CoinDCX, a leading Indian cryptocurrency exchange, has announced a ₹111 crore ($12.24 million) Employee Stock Ownership Plan (ESOP) buyback. This initiative benefits more than 500 current and former employees, allowing them to convert a portion of their company shares into cash.
Sumit Gupta, co-founder of CoinDCX, stated the program is a reward for employees who have contributed to the company's growth over the past eight years. The ESOP structure provides employees with company shares as compensation. Once vested, employees can sell some of these shares back to the company, offering a direct financial benefit tied to the company's success.
Founded in Mumbai in 2018, CoinDCX has grown to become one of India's largest crypto exchanges, serving over 20 million users. Despite facing a significant security breach last year, the company continues to expand its operations across trading, investment products, Web3 services, and digital wallets.
The buyback program underscores CoinDCX's commitment to fostering long-term trust and rewarding its dedicated team. The company is supported by global investors including Pantera, Steadview Capital, Polychain Capital, Capital Group, and Coinbase Ventures.
