CoinDCX, India’s largest cryptocurrency exchange, announced that it raised $3 million in a Series A funding round co-anchored by Bain Capital Ventures, Polychain Capital, and BitMEX operator HDR Group.
Other venture capital firms also participated in the funding round, which closed after India’s Supreme Court lifted the central bank’s ban on financial institutions facilitating any service relating to virtual currencies.
The lifting of the ban also saw CoinCDX growing ten times in terms of users, and the firm said it would use the fresh capital to further strengthen its nationwide push for crypto education and adoption.
It also seeks to boost its product development, enhance its services, research and development, marketing activities, and human resource growth.
The exchange also has plans to develop a fiat onboarding solution in partnership with major crypto projects, algorithm-based trading, as well as a crypto-to-crypto trading product in the pipeline for 2020.
“The investment marks the beginning of a new stage of growth for CoinDCX and will allow the exchange to accelerate improvements to its service-offering to match the recent uptick in Indian crypto users, bolstering its leading position within the Indian cryptocurrency market,” the firm said.
Established in 2018, CoinDCX boasts a unique liquidity aggregation model integrated with top global exchanges, including Binance, Huobi, and OKEx.
Its products include DCXInsta, its fiat to crypto product, allowing users to buy and sell cryptocurrencies with INR instantly and DCXtrade, its spot trading product providing access to 500+ markets.
It also owns DCXMargin, the margin trading product that provides 6x leverage on 200+ coins, and DCXFutures, its futures trading product with up to 15x leverage, near-negligible maker and taker fees, high-level risk management, and a super-efficient trading engine.
“As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly. This successful investment round will go a long way in funding our vision of accelerating India’s growth into a US$5 trillion economy,” Sumit Gupta, CEO and Co-founder of CoinDCX, said.
Recently, CoolBitX Technology, an international blockchain security company headquartered in Taiwan, secured $16.75 million in its Series B funding round led by Japanese financial group SBI Holdings.
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