[Funding alert] CoinDCX raises $3M in Series A round led by Polychain Capital, Bain Capital Ventures
CoinDCX, a cryptocurrency trading platform and liquidity aggregator, announced that it raised $3 million in its Series A funding round led by Polychain Capital, Bain Capital Ventures, and HDR Group - operator of BitMEX, along with other venture capitalists.
The funds raised will reinforce CoinDCX’s nationwide efforts to promote crypto adoption, as well as bolster its next phase of development, including product and service enhancements, research and development, marketing activities, and human resource growth.
The exchange also has plans to develop a fiat onboarding solution in partnership with major crypto projects, algorithm-based trading, and a crypto-to-crypto trading product in the pipeline for 2020.
Olaf Carlson-Wee, Founder of Polychain Capital, said:, “We have chosen to partner with CoinDCX to build out a superior trading product that is fit for the region, and to support its move to promote cryptocurrencies in one of the largest markets in the world. The Supreme Court’s decision to strike down the banking ban is an encouraging sign for the broader cryptocurrency ecosystem in India and we are confident that there is huge potential growth in this market.”
Sumit Gupta, CEO and Co-founder of CoinDCX, said, “As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly… 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.”
CoinDCX boasts a unique liquidity aggregation model integrated with top global exchanges including Binance, Huobi, and OKEx. Its suite of products includes DCXInsta - its fiat to a crypto product, allowing users to buy and sell cryptocurrencies with rupee instantly; DCXTrade - its spot trading product, providing access to 500 plus markets; DCXMargin - its margin trading product that provides 6X leverage on 200 plus coins; and DCXFutures - its futures trading product with up to 15X leverage, near-negligible maker and taker fees, high-level risk management, and a super-efficient trading engine.
The announcement of the closure of the Series A round comes as India witnesses unprecedented levels of crypto adoption, following the lifting of an industry-wide banking ban by the Reserve Bank of India in 2018.
Following the Supreme Court decision, CoinDCX became the first cryptocurrency exchange in India to integrate bank account transfers. In its bid to further promote nation-wide adoption of crypto, CoinDCX, last week, announced the launch of its long-term campaign entitled TryCrypto, pledging a sum of $1.3 million to bring the total number of crypto users in India to 50 million.
The campaign aims to rally the country through a series of on-the-ground and online initiatives, including DCXLearn - its full-fledged crypto learning programme.
(Edited by Suman Singh)