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CoinDCX Secures $2.5M Investment From Polychain Capital, Coinbase Ventures

Indian cryptocurrency exchange CoinDCX has announced that it had raised $2.5 million from investors such as Polychain Capital and Coinbase Ventures (the investment arm of crypto exchange Coinbase).

The investment comes after the exchange’s Series A funding round in March where CoinCDX secured $3 million from Bain Capital, Polychain and HDR Group, the parent company of BitMEX exchange.

📢 BIG NEWS: CoinDCX has secured a US$2.5 million strategic investment. The funding was led by @polychaincap along with Coinbase Ventures. The investment will further strengthen our #TryCrypto initiative. Read the full details @TheBlock__ — CoinDCX: India's Largest Cryptocurrency Exchange (@CoinDCX) May 26, 2020

On May 25, CoinDCX announced that it would be using the funds to encourage mass adoption of cryptocurrency in India through its “TryCrypto” campaign.

One of TryCrypto’s initiatives will be a cryptocurrency and blockchain educational program aimed toward new traders.

The Indian crypto exchange states that its goal is to have 50 million crypto users in the country.

Sumit Gupta, Co-founder and CEO of CoinDCX, said the crypto industry in India from global corporations like Coinbase and Polychain.

Thank you @abhitezsingh . Yes, there's a huge untapped crypto market in India. In the coming years, the industry has a lot of potential to grow (at an exponential rate).#TryCrypto — Sumit Gupta (CoinDCX) (@smtgpt) May 26, 2020

Gupta adds that this recent investment, coupled with the $3 million secured in March, would provide:

“a shot of confidence in our roadmap toward bringing the crypto asset class to a largely untapped Indian market.”

Source: Cointelegraph | Image: Pixabay

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