From Koinex to CoinDCX: A Transition Built on Trust

Back in 2019, when Koinex, one of the biggest crypto exchanges in India, unexpectedly shut down, thousands of users were left with a burning question: “What happens to my assets?”

And that’s when we, at CoinDCX, knew we had to step in. These users needed a solution, and we were determined to give them one. But it wasn’t just about moving assets from one platform to another. It was about building trust and ensuring that the users felt secure and valued.

The Challenge: A Sudden Closure, Thousands of Users

Imagine waking up one morning, checking your exchange account, and realizing it’s no longer operational. That was the reality for Koinex users in 2019. Thousands of people, with their digital assets, were left stranded, and we knew we had to help.

Our mission was clear: onboard these users quickly and efficiently while ensuring their assets transitioned smoothly to our platform. Sounds easy? Not quite.

The challenge was immense. We had to find a way to transfer all their data, verify their identities, and make sure their assets landed safely in their new accounts with us. There was no room for errors. Every little detail mattered.

Our Solution: Keeping It Simple, but Smart

So, how did we come up with a solution that worked? Honestly, it wasn’t rocket science, it was common sense.

We looked at the systems we already had in place. Our existing onboarding process had been working well for our users, so we thought, why not build on that? The key was to simplify everything and make it as hassle-free as possible for the Koinex users.

The first step was verifying their identities using KYC (Know Your Customer) data. We knew that PAN numbers were a universal way to verify people across platforms, so we made that the foundation of our strategy. “It was like fitting puzzle pieces together,” I remember saying at one point. Once the users were matched with their PAN numbers, it was a straight path to transitioning their assets.

And just like that, we had our solution: a user-friendly process that ensured all Koinex users could move their assets over to our platform without breaking a sweat.

Step-by-Step Execution: From KYC to Tokens in Accounts

Once the plan was set, it was time to get to work. Here’s how we made it happen:

1. Communicate, Communicate, Communicate: First and foremost, we reached out to all affected users, letting them know about the process and what steps they needed to take. We didn’t want anyone to feel lost or in the dark.

2. KYC Verification: As soon as the users were on board, we made KYC verification our top priority. With PAN numbers acting as the bridge, we ensured that every user was securely matched to their account.

3. Match Accounts: With the Koinex database in hand, we carefully aligned each user’s details with our system. Accuracy was key here, and we triple-checked everything.

4. Credit Tokens: Finally, we transferred their assets. Each user’s tokens were credited to their new CoinDCX account, and we made sure to keep them updated throughout.

And the best part? It all worked without any major hiccups. “It was smoother than we expected,” I proudly told the team as we saw users logging into their accounts, happy and reassured.

The Magic Ingredient: Teamwork

This entire project wouldn’t have been possible without the incredible teamwork that took place behind the scenes. Every single department, from customer support to tech, worked hand in hand to make sure we got this right.

“Our ‘We Over Me’ value truly came alive during this project,” I told the team one afternoon. It wasn’t just about getting things done, it was about how we did it. The focus was always on the users, and that’s where our ‘Think Customer First’ mindset kicked in. We put ourselves in their shoes, and every decision was made with their best interests in mind.

Reflecting on the Journey

Looking back, I can’t help but feel a sense of pride. What seemed like an overwhelming challenge at the beginning turned into a journey of trust, collaboration, and customer care.

“We just wanted to do right by the Koinex community,” I said to the team, and we did exactly that. Our goal was to give these users a new home for their assets, one where they felt secure and valued.

And as I watch more and more users complete the onboarding process, I know we’ve succeeded in making that happen. This wasn’t just about transferring assets, it was about welcoming a community and making sure they know they’re in good hands.