CoinDCX Received $3 Million Funding in Series A Round

CoinDCX, the Indian crypto firm raised $3 million in its series A funding round lead by Polychain, Bain Capital Ventures and HDR Group. CoinDCX is one of the major Indian crypto exchanges and derivatives trading platform based in Mumbai.

According to Sumit Gupta, CEO of CoinDCX, the exchange is coming up as a major crypto exchange in the country to take forward the crypto market. He also said that the funding that has been raised will help a countrywide adoption of cryptocurrency. This is going to be a major step behind leading the nation towards a $5 trillion economy.

Supreme court decision played a key role behind CoinDCX funding

Recently, the Supreme Court of India quashed the banking ban imposed by the Reserve Bank of India on cryptocurrency service providers. This played a major role behind this huge funding that CoinDCX has received.

Following the Supreme Court’s decision, CoinDCX is planning to further expand its services. They are planning to use these funds to carry forward different marketing activities and develop new products.

CoinDCX is also in a partnership with some leading global exchanges like Binance, OKEx and Huobi. As the firm wants to increase the adoption of crypto in India, they have recently announced a venture of $1.3 million in this regard.

Crypto adoption increasing in India

Although there was not a great response to the crypto market in India due to the government regulations and other factors contributing to it. But recently after the Supreme Court’s decision, it could be seen that the crypto market has started to expand in India.

In a few months, some of the latest crypto derivatives will be launched in India. This has been planned by one of the leading crypto exchanges in the country named Unocoin. These crypto derivatives will be launched on Unocoin’s platform only. However, it is still not certain what is going to be the future of digital currency in the country.

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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.

Sumit Gupta Bain Capital Ventures CoinDCX Polychain HDR group Series A Unocoin

CoinDCX Received $3 Million Funding in Series A Round

Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.