Indias largest cryptocurrency exchange CoinDCX on Tuesday announced it has secured $2.5 million strategic investment led by Polychain Capital with support from Coinbase Ventures, the investment arm of San Francisco-based cryptocurrency giant Coinbase.
The investment is aimed at bringing the total number of crypto users in India to 50 million and support CoinDCX’s $1.3 million #TryCrypto initiative for educational initiatives, meetup events, community engagements and consumer campaigns., the company said in a statement.
“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,” said Sumit Gupta, CEO and Co-founder of CoinDCX.
Following the lifting of an industry-wide banking ban by the Reserve Bank of India (RBI) in February this year, CoinDCX witnessed 10 times growth in sign-ups in one week, 47 per cent growth in trading volumes and 150 per cent growth in daily active users in March.
It is the first cryptocurrency exchange in India to integrate bank account transfers on its exchange.
Polychain Capital also led CoinDCX’s $3 million Series A round recently, which included Bain Capital Ventures and HDR Group, Operator of BitMEX.
“We have worked closely with CoinDCX from an early stage, and have continued to be impressed by the team and vision,” said Olaf Carlson-Wee, Founder of Polychain Capital.
Coinbase Ventures’ investment into CoinDCX comes after Coinbase began serving Indian customers in April 2019 and marks Coinbase’s first investment in an Indian blockchain company.
“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,” said Shan Aggarwal, Head of Coinbase Ventures.