Indian cryptocurrency exchange CoinDCX receives $ 2.5 million investment from Polychain Capital
One of India’s largest cryptocurrency exchanges has secured significant financial investment from Polychain Capital, which is supported by one of the most important crypto companies Coinbase.
“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,” said Sumit Gupta, CEO and co-founder of CoinDCX.
The aim of this financing is to strengthen the cryptocurrency exchange in the areas of involving new communities, educational programs or consumer campaigns.
The year 2020 is particularly important for India, since March 4, when the RBI lifted the official ban on cryptocurrencies. This caused a huge increase in trading on Indian cryptocurrency exchanges and, for example, such a cryptocurrency exchange WazirX recorded an increase of up to 470% in 30 days. Read here
“As India continues to close the gap between the crypto economy and the mainstream market, CoinDCX is strongly positioned to become the leading platform that consumers in the country interact with crypto through,” said Shan Aggarwal, head of Coinbase Ventures.