CoinCDX, an Indian crypto exchange has received $3 million in Series A funding. As the Supreme Court lifted the ban, CoinDCX’s received funds after it proved a hyper surge in users.
BitMEX operator Capital Ventures is mainly backed by the funding round. The CoinCDX team said it would utilize the funds to advance the Indian crypto market as well as helping with product progression and advertisement.
Arthur Hayes, co-founder, and CEO of BitMEX, said:
“The recent developments in the cryptocurrency regulatory landscape in India are very encouraging and are likely to accelerate adoption and innovation in this sector. We are excited to be investors in CoinDCX and believe that their talented team and technology will allow them to be the dominant cryptocurrency venue in the region.”
Investment in The Indian Crypto Space
In the Indian crypto market, CoinDCX is currently one of the largest crypto exchanges. Several major international exchanges (Binance, OKEx, and Huobi) have collaborated with CoinDCX to enter the Indian crypto space. Recently, the exchange announced it would invest more than $1 million in funds to develop a crypto ecosystem in the country. Sumit Gupta, CEO of CoinDCX said, “India is a market with a huge potential for cryptocurrencies.”
India’s relationship with the crypto market is still complicated, RBI isn’t satisfied with the court’s decision, and is looking to file petitions. However, the growth of many exchanges has increased. For example, Unocoin, an Indian exchange, is preparing to introduce new derivatives on its platform. Meanwhile, Binance has acquired WazirX.
The funding in CoinDCX is not a one-off incident in the event timeline of exchanges in India.