Wednesday, October 28, 2020

Indian crypto exchange CoinDCX has raised 3 million dollars in Series A funding

The Takeaway:

The Indian cryptocurrency exchange CoinDCX has raised 3 million dollars in the Series A funding. This article is about the details of the funding and who were the major investors who led the funding.

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Growth of CoinDCX after the lifting of the ban

The Supreme Court of India has lifted the banking ban, which was imposed by the Reserve Bank of India for the cryptocurrency sector. After the announcement, the startup story CoinDCX has started the Series – A funding.

The major developments that took place in Series – A funding are as follows.

  • The startup story CoinDCX has raised 3 million dollars in Series – A funding.
  • There were many undisclosed venture capitalists who took part in the funding of the startup story CoinDCX.
  • The funding round was led by the BitMEX head HDR group, Polychain Capital and BainCapitalVnetures.

 

Views of the investors:

  • Polychain Capital Founder has said that the Supreme Court’s decision can be seen as a good sign, and it will broaden the crypto ecosystem in India.
  • The CEO of the HDR group has said that these recent developments in the cryptocurrency market in India are very encouraging, and it would bring innovation in this sector in India.

 

Plans of CoinDCX after the funding:

The funder of the startup story CoinDCX has said that with the encouraging Series – A funding, they have thought of several plans to expand the company.

  • The startup story CoinDCX has planned to expand its product and services.
  • He also said that as crypto space is expanding in India, the startup story CoinDCX has planned to build a new fiat onboarding system and introduce algorithm panned trading.
  • The startup stories CoinDCX is also planning to increase its staff.

 

Growth of CoinDCX

The startup story CoinDCX is situated in Mumbai and was founded in 2018. The founder of the startup story CoinDCX said that the startup had seen ‘exponential’ growth after the banking ban was lifted.

Some significant highlights of the growth of CoinDCX are as follows

  • CoinDCX had claimed that it had registers around 35,000 users when the banking ban was imposed by RBI.
  • The Supreme Court announcement was the major breakthrough with the startup story seeing the growth increased ten times.
  • The major markets of CoinDCX have been Delhi, Surat, Banglore, Mumbai, and Chennai.
  • CoinDCX did not disclose the growth in trading volumes but stated the figures of trading volumes after the ban.
  • CoinDCX has the average daily trading volumes worth 10 – 15 million dollars.

 

Future of CoinDCX

The startup story CoinDCX has started an initiative called ‘TryCrypto.’ CoinDCX has pledged a sum of 1.3 million dollars for creating awareness about cryptocurrency in India under this initiative. The startup story CoinDCX is aiming to increase its users from 5 million to 50 million.

The startup story CoinDCX has also panned for contributing in making India a 5 trillion dollars economy by 2025. CoinDCX has also planned for raising funds in the near future and said that investments are the strategic tool for building better products.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

William Botello
William Botello
William is a market research coordinator who believes that blockchain technology and cryptocurrencies can revolutionize the financial landscape. He completed his studies in Arts and Sciences from Arizona State University.

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