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
- 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.”
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 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.