Indian crypto exchange CoinDCX raises additional $2.5 million

Indian crypto exchange CoinDCX raises additional million

India’s most popular crypto exchange CoinDCX has made it official today that an additional capital injection of $2.5 million has been received from blockchain investment firm, Polychain Capital and investment entity of the US-based digital assets exchange, Coinbase Ventures.

Leading crypto exchange CoinDCX is riding the wave of crypto popularity in India. It was just two months back when the firm successfully completed a Series A funding round, led by Bain Capital, Polychain, and HDR Group, with $3 million in its bag. Its CEO Sumit Gupta excitedly remarked that the capital would help fuel expansion and increase workforce capacity.

India’s crypto exchange CoinDCX finds more backing

Today, the virtual currency operator has received an extra boost from Polychain Capital and Coinbase Ventures. The fresh round of capital boost comes at a time when cryptocurrency trading volumes in India are surging despite nationwide lockdown and fears over rising unemployment rates.

CoinDCX saw a 47 percent hike in new users who sign up following lockdown, Binance-acquired WazirX reported a whopping 80 percent month-on-month surge in March and April.

According to Gupta, this extra investment would spearhead cryptocurrency adoption in India. It would be used to undertake several crypto-related projects to raise awareness and get at least 50 million people in the country to sign up for crypto.

The #TryCrpto movement aims at supporting the growing demand for cryptocurrency trading, piloting educational campaigns that bust myth surrounding crypto, and arranging meetups, discussions, and debates that encourage participation from all fields. This revolutionary initiative is also focused on creating and launching blockchain and cryptocurrency-related learning material for India’s enthusiastic youth and amateur traders.

Indian crypto businesses garnering international support

In the announcement, Gupta said that the Indian crypto exchange community is finally getting deserved attention. It is overwhelming to see that international investors and large-scale corporations are flocking to India to tap into the unrecognized market, he added.

“While this initiative reinstigates trust in our long-time association with Polychain, we wholeheartedly welcome support and backing from Coinbase too. What crypto exchange Coinbase has done with boosting cryptocurrency adoption rate globally so far, we wish to do that also for a full-fledged DeFi future.” Gupta asserted.

Manasee Joshi

Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

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