A recent round of funding has just contributed quite a bit to the treasury of an Indian crypto exchange.
Mumbai-based exchange CoinCDX announced on March 24 that it had received $ 3 million in new funding. The Series A round was led by Bain Capital Ventures, Polychain and HDR Group.
CoinDCX CEO and co-founder Sumit Gupta said the funding would provide the means for the exchange to promote the massive adoption of crypto in India:
“ As the largest exchange in the country, we are able to make responsible use of the national crypto acceptance. This successful investment round will make a major contribution to financing our vision to accelerate India’s growth into a $ 5 trillion economy. With a slew of exciting projects in the pipeline, closing our Serie A is the first step in a new chapter in the CoinDCX story as we continue to drive mass adoption of crypto assets in India. ”
The investment comes immediately after a Supreme Court decision overturning a ban on cryptocurrency by the Bank of India. With fewer restrictions on crypto expansion across the country, CoinDCX plans to use the funds to develop new products, marketing activities, research and development, and human resources.
Founded 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 raise awareness and acceptance of cryptocurrencies in India.
India has had a complicated relationship with crypto. The number of exchanges is growing in response to the Supreme Court decision, while others are expanding their characteristics. Indian exchange Unocoin plans to launch crypto derivatives on its platform within a few months.
However, many are still concerned about the future of the industry as the nation has hindered many efforts to expand the crypto industry locally. The development of a digital rupee is still on hold.