Crypto exchange CoinDCX bags $2.5m in funding to support adoption of digital currency in India

CoinDCX, a cryptocurrency marketplace, has secured $2.5m in a strategic investment led by Polychain Capital.

Additional support to the round came from Coinbase Ventures, which is the investment division of fellow cryptocurrency marketplace Coinbase.

With the fresh backing, the FinTech will bolster its #TryCrypto initiative, which aims to boost cryptocurrency adoption in India. In the initiatives first phase, it managed to get more than 50,000 new signups.

The second phase, which is already in progress, offers new features including instant withdrawal and deposit with zero fees, and automated KCY and bank verification.

The company recently invested $1.3m into its #TryCrypto initiative, which is being used for education purposes, meetup events, community engagements and consumer campaigns, the company said.

Alongside this, capital from the investment will be used to enhance the platform.

CoinDCX CEO and co-founder Sumit Gupta said, “This new strategic investment into CoinDCX is a shot of confidence in our roadmap toward bringing the crypto asset class to a largely untapped Indian market. We look forward to our investors’ continued counsel in building the most trusted and safe exchange for our users.”

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.

CoinDCX is looking to launch its Academy, a blockchain and cryptocurrency educational programme which aims to help beginners and novice cryptocurrency traders. The company also plans to make several market expansion activities.

Polychain Capital founder Olaf Carlson-Wee said, “We have worked closely with CoinDCX from an early stage, and have continued to be impressed by the team and vision.

“Their thoughtful insights into the Indian market, as well as their long-term product roadmap, have strengthened our belief in the potential of the business. We are thrilled to continue to support the team’s vision and to provide our deep expertise in growing some of the most successful crypto projects in the world.”

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