Learning Crypto Startup Strategies ft. CoinSwitch

We welcomed Ashish Singhal, Co-Founder of CoinSwitch, Lemonn, and PeepalCo for a SeriesC session. CoinSwitch is India’s first crypto investment app with more than 2 crore users. Ashish decoded everything about crypto - starting from its history, to how it revolutionised the way money is perceived in the age of the internet. Students learned about complex crypto jargon and got an insight into how they can become crypto entrepreneurs!

Fun fact: One of the major challenges in the crypto industry is identifying a use case worth solving. If you have cracked that, you can launch your own crypto startup!

Top Insights:

How Bitcoin changed the crypto industry: Verification of money is the most crucial aspect of digital money creation. Bitcoin created a blockchain and completely eliminated the instances of ‘double spent’ where money could be used twice or thrice as it had no authorised verification. This led to a significant boom in the crypto industry as users could now invest without compromising security.

How CoinSwitch ensures that crypto holding remains secure: By installing various levels of security to keep user data secure and anonymous, CoinSwitch ensures that users’ investment is as safe as it can get.

Creating your own cryptocurrency:

1. Identify a Use Case, for example, verifying data on LinkedIn profiles.

2. Solve the Use Case

3. If your use case is beneficial for users, it will have a value of its own and will organically circulate among users and gain traction. That’s why it is important to identify a use case that is beneficial for common people.

4. Through this process, value creation will happen.

5. After these steps, you can go for tokenisation.

At Masters’ Union, we invite founders, CEOs, and industry veterans for engaging discussions on startups and leadership.

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