India’s largest crypto exchange CoinDCX announced on Tuesday that it had secured $3,000,000 in a Series A funding. The funding round was led by Polychain Capital (Frisco, US), Bain Capital Ventures (Boston, US), and BitMEX parent HDR Group (Victoria, Seychelles). As per an article published by Inc42, these funds will be used for the next development phase, including product enhancements, research and development, marketing, and other such activities.
The India crypto industry won the two-year-long legal battle with the RBI on March 4, when the Supreme Court lifted the banking ban imposed by the apex regulatory in April 2018. This has opened the doors for massive opportunities for the Indian crypto community, as the political issues aside, India has always been a fertile ground for crypto adoption. Commenting on the investments, Polychain Capital founder Olaf Carlson-Wee said,
“We have chosen to partner with CoinDCX to build out a superior trading product that is fit for the region and to support its move to promote cryptocurrencies in one of the largest markets in the world. The Supreme Court’s decision to strike down the banking ban is an encouraging sign for the broader cryptocurrency ecosystem in India and we are confident that there is huge potential growth in this market.”
The crypto exchange had earlier received singular investments from Bain Capital in March last year too. Thanking the investors Neeraj Khandelwal, CoinDCX founder and chief, stated that it was a new beginning for the exchange and a big boost to the Indian crypto ecosystem.
Popular Indian crypto influencer, Crypto Kanoon, also praised the CoinDCX team and said that funding in such uncertain times (due to the COVID-19 outbreak), is nothing less than a miracle. He also added that this was a “ray of hope” for the entire industry.