocurrencies. Coindelta is celebrating its 1st anniversary as it was started on the 23rd of September, 2017.
Today we are lucky enough to welcome Rajdeep Singh the Founder, CEO of Coindelta Cryptocurrency Exchange. Included below are some Q&A’s from that conversation.
Ashish: You have launched Flux – A peer-to-peer exchange where anyone interested can start trading cryptocurrencies in just a few steps. What’s the response of the Flux?
Rajdeep: Technical advancements for startups in India are challenging due to missing regulations. It can be the case of E-commerce or now the blockchain. Tech startups found it challenging to build such businesses in India.
Crypto is in a stage where everyone wants to explore it and even after RBI ban our motto never changed. We bought new products, new strategies to keep the blockchain movement in a flux. Flux enables users to buy/sell cryptocurrencies such as bitcoin, ether, ripple, and USDT (a stable cryptocurrency, 1 USDT = 1 USD = INR 72.71). Flux also has in-built wallets where users can store their cryptocurrencies.
We received a great response from our users on the launch of Flux. They were delighted to hear the news as it enabled them to trade using INR. Buyers can send money directly to the seller’s account and buy their favorite cryptocurrencies using this platform. Further, the launch of Flux 2.0 with several unique features was like ‘cherry on top’ for them.
Ashish: Recently you have launched a call feature for the Flux users. How this is going to
help your users.
Rajdeep: Trust is the must when you are about to make a trade. Apart from financial security like collateral amount on the orders, call feature is an add-on for simple, smooth and flawless trading experience. It helps users connect with each other while executing a trade. The call feature works even when the other peer is not connected to the internet, thus creating a trustful environment among the traders.
Traders are using the call feature in enormous amounts. We have noticed that after launching the call features the trade drop rate on Flux has gone down by more than 100%. Also, It has decreased the average time taken to execute any trade.
Ashish: Coindelta has re-enabled peer to peer deposits of INR which seems beneficial for those who hate the P2P system.
Rajdeep: We have recently launched peer to peer deposits of INR on the Coindelta, Most of the users who were not ready for peer to peer system have got back their Good Old Days. The deposit gets credited to users account within few minutes and help them grab an opportunity before it goes any other way.
Ashish: You have also donated for the Kerala Flood Victims under Helping Blocks Initiative that I personally think is a great job done by your team. Share something regarding this.
Rajdeep: Helping those in need by utilizing the power of cryptocurrencies and blockchain was the motto of this initiative. We feel that blockchain is still in its infancy and people are unaware of it. Cryptocurrencies can be used to collect donations from people across the world. It has no boundaries and we firmly believe that in the difficult time, every person, irrespective of the border, shall come together and lend a hand. So, why not use this technology for helping others and for the betterment of the world?
Ashish: Is there a decline in the crypto users post RBI ban or everything is going fine? Do you think the Indians are going to adopt cryptocurrencies even more in the coming years?
Rajdeep: Crypto users are increasing exponentially day by day. Initially, after the circular from Reserve Bank of India, there was a bit of decline in the crypto users for a short span of time. However, with the introduction of Flux- A peer-to-peer exchange and the relaunch of INR markets on Coindelta, we have seen massive growth in the number of users on our exchange.
We strongly believe that Indians are going to adopt cryptocurrencies even more in the coming years. If you see the statistics, the growth in the number of users in India has always been upwards. The blockchain is a powerful technology that has the potential to bring a revolution.
Ashish: Please share your journey so far and the way forward.
Rajdeep: We started as few crypto enthusiasts trying to create a blockchain ecosystem in India. After taking each step forward we realized that it’s not only us, We always had an active community with us. This feeling motivated us always to strive to bring the best for the users
In this small journey, we have seen good times, difficult times and special good old times. And we have plans to bring much more to the community as we go forward. The crypto ecosystem has a variety in the moods; it can be green one day and red on the other.
However, in our deep hearts, we all know that every day more and more people are getting to know about it.