India’s most prominent crypto exchange, CoinDCX, has successfully raised $2.5 million in its most recent funding round.
Earlier this year, CoinCDX held a Series A funding round and received $3 million. The round was mainly backed by BitMEX operator Capital Ventures, after the Indian Supreme Court lifted the country’s crypto ban.
This month, the exchange has raised another $2.5 million in funds from Polychain Capital and Coinbase Ventures. CoinDCX states that Coinbase Ventures, an investment wing of Coinbase, has made “first investment in an Indian blockchain company.” However, according to Coinbase Ventures’ publicly stated portfolio, it has invested in Matic Network, which is also a crypto firm based in India.
CoinDCX CEO Sumit Gupta highlighted that the exchange has raised more funds than it intended and can now develop an influential crypto sphere within the country. Moreover, the funds will be used to promote the firm’s “TryCrypto” campaign, the initiative started to spread crypto and blockchain educational programs across the country.
Indian Investors Are Confident in The Crypto Market
Although India still has a complex bond with the crypto market and the RBI isn’t yet convinced with the court’s decision and still looking to file petitions, a survey conducted by Paxful shows a positive attitude of Indian investors towards digital assets. Paxful’s report indicated that investors from diverse age groups had invested not just in Bitcoin but a variety of cryptocurrencies.
Since the ban was lifted, Indian crypto exchanges are experiencing a massive surge in their trade volume despite the turbulence caused by COVID-19 in several states of the country.
CoinDCX saw more than 47% growth on the platform in the first quarter of 2020.