CoinDCX signs Amitabh Bachchan as brand ambassador to raise crypto awareness

In September 2020, Amazon had announced its partnership with Amitabh Bachchan for creating a unique user experience on Alexa-enabled devices. (File image: Reuters)

The angry young man, the Shahanshah of Bollywood, megastar Amitabh Bachchan will now be seen as the face of campaigns of CoinDCX, one of India’s most popular cryptocurrency exchanges. Mr. Bachchan will be the exchange’s first brand ambassador, with the partnership intending to raise awareness about cryptocurrency in India. 

These campaigns, which will be in synchronization with CoinDCX’s commitment to the security of cryptocurrency investments, will focus on popularising crypto as an asset class in a safe manner, a space where information and is still nascent. 

“Through Mr. Bachchan, CoinDCX wants to convey that it is at the forefront when it comes to the safety of its users and being compliant with all the regulations. In addition, the brand aims to educate prospective users about the crypto space”, says a company statement.

 The crypto industry in India is on an exponential climb, rising gradually over the previous few years, with millions of Indians emerging as early adopters of the crypto asset class. The crypto market is worth more than $2 trillion and this is set to increase with more and more Indian investors exploring new investment opportunities and adopting crypto asset class as an option that is futurist and can provide good returns.

The senior Bachchan has been an enthusiastic embracer of all things new, digital, and crypto. Recently, he became the only Bollywood A-lister to launch a limited edition, unique Amitabh Bachchan artworks as non-fungible tokens on the BeyondLife.club, which will also mark the inauguration of the platform. 

Sumit Gupta, Co-Founder, and CEO, CoinDCX said “We are honored to have Mr. Bachchan as our brand ambassador. Being a crypto investor himself and having launched his own NFT (Non-fungible token) recently, Mr. Bachchan is well-versed with the crypto space. His knowledge will prove valuable in building trust and credibility amongst new users. We are certain that his association with CoinDCX will help bring greater visibility to the world of crypto and develop a strong brand recall for us."

Synonymous with safety?

It would be remiss to mention that the superstar is also the face of RBI campaigns, for customer awareness, promoting safe and secure transaction hygiene in order to not be duped by fraudsters. 

Bachchan can be seen in many advertisements of the apex bank that talk about the significance of transacting in a protected manner, often accompanied by the message of staying aware and cautious (Jaankaar rahe, Satark rahe). 

In a recent interview, former RBI governor D. Subbarao detailed how the central bank’s concerns about cryptocurrencies like bitcoin are threefold, namely over monetary and financial instabilities, along with becoming a culvert for capital migration as well, which is particularly worrisome for India, where there is still “no full convertibility of capital”. 

This brings about an interesting nexus of the same face endorsing two seemingly opposing entities, albeit with the similar underlying objective of promoting the cause of transactional and financial safety. RBI has, on multiple occasions, expressed its reservations over cryptocurrencies and their legality. Notably, it also brought about a blanket ban on all such cryptocurrencies through its 2018 circular, till it was quashed by the Supreme court.