CoinDCX’s head of marketing, brand and communications chief Ramalingam Subramanian has quit the Indian cryptocurrency investment app. He joined the company which became India's first crypto unicorn in 2019.
Subramanian, who has had stints at The Coca-Cola Company and TCS, started as a one-member marketing team at the crypto firm and went on to help set up a 700+ member organization. He shared in a LinkedIn post that the journey has been full of learning. "I would remain incredibly indebted to my CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal to take me along and helping me contribute to building the crypto ecosystem in India."
He also shared the key campaigns delivered during his time as marketing chief. "From DCXLearn to BitcoinLiyaKya to Future Yahi Hai to Local Chapters, I have been able to build awareness around crypto, thanks to the trust, belief, and commitment of my team. A team that has truly made me what I am. Over the last 3.5 years, I have worked with some amazing people and I would like to thank each one of them from the bottom of my heart for helping me look good. Thank you crypto community for accepting me and helping me grow.
He added, "Thank you to all my influencer friends who have supported me in every move. Thank you, Bitcoin for starting this amazing journey and helping me grow infinitely. However, all good things, come to an end. And my journey with CoinDCX stops here. What next for me? More on that soon."
Subramanian's departure comes at a difficult time for crypto companies across the world. After the recent collapse of the FTX exchange, the third largest crypto exchange in the world, centralised crypto exchanges in India are looking to find ways to be transparent about their assets and liabilities in a bid to retain their users, Moneycontrol stated in a recent report.
It added that it was not just newbie retail investors but also entrepreneurs building the ecosystem that didn’t see this downfall coming. FTX exchange was founded by Sam Bankman-Fried who had to resign and file for bankruptcy. The exchange and its trading arm Alameda Research were accused of fraudulent activities and enlisting their own FTT tokens as assets. Bankman-Fried himself was the trusted face representing the industry to the US policymakers.
Moneycontrol quoted Kashif Raza, Co-founder, Crypto Kanoon, who said, “This is the Lehman brother’s moment for crypto. Personally I thought 2022 would be the year of great adoption for crypto with the right retail investors coming in. This incident took the industry back by a few years.”
The industry players are currently figuring a way out to arrive at a consensus on taking the industry forward and ensure bad actors are weeded out and exchanges can be verified.