This site uses cookies. Browsing the site, you agree to the use of cookies. If you need more information, please visit the Cookies Policy page
Subscribe
Прямой эфир
Cryptocurrencies: 3605 / Markets: 20641
Market Cap: $ 210 538 227 297 / 24h Vol: $ 168 755 243 393 / BTC Dominance: 64.2793%

Н News

Indian Crypto Exchange CoinDCX Raises $3 Million in Series A Round

528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9kMjE0ZDlhNWVhZGRmOTFjMjExMjZiY2FlZWQ2NmU0Zi5qcGc=.jpg

The $3 million investment in India’s largest crypto exchange comes from firms like Bain Capital, Polychain, and HDR Group.

A recent funding round has just added quite a bit to an Indian crypto exchange’s coffers.

Mumbai-based exchange CoinCDX announced on March 24 it had received $3 million in new funding. The Series A round was led by Bain Capital Ventures, Polychain, and HDR Group. 

CEO and Co-founder of CoinDCX, Sumit Gupta, said that the funding would provide the means for the exchange to further the mass adoption of crypto in India:

 “As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly. This successful investment round will go a long way in funding our vision of accelerating India’s growth into a US$5 trillion economy. With a slew of exciting projects in the pipeline, the closure of our Series A is the first step in a new chapter in the CoinDCX story as we continue to drive the mass adoption of crypto assets in India.”

Leading the way for digital assets in India

The investment comes right on the heels of a Supreme Court decision effectively overturning a ban on cryptocurrency by the Bank of India. With fewer restrictions in place for the expansion of crypto across the country, CoinDCX intends to use the funds for developing new products, marketing activities, research and development, and human resources.

Established in 2018, CoinDCX is the largest crypto exchange in India and has partnered with global exchanges including OKEx, Binance, and Huobi. The exchange recently announced a $1.3 million venture to increase awareness and adoption of cryptocurrencies in India.

India coming around to crypto?

India has had a complicated relationship with crypto. The number of exchanges is growing in response to the Supreme Court decision, with others expanding their features. The Indian exchange Unocoin is planning to launch crypto derivatives on its platform within a few months. 

However, many are still concerned over the future of the industry with the nation having stymied many efforts to expand the crypto industry locally. Developing a digital rupee is still on hold.

Source

comments powered by Disqus