CoinDCX Series A funding round just bought $3 million to the crypto exchange’s kitty. The Indian cryptocurrency exchange is ushering in the new wave post the country’s apex court decision permitting crypto trading. The round was led by Bain Capital Ventures, HDR Group, Polychain, and various other undisclosed participants.
The Chief executive officer and co-founder of CoinDCX, Sumit Gupta, said that the funding would power the expansion plans and also increase the team size to 50 members. CoinDCX Series A Funding will infuse fresh capital that will help the exchange develop local products and services. The last year’s funding round was pretty successful too.
CoinDCX Series A Funding reflects the rapid growth of Indian crypto sector
Indian crypto space is expanding rapidly. After the Supreme Court of India lifted the Reserve Bank of India’s blanket ban on cryptocurrency trading, new crypto firms are mushrooming all over the country. CoinDCX wants to launch many new features, including a fiat onboarding solution, crypto-crypto trading, and algo-based crypto trading.
The Indian exchange also proposes to increase its headcount to 50 in the coming months. Hiring will focus on critical sectors, including marketing, technology, and support. The exchange wants to be an early adopter in the blossoming Indian crypto landscape. Early birds will definitely benefit from the quick adoption and innovation boost. Indian already has a talented pool of software developers to choose from.
CoinDCX – A key Indian crypto trading player
HDR Group co-founder, Arthur Hayes, said that his group is excited to be a CoinDCX investor. He adds that the team has the potential to dominate the crypto sector in the region. Similarly, Olaf Carlson-Wee of Polychain Capital said that his firm is confident about the vast potential in India’s crypto market following the Supreme Court’s decision. The broader crypto ecosystem in Indian is poised for exponential growth, he commented.
CoinDCX was launched in 2018 and had its headquarters in Mumbai. The exchange saw exponential growth in user numbers following the apex court decision. Gupta said that the exchange handles a daily trading volume between $10 to $15 million. This will go up after the latest CoinDCX Series A Funding round.