The Indian crypto industry is on a growth path. However, it faces several roadblocks along the way. The new tax rules and lack of clarity are challenging emerging companies in the space. On top of that, evolving technologies are creating a demand for new skills.
How are employers in the sector tackling these challenges, navigating talent demands and ensuring business growth?
Nishant Das, Senior Director and Head - Talent Acquisition, CoinSwitch helps us explore the trends driving the growth of the Indian crypto industry and its impact on talent. He also talks about building a strong employer brand and using ESOPs as a key tool to move the needle in employee engagement and retention.
What are some industry trends shaping your business priorities?
Technology never sleeps; it only evolves. Today, the world is moving towards a new era of the internet called Web3, which will be open, shared and engaging. This technological shift is based on crypto.
As one of the largest innovators in the ecosystem, we see it as our responsibility to enable India in this transition. We are a talent-rich country; our engineers and innovators have built great products, services and companies in the internet economy. We want this success story to continue in the new era of the internet by developing and nurturing talent.
India’s unmatched talent density, internet adoption, and public digital infrastructure place us in a sweet spot to lead this technology revolution.
The pieces we lay down today are the foundation of the new internet. Hopefully, tomorrow’s Amazon and Google will be built in India.
The path to this future starts with crypto. And, at CoinSwitch, our mission is to create an ecosystem that simplifies crypto and provides a safe and trusted platform for users to make informed decisions – to ‘make money equal for all’. In the days to come, we will enable our users to invest in other asset classes and financial offerings, to be the wealth-tech destination for every Indian.
How are these emerging business priorities impacting your talent strategies?
At CoinSwitch, we are firmly committed to developing and nurturing talent in India. Web3 is an evolving space.
While India has a large talent pool of Web 2.0 developers and innovators, the transition to this new internet will involve a learning curve.
We recognise this.
We are building one of the first Web3 teams in India at scale, and our objective is to bring on board the best and the brightest talent in India, and to develop and nurture them for this shift.
This is in line with our commitment to developing the crypto ecosystem in India. By investing and developing expertise in the subject, we are expanding the Web3 knowledge base. Think big, fail fast, and build better – that’s our motto.
Amid the ongoing talent crisis, how are you strengthening your employer brand to attract and retain people?
We are the largest crypto app in the country, with over 17 million registered users.
In the past year, we have grown to 500-plus employees who are committed to our mission. India is a digital-savvy nation with a mean age of 28; they believe in crypto and this technological shift, and our values appeal to them.
At CoinSwitch, we inculcate a culture of ownership. They are encouraged to disagree and commit, fail fast and build better.
Everyone believes in the mission; our customer obsession permeates across departments.
Our low single-digit attrition rates and the recent Great Place to Work certification are testaments to our efforts.
How effective have ESOPs been to motivate employees and drive their performance and productivity?
We recently completed our first-ever ESOP buyback worth US$2.5m (INR 19 crore approx.) within just 20 months of operating in India. We grew to over 17 million registered users because of the commitment and drive of our employees, and the early buyback programme is a gesture of appreciation.
Equity buyback programs are a good motivator for employees, as it not just creates wealth for them but also makes them part of the company’s journey.
We shall continue to launch similar liquidity events as part of our commitment to creating wealth for all.