CoinDCX gets $3 million from BitMEX operator HDR Group, Polychain Capital and Bain Capital Ventures.
CoinDCX, an Indian-based cryptocurrency exchange, has announced adding $3 million to its coffers following a successful Series A funding round.
The funding round was led by HDR Group, the operator of bitcoin futures platform BitMEX, alongside Polychain Capital and Palo Alto-based asset management firm Bain Capital Ventures.
CoinDCX eyeing mass adoption of crypto in India
CoinDCX, founded in 2018, tops the list as India’s largest crypto trading and exchange platform.
While announcing the series A funding result, the exchange revealed that it aims to use the new funds to promote further growth. As per the statement, the funds will be used to launch new “exciting services” targeted at exploiting a new-found love for crypto in the country.
Co-founder and chief executive Sumit Gupta noted that the money would aid their push for a responsible mass adoption of cryptocurrency on the sub-continent.
He added that the investment is a boost to its “vision of accelerating India’s growth into a US$5 trillion economy.”
Products and services CoinDCX has earmarked for expansion include fiat onboarding and crypto-to-crypto trading. The platform will also introduce new trading pairs as well as look to hire additional staff.
BitMEX CEO Arthur Hayes commented that the funding comes at a great time for the exchange following encouraging developments in India’s crypto space.
The HDR co-founder also referenced a recent ruling the country’s Supreme Court. In lifting a ban imposed by the Reserve Bank of India (RBI), the verdict had opened up space for more adoption and could spur further innovation in the sector, Hayes added.
His sentiments were echoed by Polychain Capital founder Olaf Carlson-Wee. According to him, recent developments underlie the “huge potential [for] growth in this market.”
Gupta said that CoinDCX would be open to future investments. He said that funding rounds offered a “strategic tool” as they look to roll out better crypto-related products and services.
Elsewhere, the crypto markets continue to trade in the green after posting good gains in the daily charts. This even as mainstream markets teeter following an economic hit occasioned by COVID-19.
Bitcoin (BTC) up 9% in the past 24 hours to hold prices above $6,400.
In the altcoin market, Ethereum is trading at $134, 6.7% up, while Bitcoin Cash (BCH) at $220 is 7.4% higher. Litecoin (LTC) has gained 4.8% in the past 24 hours to see its price hit $38.6. Tezos (XTZ) is up 9.4% to trade at $1.68 over the same period. (Prices as at 9.54 UTC +3:00 on Coinmarketcap).
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