CoinDCX cryptocurrency exchange gets US $ 2.5 Million Funding

India based CoinDCX has secured a US$2.5 million strategic investment. 

Polychain Capital led the latest funding round. Other participants in the latest investment round include Coinbase's venture capital arm, Coinbase Ventures.

Mumbai headquartered company CoinDCX runs cryptocurrency exchange in India and also offers crypto-enabled financial services. The company has raised a total of $3M in funding over 2 rounds to date. The strategic investment endorses confidence in CoinDCX's roadmap to bring crypto to the Indian market, notes the announcement.

Executive Opinion

CEO and Co-founder, CoinDCX, Sumit Gupta, said, "The recent months have shown that the cryptocurrency industry in India is finally getting the recognition it deserves from global corporations and investors. Our relationship with Polychain Capital goes from strength to strength, reflecting our great partnership with the Polychain team. We are also excited to add Coinbase Ventures as an investor; Coinbase’s vision and successful efforts for global cryptocurrency adoption have been admirable and mirrors CoinDCX’s dream for a DeFi future."

Founder of Polychain Capital, Olaf Carlson-Wee, said: "We have worked closely with CoinDCX from an early stage, and have continued to be impressed by the team and vision. Their thoughtful insights into the Indian market, as well as their long-term product roadmap, have strengthened our belief in the potential of the business. We are thrilled to continue to support the team's vision and to provide our deep expertise in growing some of the most successful crypto projects in the world."

CoinDCX's Latest Funding

Investment intends to boost CoinDCX’s crypto adoption initiative, #TryCrypto initiative. The movement has succeeded in getting 50,000 new signups to date, notes the announcement. The second phase will introduce many new features. A list of features includes instant zero-fee deposits/withdrawal, automated KYC, and Bank A/c verification.

As a part of the #TryCrypto initiative, CoinDCX also plans to roll out a blockchain, and cryptocurrency learning program.