Crypto Quill

March 24, 2020—CoinDCX, one of India’s largest cryptocurrency exchanges, has successfully closed its Series A funding round. The funding, totaling $3 million, was led by Polychain Capital, Bain Capital Ventures, and HDR Group (the operator of BitMEX). Other venture capitalists also participated in this investment.

Taking Crypto Adoption Global

This funding will reinforce CoinDCX’s efforts to take the #TryCrypto movement to an international level. The recent quashing of the banking ban by the Supreme Court of India has already led to a 10x growth in the first week alone. With exciting projects in the pipeline, these funds will accelerate the transformation of the global fintech space using CoinDCX’s unique technology.

CEO’s Vision

Sumit Gupta, CEO and Co-founder of CoinDCX, expressed his vision for the investment: “As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly. This successful investment round will go a long way in funding our vision of accelerating India’s growth into a $5 trillion economy.”

Encouraging Signs

Carlson-Wee, Founder of Polychain, emphasized the encouraging signs for the broader cryptocurrency ecosystem in India. Arthur Hayes, Co-founder and CEO of HDR Group, added that the recent regulatory developments in India are likely to accelerate adoption and innovation in the crypto sector.

Supporting Growth

Salil Deshpande, General Partner of Uncorrelated Ventures and former Managing Director of Bain Capital Ventures, stated, “We chose to support CoinDCX as a result of what we believed was stunning growth potential for the business and the cryptocurrency sector in India.”