CoinDCX Secures US$ 2.5 Million Funding

CoinDCX raises strategic funding from Coinbase and Polychain

We are delighted to inform our readers that CoinDCX has secured a US$2.5 million strategic investment. The investment was led by Polychain Capital along with Coinbase Ventures, the venture capital arm of Coinbase, Inc. The investment will further strengthen our #TryCrypto initiative, India’s largest crypto adoption movement that has got an overwhelming response with more than 50k new signups in its first phase. The second phase has already started with some exciting features like instant withdrawal & deposit with zero fees, automated KYC & Bank A/c verification, and more number of INR markets. The constant support from all the stakeholders for all our endeavors has made us more confident in achieving our aim of building an Indian crypto community of 50 million people in the future.

The announcement is also a testimony to the fact that the Indian cryptocurrency industry is on a roll with unparalleled growth and record trading volumes, while the progress of the global economic condition is at a halt due to the Covid-19 pandemic. The investment will also accelerate our efforts in making CoinDCX, the most user-friendly, trusted, and secure exchange that meets the ever-growing demand of crypto in India. Recently, we invested US$ 1.3 Million on our #TryCrypto initiative, which will be used for educational purposes, meetup events, community engagements, and consumer campaigns to provide the right knowledge on blockchain and cryptocurrency. We want to make India, a nation that leads the crypto development index globally.

Sumit Gupta, Our CEO and Co-founder’s thoughts on the investment, “The recent months have shown that the cryptocurrency industry in India is finally getting the recognition it deserves from global corporations and investors. Our relationship with Polychain Capital goes from strength to strength, reflecting our great partnership with the Polychain team. We are also excited to add Coinbase Ventures as an investor; Coinbase’s vision and successful efforts for global cryptocurrency adoption have been admirable and mirrors CoinDCX’s dream for a DeFi future. This new strategic investment into CoinDCX is a shot of confidence in our roadmap toward bringing the crypto asset class to a largely untapped Indian market. We look forward to our investors’ continued counsel in building the most trusted and safe exchange for our users.”

Olaf Carlson-Wee, Founder of Polychain Capital said: “We have worked closely with CoinDCX from an early stage, and have continued to be impressed by the team and vision. Their thoughtful insights into the Indian market, as well as their long-term product roadmap, have strengthened our belief in the potential of the business. We are thrilled to continue to support the team’s vision and to provide our deep expertise in growing some of the most successful crypto projects in the world.”

Shan Aggarwal, Head of Coinbase Ventures thoughts on associating with us, “As one of the earliest cryptocurrency exchanges in the world, Coinbase has been a pioneer in providing a safe and secure platform for those looking to enter the cryptocurrency market. In working with Sumit, Neeraj, and their team at CoinDCX, we see a team that shares our approach of building trust with their customers. As India continues to close the gap between the crypto economy and the mainstream market, CoinDCX is strongly positioned to become the leading platform that consumers in the country interact with crypto through.”

We will be soon launching an Academy, a full-fledged blockchain, and cryptocurrency educational program aimed to fulfill the needs of beginners and novice cryptocurrency traders. We will also be doing several market expansion activities. Do check CoinDCX blogs and follow our social media channels for more updates. Let’s together lead the #TryCrypto initiative and do our part in making the world’s crypto ecosystem stronger than ever.

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