Over the years, the role of comms in general for emerging tech companies has evolved drastically. While the journey has been an incredibly fruitful experience in terms of professional growth, there are some aspects with tech going mainstream that has completely refined the PR industry and their role as comms professionals. There is a genuine trust deficit amongst us all.
The 2021 Edelman Trust Barometer reveals an epidemic of misinformation and widespread mistrust of societal institutions and leaders around the world. The failing trust in ecosystems that are unable to confront the rampant infoddemic, leaving the four institutions—business, government, non-governmental organisations, and the media—in an environment of information debt with a mandate to rebuild trust and chart a new path forward.
In order to begin to agree to disagree on something, we believe it’s increasingly important for those who are in the field of communications to create proper channels that could bust myths and help bridge the knowledge gap that exists amongst all key stakeholders to rebuild trust.
It is argued by fans that Bitcoin, which is now about 12 years old, has garnered a wider acceptance for being a safe-haven asset and a store of value similar to gold since institutional investors have bought into it.
Brokerages, securities, and banks are now preparing themselves for meeting the rising demands, and there are also safeguards such as trading services and new custody with proper credentials and licenses that cater specifically to the big regulated investors.
Moreover, numerous central banks are trying to figure out how to digitize their sovereign currencies, a step of validation for the blockchain system that has been brought closer to the mainstream by Bitcoin.
Web 3.0 and decentralisation
The first version of the web was static in nature, and hardly had any services with user interaction. It was mainly all about anyone and everyone going online. Individuals and businesses were all ready to go global, and it was at this moment where some of the biggest companies in the world, including Google and Amazon, saw their inception.
Later came the second generation of the web, also popularly known as the social era, where every kind of business was thinking of adding a social aspect to their company.
It was at this time when social media giants Twitter and Facebook were born with their main goal of making the world more intertwined, engaged, and connected.
And now we’re currently living in the third most recent generation that is built on blockchain technology, which can be seen as an era of decentralization and transparency.
Era of blockchain revolution
Blockchain is a revolutionary technology that is generating whole new levels of innovation across industrie, with applications such as supply chain monitoring for pharmaceutical and food manufacturing, digital IDs, payment processing, etc.
A recent report by Nasscom illustrates that the Cryptotech industry, which includes crypto applications in retail, P2P payments, trading, and remittances, among many others, has increased by 39% in the past 5 years in India.
The report also stated that the crypto tech industry is expected to reach $241 million by 2030 in India and $23 billion by 2026 globally.
However, in recent months, there has been much speculation about the future legal status of Bitcoin (BTC) and other cryptos in India. With more than $6.6 billion in investments being already made in crypto assets by Indian retail investors, the industry is providing employment to more than 50,000 individuals in the country and has over 230 startups right now, along with 150+ projects.
Impact of the #IndiaWantsCrypto Campaign
The #IndiaWantsCrypto Twitter campaign was designed to simply create awareness and spread the right kind of message about the crypto industry, and after 2 years of the campaign, it resulted in the Supreme Court of India thrashing the crypto banking ban.
Amidst these two years, the company innovated and grew to become of the most premier and largest cryptocurrency exchanges in India, and now WazirX has over 10 million users and has trading volumes of around $38 billion since the month of January 2021.
In the past year or so, we have successfully launched numerous initiatives to raise crypto awareness in India, including our education partner campaign, campus outreach program, warriors program, amongst others.
Why do we think Transparency matters?
We believe that it is essential that transparency, openness, and integrity are maintained and extended to every stakeholder involved when it comes to understanding your options to be financially independent. Therefore, as a brand we thought through our own initiatives we can perhaps do more to educate and inform our investors and stakeholders how to make sense of this next wave of crypto revolution. India’s first crypto Transparency report highlights all the details of how we protect our users’, stakeholders’, manage their personal information, financial information, and transactional data, and requests from our law enforcement agencies. This helps build clarity on what the current crypto exchange landscape looks like in India, in absence of regulatory guidelines from the Indian government.
Our Legal Composition:
- We have a great legal team to coordinate, review, and comply with the concerned authorities.
- User consent is taken in order to check and scrutinize transactional data.
- The legal procedures are thoroughly reviewed and placed based on prior requests received from numerous agencies.
- We have a dedicated legal team and a grievance officer who can be reached at Legal@wazirx.com
In order to abide by WazirX’s commitment to creating a transparent and thriving crypto ecosystem, a well-thought and coordinated approach is necessary to give required visibility to regulators for safeguarding the interests of crypto investors.
Hence, going forward, we will be releasing bi-yearly transparency reports for showing our sincere commitment to helping several agencies with the received requests. With these transparency reports, we would be documenting the requests in order to identify any transactional frauds and other wrongdoings.
Our most recent Transparency report was released last month on October 14, 2021, with the key highlights of the report being:
- Between April 2021 to September 2021, WazirX has received 377 requests from law enforcement agencies, out of which 38 were from Foreign Law enforcement agencies.
- All of the legal information and data requests received from such agencies were of criminal nature, and our compliance rate has been 100% for over 377 requests.
- From April to Sept 2021, 14469 accounts have been locked, with 90% of the activities being user-driven (customers chose to close accounts) and 10% being initiated by our legal team for payment disputes or ongoing active investigations for law enforcement agencies.
Additionally, we urge everyone to feel free to ask questions and suggest how to better our communication approach to build the bridge for effective communication to democratise content that is important to have to make an informed decision about why we need to own our personal narrative of financial freedom.
Note: This is a partnered post. The author is PR and Policy Comms Manager at WazirX.