No one is comfortable building a crypto biz in India at the moment: CoinDCX CEO

Bengaluru: As Donald Trump emerged the winner in the US elections early last month, the crypto market led by Bitcoin soared to euphoric heights, given the President-elect’s support to the blockchain currency, with him even hinting at possibly creating a strategic reserve for bitcoin. That was before the US Federal Reserve’s hawkish outlook on rate cuts presented last week. Reaction to that and profit-taking saw Bitcoin crash from a peak of $108,000 to $93,000, with other cryptocurrencies such as Ethereum, BNB, Solana, Dogecoin, and Cardano, too following suit. However, Sumit Gupta, co-founder and CEO of India’s home-grown crypto trading platform, CoinDCX, remains optimistic about what 2025 holds for the sector. In a free-wheeling conversation with DH’s Anushree Pratap, he spoke of not just the global scenario for crypto but also the challenges India poses to the virtual currency segment. Edited excepts: