Largest Indian Crypto Exchange Secures 2.5 Million Investment from Coinbase Ventures and Polychain Capital
India is opening its warm arms for the crypto industry after the removal of the ban on crypto by the court. The largest crypto exchange in India, CoinDCX, has raised $2.5 million in the latest strategic funding from Polychain Capital and Coinbase Ventures.
Funding for Crypto Mass Adoption in India
The investment will provide a strong edge to exchange to target more audience in the country as CoinDCX aims to reach 50 million users in India. For crypto mass adoption, the company will conduct community engagement efforts, consumer campaigns, meetup events, and educational programs with the help of the latest funding.
Sumit Gupta, the co-founder, and CEO of CoinDCX, said:
“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 March, the Mumbai-based crypto exchange has also raised Series A funding round from investors, including Polychain, Bain Capital, HDR Group, and BitMEX’s operator. Gupta believes that the investment would provide “a shot of confidence in our roadmap toward bringing the crypto asset class to a largely untapped Indian market.”
Shan Aggarwal, the head of Coinbase Ventures, said:
“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.”
The trading volume has been increased by 47% while daily active users have been surged by 150% since the crypto ban removal in March. The Supreme Court of India lift ban on the involvement of banks with crypto-related services.
RBI Confirmation: No Prohibition Exists
On April 25, B.V. Harish, the co-founder of one of the Indian exchanges, Unocoin, filed RTI query in which he asked whether the RBI has “prohibited any banks from providing the bank accounts for crypto exchanges, companies or crypto traders.” RBI replied to Harish on May 22 by saying,” As on date, no such prohibition exists.”
Harish said as reported by Economic Times:
“Bankers have been saying that they need new RBI circulars mentioning that there are no more restrictions for them to provide bank accounts for crypto businesses. Now, we have received a positive response from the RBI.”
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