CoinDCX launches investment arm to fund Web3 startups, earmarks Rs 100 Cr initial fund
Indian crypto exchangehas announced the launch of CoinDCX Ventures - an investment initiative funding early-stage crypto and blockchain startups, bolstering India’s digital asset ecosystem and accelerating the transformation of India’s digital economy.
The rough size of the initial fund is Rs 100 crore, which will be deployed over 12 months, and sourced purely from its own balance sheet.
With India having the largest retail crypto base globally, and will potentially have the largest number of Web3 developers in the future, CoinDCX Ventures believes it has a unique vantage point in its access to both users/customers and the Web3 developer community, the exchange said in a statement.
Sumit Gupta, CoinDCX CEO and Co-Founder said:
“This is an immense leap forward for CoinDCX as we continue to chart the way forward and shape the Web3 industry at large, placing India on the map as a global hub for crypto and blockchain innovation. Having worked closely with venture capitalists in the space, we understand the value and importance of such support, inspiring our move to contribute to the still nascent industry as it cements its position in the future of finance and technology.”
In April 2022, CoinDCX announced a $135 million Series D round led by Pantera and Steadview, with participation from Kingsway, DraperDragon, Republic, and Kindred. Existing investors B Capital Group, Coinbase, Polychain, and Cadenza increased their investments in CoinDCX.
CoinDCX said it has appointed Rohit Jain as Senior Vice President and Head of Ventures and Investments to lead CoinDCX Ventures.
Rohit said, “As a leader in India’s crypto ecosystem, CoinDCX Ventures is an essential next step underpinning CoinDCX's mission to grow India’s Web3 capabilities. CoinDCX Ventures will be crucial in supporting our vision of building India’s Web3 ecosystem and further the march of emerging technologies in the nation and beyond. I’m thrilled to lead CoinDCX Ventures, bringing my wealth of knowledge across various industries and verticals to further CoinDCX’s mandate to cultivate a stronger crypto landscape.”
CoinDCX Ventures has already made several investments in the space including wallet solution Liminal, cross chain bridge protocol Router Protocol, Web3 notification protocol EPNS, Web3 social engine Taki, as well as other Web3 startups like Spheron Protocol.