Tarusha Mittal Thrives In Wealth Creation Industry With Crypto Startup

Tarusha Mittal may have started her firm in 2021 but her access to the wealth creation industry began more than a decade back when she worked with a data centre company. As someone who developed a massive interest in blockchain technology and crypto space, she came to terms with the daunting realisation of the gender gap that existed in the industry.

"Tracking down a few years back, out of the 10 DeFi startups, only one was founded by a woman. This alarming gender gap is so deeply entrenched that it could take many years of effort to make meaningful progress in closing it," she tells us. Mittal, however, believed in her ability and became the force behind UniFarm, a collaborative wealth creation platform.

Driven by the need to positively impact the world, Mittal, as the COO and Co-Founder of UniFarm and OroPocket, launched her women-led initiative, an Investment DAO named ‘Dea DAO’ with an objective to empower underrepresented women entrepreneurs through financial mentorship programmes and grants so they can scale up their Web 3.0 startups.

In an interview with SheThePeople, Tarusha Mittal discusses her entry into the wealth creation industry, why she chose blockchain, the gender gap in investments, and how financial independence is the key to women's development.

Tarusha Mittal Interview

What led you towards entrepreneurship? When did you decide to start Unifarm & OroPocket?

My journey in the start-up ecosystem has been a roller coaster that started twelve years ago with a data centre company that was in cloud hosting services. While the company broke even within 6 months of operations, the learning curve achieved from that venture is still close to my heart.

Post that experience, I saw myself getting intrigued by blockchain and crypto space. Despite the rise of DeFi startups in recent years, the gender gap in this space persists. Despite the challenges, I along with my Co-Founder Mohit Madan founded a blockchain venture called Ethx. It was one of the first Ethereum exchanges in India and saw transactions worth 15 million dollars in 12 months. We further planned on expanding our portfolio towards real-world assets like Gold and Silver, but the plan was put on the back burner as the business was growing steadily. Amid booming business, another shocker was waiting for us as soon there was a new regulation laid by the Government of India which made us discontinue our venture.

However, the blessing in disguise became the idea, that we decided to pull out of the backburner and put into action. Hence, OroPocket, an alternate investment platform on the blockchain, came into being after a series of R&D by the team. The idea came from our vision to create a universal fintech platform that allows users to buy, sell, pay and get paid using digital assets, instantly and be in complete control of their wealth.

We started Unifarm in 2021, as a revolutionary project in the DeFi space that has been designed to help startups address the limited utility of their token caused by demand-supply imbalance. Through our unique gamification framework, we can encourage long-term staking of tokens and attract new investors, thereby creating demand and reducing the number of tokens available for trading, with no impermanence loss to the user.

There are very few women who are in the wealth creation industry. Was it a challenge breaking into an industry that, for a major part, is been male-dominated?

I have encountered many challenges due to the gender imbalance and lack of representation in my field. Despite this, I have been determined to make a difference and have worked hard to show that I can do the job just as well as anyone else.

I focused on identifying potential opportunities and building a broad network of contacts. I also actively sought advice and mentorship from experienced professionals who could help me navigate the complexities of the industry. As a result of my efforts, I have been able to make a name for myself in the wealth creation industry. I have sought to empower other women to follow in my footsteps and pursue their dreams even in the face of adversity.

I have taken it upon myself to create a better future for female entrepreneurs in this space and to make sure they don't have to face the same obstacles and resistance that I have.

What drew you most towards the dynamic world of blockchain and Crypto?

Being a blockchain startup, we are working with, not fighting against, perhaps the biggest technological wave of this coming century. The business environment that will be after even a decade—is precisely what we are building right now. The plan is simple: move fast, create value all along the way, and always be ahead of the curve. This is a matter of building a team that can execute, above all. And thankfully we have been able to do that.

Strategically, we work with the best partners and operate on a principle of building alongside rather than competing with, and so far this has worked out very well for us indeed. When we saw an opportunity in the staking space which is in its very nascency, we strategically chose to build a way that profits as many different blockchain projects as possible at the same time—and this alone is one of the biggest reasons UniFarm has done so well from the get-go.

With the FTX crashing, what is the guarantee that Indian crypto exchanges will not crash? What is the impact you’ve seen among Indian women gaining knowledge around Crypto?

As a founder of a crypto company, I understand the importance of providing reliable and secure services for our customers. The recent crash of FTX, one of the most popular crypto exchanges in India, has raised concerns about the safety of Indian exchanges. However, I believe that Indian crypto exchanges can be trusted and are taking the necessary steps to ensure that their platforms are secure and reliable.

To ensure customer satisfaction and trust, Indian crypto exchanges have implemented a variety of measures, such as rigorous KYC procedures, comprehensive user-friendly interfaces, and stringent security protocols. Additionally, many of the top exchanges in India have also introduced measures to protect their customers, such as insurance of funds and insurance of transactions.

In my experience, the crash of FTX has highlighted the need for more education and awareness about the crypto market in India and around the world. I have seen an uptick in Indian women seeking to understand the ins and outs of cryptocurrency and blockchain technology, and this is extremely encouraging.

As someone on the inside, have you witnessed the gender gap when it comes to women and investments? How do you think we can encourage more women to dive deeper into investments?

Yes, there is a gender gap when it comes to investments. There are a few steps that can be taken to encourage more women to take charge of their finances. First, create an environment that is supportive and welcoming to women. Women are often not taken as seriously as men when it comes to investing, and they are often left out of the conversation when it comes to financial advice. This means providing resources and education on financial topics that are specifically tailored to them. This could include free courses on investing, seminars, and articles that guide how to make smart financial decisions.

We can bridge the gap by providing access to platforms specifically designed for female investors. This could include platforms that provide female-focused advice or that use AI to detect gender bias in investment opportunities.

This can help women to find investments that are tailored to their specific needs and goals. By creating a supportive environment, providing access to the right platforms, and levelling the playing field, more women will be empowered to take charge of their finances and make informed decisions.

We need to make sure women have access to the same opportunities as men when it comes to investing. This means making sure that any biases in the investment process, such as gender and race, are eliminated. It also means providing access to the same resources, such as capital and mentorships, to women as men.

What sets Unifarm and OroPocket apart from their competitors?

Our unique group staking solution offers investors a more diversified yield and at the same time saves you from market exposure all these factors combined make us stand apart from our competitors. Right when we stepped into the market, we understood that there is a huge gap that needs to be fulfilled so that any new startup can make a place for itself in the Defi and Crypto industry and with our platform, we are trying to bridge that gap by becoming a one-stop solution for all things Crypto

You launched an investment DAO called DeaDAO with the objective of empowering more women to benefit from financial mentorship. How do you suggest the Indian market can empower more women towards financial entrepreneurship?

To begin, we should create more public awareness of the opportunities available to women, such as educational courses, business networks, and mentorships. Additionally, we should strive to create a more supportive environment for women in the workplace by creating more flexible work arrangements and providing access to childcare.

Access to financing, mentorship programs, and other resources is crucial for women-led businesses. We must encourage female mentors to share their stories and provide advice to young women, as this will help to dispel any stereotypes and inspire confidence.

We should create a society that values female leadership and celebrates women’s accomplishments, rather than one that is sceptical.

How do you plan to revolutionise the Indian market with your future growth plans?

Web3 is an emerging technology revolutionising how we interact with the internet. With the launch of DApps, a BETA version of an app store for web3 applications, developers will now have access to powerful tools for identity, interoperability, commerce, and communication, all while maintaining the benefits of an open-source and programmable platform. By adding a layer of seamlessness to web3, DApps is striving to drive adoption and amplify the reach of this revolutionary technology. With DApps, developers can create applications that are secure, reliable, and efficient, allowing users to access the full potential of web3.

What factor can you recall that has impacted your growth as a businesswoman?

As a businesswoman, I have seen several different factors that have played a role in my growth. To name a few, I'd say taking risks, having a strong work ethic, being aware of the competitive landscape, networking with peers, developing a strong team, and being an effective communicator have all been key components of my success.

Taking risks has been an important aspect of my growth as a businesswoman. I am not afraid to challenge myself and try something new, even if the outcome is uncertain.

What advice would you give women on their path to entrepreneurship in the field as yours?

Women interested in entrepreneurship should start by gaining a strong understanding of their field. Working in the industry, taking courses, reading books, attending conferences, and connecting with mentors are all great ways to build knowledge and relationships. It's important to identify potential challenges and develop strategies to manage them. Thinking outside the box and taking risks is also essential for success. Finally, it’s important to believe in yourself and stay focused on your goals. Don't be afraid to take risks, but also remember to take the time to think things through and be realistic.

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