Indian Crypto Exchange CoinDCX Raises $3M USD In Series A Funding

Investing, News | March 24, 2020 By:

Mumbai-based crypto exchange CoinDCX has raised $3 million in a Series A funding round co-anchored by Bain Capital Ventures, Polychain Capital, and BitMEX operator HDR Group.

Founded in 2018, CoinDCX allows individuals to buy and sell cryptocurrency through a marketplace model. The aggregator aggregates global liquidity and trading services onto a single platform. The company claims to have a liquidity aggregation model integrated with top global exchanges including Binance, Huobi, and OKEx.

The company will use the funding to further strengthen its nationwide push for crypto education and adoption. CoinDCX plans to expand its products and services and hire more staff to match the recent uptick in Indian crypto users.

“As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly,” said Sumit Gupta, CEO and Co-founder of CoinDCX. “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.”

The funding came after CoinDCX announced that it will allocate $1.3 million towards a campaign, called Try Crypto, that will operate as a long-term project and will aim to introduce 50 million Indian consumers to cryptocurrency markets. The campaign includes several webinars, online courses and events for the community in a bid to increase awareness of blockchain and cryptocurrency.