Indian Crypto Exchange Founder on Financial CensorshipOct 26, 2020
Neeraj Khandelwal co-founded CoinDCX, India's largest cryptocurrency exchange, in response to his own liquidity-starved trading challenges. Now, by combining liquidity from international venues and making that available in India, is solving more than his own trading pain points. Neeraj is playing his part in the larger battle to face down financial censorship.
"Blockchain technology gives you freedom. It brings trust between the transactions, between any kind of data-saving. Blockchain technology gives you freedom, which is the first principle of human rights -- and that is why its adoption has been very rapid," Neeraj said on the latest episode of the Follow the White Rabbit podcast.
Neeraj shared the story of his discovery of blockchain as key to our economic freedom as he grew from an early Bitcoin adopter into the co-creator of a company that is opening gateways to new forms of investing and already planning to make decentralized finance (DeFi) in India as efficient as possible. CoinDCX contrasts with his own experience as an early trader. In pursuit of liquidity, he had to constantly make transfers -- costing time and money -- outside of India only to then bring his assets back into his home country.
"What we observed was that liquidity in crypto is very fragmented," he said. "But if liquidity is combined, it makes a solid case for high liquidity by bringing all these international exchanges' liquidity onto a single platform. Effectively, people can place orders on any exchange without transferring funds."
"Censorship is anything that is an impediment to your transaction -- from a ban on trading to heavy fees that discourage trading," Neeraj said, citing the example of how Indians cannot easily invest in the stock of companies such as Apple because they are listed on foreign exchanges. "Technically, it is easy to make international stock orders. But it's censorship."
"If I can invest across the globe, it will make the markets efficient. A concept like DeFi allows us to beat this censorship," he said.
Neeraj, who also outlined the Indian startup space as being rich in developers and attractive to foreign buyers. Neeraj himself is a highly skilled engineer with a keen understanding of blockchain and emerging technologies. He spearheads the technical development of all the CoinDCX products and has extensive experience in helping startups shape their technical strategies and blockchain development, building large-scale web applications and strong market entry with product-led growth plans.
To hear more about the battle against censorship, follow us down the rabbit hole: listen to the conversation here or on your favorite streaming service.