We are extremely happy to share with our readers that CoinDCX has secured US$3 Million Series A funding led by Polychain Capital, Bain Capital Ventures and HDR Group, operator of BitMEX with participation from other Venture Capitalists. This will reinforce our efforts in taking the #TryCrypto moment to an international level. Recently the Supreme Court quashed the banking ban by RBI enacted in 2018 and we have achieved 10x growth in the first week itself. With a slew of exciting projects in the pipeline, the funds will help us to pace up the transformation of global fintech space with our unique technology. We will boost our next phase of development including the launch of a new set of products, service enhancements, strengthening R&D, marketing activities, and human resource growth.
Sumit Gupta, Our CEO and Co-founder thoughts on the investment, “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$5 trillion economy. With a slew of exciting projects in the pipeline, the closure of our Series A is the first step in a new chapter in the CoinDCX story as we continue to drive the mass adoption of crypto assets in India.”
Carlson-Wee, Founder of Polychain thoughts on associating with us, “We have chosen to partner with CoinDCX to build out a superior trading product that is fit for the region and to support its movement to promote cryptocurrencies in one of the largest markets in the world. The Supreme Court’s decision to strike down the banking ban is an encouraging sign for the broader cryptocurrency ecosystem in India and we are confident that there is huge potential growth in this market.”Arthur Hayes, Co-founder and CEO of HDR Group, added, “The recent developments in the cryptocurrency regulatory landscape in India are very encouraging and are likely to accelerate adoption and innovation in this sector. We are excited to be investors in CoinDCX and believe that their talented team and technology will allow them to be the dominant cryptocurrency venue in the region.”
Salil Deshpande, General Partner of Uncorrelated Ventures and former Managing Director of Bain Capital Ventures, said, “As global markets seem uncertain, alternative assets—including digital assets—are more attractive than ever to mainstream consumers. In the long-term, we believe that cryptocurrencies and particularly stablecoins, have the potential to bring unprecedented benefits to the economies of developing nations. We chose to support CoinDCX as a result of what we believed was a stunning growth potential for the business and the cryptocurrency sector in India.”
We have already invested US$ 1.3 Million on our #TryCrypto initiative which for starters, aims at building a Indian crypto community of 50 Million people. We were the first in the country to integrate direct bank transfers. We provide highest liquidity from world’s leading exchanges like Binance, Huobi and HitBTC. Further, we are planning to do more market expansion activities to leave no stone unturned in cementing a strong foundation for the world’s crypto ecosystem.