India’s CoinDCX Launches ₹111 Crore ($12.24 million) ESOP Buyback Program for Current and Former Staff
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CoinDCX has initiated a ₹111 crore ($12.24 million) ESOP buyback program for over 500 employees, allowing current and former staff to cash out vested shares. This move aims to reward long-term contributors and strengthen employee retention as the exchange continues to grow despite prior security challenges, including a $44 million breach.
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- CoinDCX launches ₹111 crore ($12.24 million) ESOP buyback for 500+ employees.
- Employees can now cash out their stock options.
CoinDCX, which is a Mumbai-based Indian exchange, has announced an Rs.111 crore ($12.24 million) Employee Stock Ownership Plan buyback, which benefits more than 500 current and former employees to convert part of their company shares into cash. Sumit Gupta, co-founder of CoinDCX, has made an announcement on LinkedIn about the buyback program, which is a reward to employees who helped to build the company over the past eight years.
What this program brings to the employee
The ESOP program gives employees the company shares as part of their compensation. These shares vest, which means the employee gains full ownership, and the eligible employee can sell part of their vested shares back to the company. Both the current and former employees are included, and it gives employees a chance to earn real financial gains from the company’s growth. Experts say that these buybacks help the companies to retain talented employees and reward long-term contributors.
In 2018, CoinDCX was founded in Mumbai, and right now it is one of the largest crypto exchanges in India, serving more than 20 million users across India and the UAE. Over the years, CoinDCX has expanded its crypto trading and offers investment products, Web3 services, and digital wallets.
Last year, the company faced a major security breach, and the hackers stole over $44 million. However, the company clarifies that the customer wallets have not been affected. Despite all these setbacks, the company continues to expand its operations.
CoinDCX operates under the DCX group and is supported by the global investors, which include Pantera, Steadview Capital, Polychain Capital, Capital Group, and Coinbase Ventures. This buyback program from CoinDCX shows that the company is building long-term trust within the company and rewarding the team for its efforts.
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