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CoinDCX Gets $3M In Funding In Series A Round

CoinCDX, a Mumbai-based exchange revealed it had raised $3 million in new funding on March 24. Bain Capital Investments, Polychain and HDR Community headed the Series A round.

Sumit Gupta, CEO and Co-Founder of CoinDCX, said the funding would provide the means for the exchange to continue 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.”

CoinDCX investment comes at the right time

The investment comes right on the heels of a ruling by the Supreme Court essentially overturning Bank of India’s ban on cryptocurrency. With fewer constraints in place to grow crypto internationally, CoinDCX plans to use the funds to create new products, marketing campaigns, research and development, and human capital.

The investment comes right on the heels of a ruling by the Supreme Court essentially overturning Bank of India’s ban on cryptocurrency. With fewer constraints in place to grow crypto internationally, CoinDCX plans to use the funds to create new products, marketing campaigns, research and development, and human capital.

CoinDCX, founded in 2018, is India’s largest crypto exchange and has collaborated with global exchanges including OKEx, Binance, and Huobi. Recently, the company reported a $1.3 million campaign to raise awareness and take on cryptocurrencies in India.

India finally coming to terms with crypto

India’s relationship with the crypto has been complex. In reaction to the Supreme Court ruling, the number of exchanges increases, with others extending their apps. The Indian exchange Unocoin aims to introduce crypto derivatives on its website in just a few months’ time.

Nevertheless, many are also worried about the industry’s future with the nation having stymied many attempts to develop the local crypto industry. The creation of a digital rupee continues to be on hold.

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