Amidst the chaos caused by the Coronavirus, it appears that the investors are now turning to crypto India for some breather. Recently an India-based cryptocurrency exchange has reportedly raised $3 million in a series of funding through various top investors from the United States.
The funding round was led by the Polychain, HDR Group, and Bain Capital Ventures. The recent market recession has put a heavy strain on the crypto industry due to which the majority of cryptocurrencies experienced huge losses in the previous month.
The enormous sell-offs in the markets of Europe and the United States have drained the companies as they now are struggling to remain liquid. However, crypto India; post the Supreme Court move to quash the cryptocurrency ban in the country, is turning new eyes.
Crypto India booming despite the down market
Despite the chaotic circumstances elsewhere, crypto India seems to present an optimistic situation for the crypto market. Reportedly, the India-based cryptocurrency exchange CoinDCX has just grabbed about $ 3 million funds to boost the adoption in crypto India. This move is viewed by the analyst as intensely bullish for the emerging market in crypto India.
CoinDCX was launched back in 2018 as a marketplace to enable users to carry out cryptocurrency trading by using a liquidity aggregation model with the integration of leading cryptocurrency exchanges including Binance, OKEx, and Houbi.
The newly received funding is said to be used for enhancing the current product offerings and services of the exchange. A huge chunk of the funds would be funneled for the research and development of CoinDCX. The human resource department and marketing department would also experience a major boost.
In order to maximize the benefit of an emerging market, CoinDCX intends to develop a fiat onboarding solution along with a crypto-to-crypto trading product by the end of this year.