Indian Cryptocurrency exchange CoinDCX raises $3 Mn (approx. Rs.22.83 Crores) from Bitmex operator HDR Group, Polychain Capital, Bain Capital Ventures and other venture capitalists. Mumbai based CoinDCX is one of the biggest Indian cryptocurrency exchange, founded in 2018 by Neeraj Khandelwal and Sumit Gupta.
Talking about this recent fundraising Sumit Gupta, CEO of CoinDCX Tweeted
Following the lifting of an industry-wide banking ban by the RBI enacted in 2018, we have witnessed unprecedented levels of crypto adoption in India. CoinDCX achieved 10x growth in the first week itself. We decided now is the time to take it a step further. As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly. We reached out to potential global investors and we secured $3 Million funding. With a slew of exciting projects in the pipeline, the closure of Series A will help us to bolster the next phase of development including product and service enhancements, R&D, marketing activities, and human resource growth. In the end, I am thankful to the investors from Polychain Capital, Bain Capital Ventures and and HDR group, operator of Bitmex who believed in our vision and have chosen to partner with us.
In a recent tweet, CoinDCX mentioned- One of our investor Arthur Hayes, CEO of Bitmex.com quoted
We are excited to be investors in CoinDCX and believe that their talented team and technology will allow them to be dominant crypto venue in regionArthur Hayes, CEO of Bitmex & HDR Group
Also recently CoinDCX announced allocation of $1.3 Mn fund for crypto awareness initiative “Try Crypto” for increasing awareness and adoption of cryptocurrencies in India. Also it announced India’s largest trading competition with prizes of Rs.6 Lakhs.
CoinDCX is one of the most popular and biggest cryptocurrency exchange in India which provides trading in 200+ cryptocurrencies. One can also trade 250+ crypto with up to 6X leverage. Apart from this CoinDCX also provided Future trading with up to 20X leverage. Other services from CoinDCX includes Lending and trading of 100+ coins instantly with INR.