Coinsbit India Airdrop with a bang a few days ago and experienced a huge response in KYCs which resulted in a 4-5 delay processing time for most users.

We announced Coinsbit India Airdrop with a bang a few days ago and experienced a huge response in KYCs which resulted in a 4-5 delay processing time for most users. 

So what happened & what are we doing to address this + more updates:

1️⃣ Our initial KYC processing model was a mix of manual & automatic to avoid fraud user behaviour & scams. We followed a similar launch model to most of the Indian crypto exchanges of going fully automated once the volume increased significantly. 

2️⃣ Most of the exchanges at their initial launch had a KYC processing time of anywhere from 3 to 25 days. Our initial turnaround time of 24-hrs quickly stretched to now 72+ hrs after receiving an overwhelming response to our Airdrop, with each day more than 20k KYCs coming in! 

3️⃣ What steps are we taking?

- We have expanded our KYC processing team by x3 folds in the initial few days of experiencing heavy volume

- We are currently in the process of bringing automation to significantly reduce the KYC processing time from 72 hrs to less than a few hrs.

4️⃣ Popular Q: how are we going to preserve the value of our token?

Given the huge response to our Airdrop, we will be reducing the airdrop value of $200 to $50 once the KYC time is reduced and all KYCs which have already been sent are processed [...]

5️⃣ We will be providing the effective date for this with a few days' notice once the KYC is automated. Please stay tuned for this! There will be enough notice period for the new users to still claim the $200 USD airdrop! 

6️⃣ What's next:

- recruitment & expansion of dedicated tech & customer support (we want to hire from our community, stay tuned for official announcements)

- we will be launching fiat-to-crypto on/off ramp soon so you can start trading! 

- CIN listing (after airdrop event ends)

7️⃣ Crypto community in India is THRIVING right now and we are so excited for what the future holds, for both Crypto & India post-covid. We are onto bigger things & we are so thankful for our community & their active feedback on the KYC processing time. Lets do this! 🐯🙏💫