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May 10, 2022
by Usha Yadav
CoinDCX Investment Arm Will Put $13M Into Web3 Startups
CoinDCX Ventures has committed INR 100 crore (US$13 million) over the next 12 months to early-stage cryptocurrency, blockchain, and Web 3.0 firms, according to cofounder Sumit Gupta.
Exchange of cryptocurrencies CoinDCX Ventures Senior Vice President Rohit Jain claimed at Tuesday's virtual press conference that the company has invested at least US$258,000 in blockchain and Web 3.0 firms and holds up to 90% of the fund in its vault.
"We will invest a separate pool of funds in companies that are strategic to CoinDCX." We will also make purchases. "Anything that will assist our core business or add value to our clients," Jain said.
Trading volumes on Indian exchanges have decreased by up to 70% since the country's 30% capital gains tax took effect on April 1, while CoinDCX's trading volume on Tuesday matched pre-tax levels.
Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred, and Coinbase are among the investors who have supported CoinDCX, India's first crypto unicorn.
"Having worked directly with venture capitalists in the field, we recognise the value and significance of such backing," Gupta added.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.