India’s largest cryptocurrency exchange, CoinDCX, has secured a $2.5 million strategic funding led by Polychain Capital with assist from Coinbase Ventures.
The funding goals to bolster the exchange’s efforts to drive cryptocurrency adoption within the nation after a significant authorized victory in March. CoinDCX’s #TryCrypto marketing campaign seeks to convey the entire variety of crypto customers in India to 50 million.
Particularly, the financing goals to bolster CoinDCX’s meetup occasions, group engagement efforts, instructional applications and client campaigns, the corporate mentioned.
“This new strategic investment into CoinDCX is a shot of confidence in our roadmap toward bringing the crypto asset class to a largely untapped Indian market. We look forward to our investors’ continued counsel,” mentioned Sumit Gupta, CEO and co-founder of CoinDCX.
Polychain’s funding is along with its participation in a $three million Sequence A funding spherical for the Mumbai-based exchange, which occurred in late March, weeks after a banking ban for cryptocurrency companies was overturned by the nation’s Supreme Court docket.
Following the lifting of the banking ban in March, CoinDCX has seen a 47% development in buying and selling volumes and a 150% development in day by day energetic customers. CoinDCX mentioned it was one of many first cryptocurrency exchanges in India to combine bank account transfers.
“As India continues to close the gap between the crypto economy and the mainstream market, CoinDCX is strongly positioned to become the leading platform that consumers in the country interact with crypto through,” mentioned Shan Aggarwal, head of Coinbase Ventures.
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