India's CoinDCX Exchange Just Successfully Raised $3 Million

India's CoinDCX Exchange Just Successfully Raised $3 Million

In a Series A funding round, Indian crypto exchange CoinDCX successfully convinced investors with a raised capital of up to $3 million.

The Series A round is a funding round for businesses with proven revenue and future growth potential, allowing businesses to expand in terms of infrastructure and hire more employees.

The names that decided to participate in this funding round are veteran investors in the crypto market, namely Bain Capital Ventures, Polychain and HDR Group (the company that operates the BitMEX cryptocurrency exchange).

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CoinDCX is the largest crypto exchange in India

CoinDCX is the largest cryptocurrency exchange in India, founded in 2018, and has partnered with other major global exchanges such as OKEx, Binance and Huobi. CoinDCX CEO and co-founder Sumit Gupta, following this success, has expressed his great ambitions in making cryptocurrency a widespread means of payment in India.

"This successful round of investment will begin a long road in our vision of driving India's economic growth to US$5 trillion. With a host of exciting projects underway. Launched, successful Series A funding is the first step in opening a new chapter in CoinDCX's story, as we continue to drive mass adoption of crypto assets in India. we were one of three exchanges that stayed open during the ban," said Gupta.

Notably, this investment was made in the immediate aftermath of the Supreme Court decision that overturned the Bank of India's ban on cryptocurrencies. Since then, many barriers have been removed and less restrictions on the expansion of cryptocurrencies across the country, CoinDCX intends to use the newly raised capital for new product development, marketing, and research. and market development, promoting human resources.

Given those positive signals, concerns remain about the future, as national industries thwart many efforts to expand the crypto industry. The fact is, the development of a digital rupee is still on hold.

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