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Indian Crypto Firm CoinCDX Secured $3Mln Via Serie A Funding Round

By Chris Torres | March 24, 2020
Indian Firms Explore Blockchain while Regulators Mull Total Crypto Ban
Indian Firms Explore Blockchain while Regulators Mull Total Crypto Ban

The India-headquartered crypto exchange firm CoinCDX has reportedly successfully acquired $3 million of investment via its latest funding round. 

Specifically, Bain Capital Ventures, Polychain, and HDR Group are the 3 names that led the Serie A funding round for CoinCDX, and all the secured money will be channeled to drive the crypto mass adoption rate in the region. 

“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. With a slew of exciting projects in the pipeline, the closure of our Series A is the first step in a new chapter in the CoinDCX story as we continue to drive the mass adoption of crypto assets in India.”

The news occurred amid the final ruling from the Supreme Court, to lift the crypto ban from the bank of India. Utilizing the loosened regulatory grip on crypto in the local market, CoinDCX will invest the funds in building new solutions, marketing activities, research and development, and human resources.

CoinDCX – officially offering services since 2018 – is one of the largest crypto exchange platform across the nation, and has forged alliances with international exchanges, nominally OKEx, Binance, and Huobi

A $1.3 million venture has recently been disclosed by the exchange, aiming at boosting the awareness level and crypto adoption throughout India

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