Cryptocurrency exchange CoinDCX has reportedly secured $3m in its Series A funding round which was led by Polychain Capital, Bain Capital Ventures and HDR Group.
The company will use the funds to support the adoption of digital currencies across India, as well as bolstering its product development, marketing and other services, according to a number of reports in the media.
Furthermore, the company will use the capital to add algorithm-powered trading services, create an onboarding solution and launch a crypto-to-crypto trading product, the articles report.
The company, which was founded in 2017, enables users in India to trade over 200 digital currencies. Through the solution, users can buy, sell and earn cryptocurrencies.
This funding round comes a few weeks after the Indian Supreme Court ruled in favour of digital currency trading.
India’s FinTech sector has attracted a lot of attention for investors. Since 2015, a total of $18.6bn has been invested across 563 transactions, with investment growing at a CAGR of 19.1% over this period.
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