CoinDCX, a leading cryptocurrency trading platform and liquidity
aggregator based in India, has raised US$3 million in its Series A
funding round led by Polychain Capital, Bain Capital Ventures, and HDR
Group, operator of BitMEX. The secured funds will help bolster its
next phase of development including product and service enhancements,
research and development, marketing activities, and human resource
growth.
The lifting of an industry-wide banking ban by the Reserve Bank of India enacted in 2018 has allowed for unprecedented levels of crypto adoption and CoinDCX will seize the increased demand and accelerate improvements to its service-offering to match the recent uptick in Indian crypto users.
Sumit Gupta, CEO and Co-founder of CoinDCX, said: “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.”
Olaf Carlson-Wee, Founder of Polychain Capital, commented: “We have
chosen to partner with CoinDCX to build out a superior trading product
that is fit for the region and to support its movement to promote
cryptocurrencies in one of the largest markets in the world. The
Supreme Court’s decision to strike down the banking ban is an
encouraging sign for the broader cryptocurrency ecosystem in India and
we are confident that there is huge potential growth in this market.”
CoinDCX’s liquidity aggregation model is integrated with top global
exchanges including Binance, Huobi, and OKEx, and boasts a suite of
products including: DCXInsta, its fiat to crypto product; DCXtrade,
its spot trading product providing access to 500+ markets; DCXMargin,
its margin trading product that provides 6x leverage on 200+ coins; as
well as DCXFutures, its futures trading product with up to 15x
leverage, near-negligible maker and taker fees, high-level risk
management, and a super-efficient trading engine.
Arthur Hayes, Co-founder and CEO of HDR Group, said: “The recent
developments in the cryptocurrency regulatory landscape in India are
very encouraging and are likely to accelerate adoption and innovation
in this sector. We are excited to be investors in CoinDCX and believe
that their talented team and technology will allow them to be the
dominant cryptocurrency venue in the region.
CoinDCX became the first cryptocurrency exchange in India to integrate
bank account transfers following the lift of the crypto ban by the
Supreme Court. CoinDCX has recently pledged a sum of $1.3 million USD
to bring the total number of crypto users in India to 50 million.
