Indian cryptocurrency exchange CoinDCX raises $2.5 million (approx Rs.18 Crore) from Coinbase Ventures and Polychain Capital. Recently In March 2020, CoinDCX has also raised $3 Mn (approx. Rs.22.83 Crores) from Bitmex operator HDR Group, Polychain Capital, Bain Capital Ventures and other venture capitalists. Also in March 2019, CoinDCX raised $0.5 million in seed funding. Till now CoinDCX has succesfully raised over $6M (approx 45 Crores) .
Interestingly, this is a repeat investment by Polychain Capital. Talking about the investment, Olaf Carlson-Wee, Founder of Polychain Capital said
We have worked closely with CoinDCX from an early stage, and have continued to be impressed by the team and vision. Their thoughtful insights into the Indian market, as well as their long-term product roadmap, have strengthened our belief in the potential of the business. We are thrilled to continue to support the team’s vision and to provide our deep expertise in growing some of the most successful crypto projects in the world.Olaf Carlson-Wee, Founder of Polychain Capital
Sumit Gupta, CEO of CoinDCX also shared his views on the recent fund rasing and said
The recent months have shown that the cryptocurrency industry in India is finally getting the recognition it deserves from global corporations and investors. Our relationship with Polychain Capital goes from strength to strength, reflecting our great partnership with the Polychain team. We are also excited to add Coinbase Ventures as an investor; Coinbase’s vision and successful efforts for global cryptocurrency adoption have been admirable and mirrors CoinDCX’s dream for a DeFi future. This new strategic investment into CoinDCX is a shot of confidence in our roadmap toward bringing the crypto asset class to a largely untapped Indian market. We look forward to our investors’ continued counsel in building the most trusted and safe exchange for our usersSumibt Gupta, CEO and Co-founder of CoinDCX
As one of the earliest cryptocurrency exchanges in the world, Coinbase has been a pioneer in providing a safe and secure platform for those looking to enter the cryptocurrency market. In working with Sumit, Neeraj, and their team at CoinDCX, we see a team that shares our approach of building trust with their customers. As India continues to close the gap between the crypto economy and the mainstream market, CoinDCX is strongly positioned to become the leading platform that consumers in the country interact with crypto through.Shan Aggarwal, Head of Coinbase Ventures
CoinDCX is also planning to launch an Academy with full-fledged blockchain and cryptocurrency educational programs for boosting crypto awareness in India.