CoinCDX to Raise $3M in Series A Financing

Bain Capital Ventures, Polychain and the parent company of the BitMEX HDR Group exchange took part in financing
24 March 2020   133

On March 24, the Indian cryptocurrency exchange CoinCDX reported receiving $ 3 million in financing during the A series investment round. Its participants were Bain Capital Ventures, Polychain and the parent company of the BitMEX HDR Group exchange.

CoinDCX co-founder and CEO Sumit Gupta said that these funds will help his company continue to distribute cryptocurrencies in India. In particular, financing will be used to develop new products, conduct marketing activities, research and attract labor resources.

As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly. 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.

 

Sumit Gupta

CEO, CoinDCX

CoinDCX plans include actively expanding the cryptocurrency user base in India. Thanks to her initiative, TryCrypto, she expects to increase their number from 5 million to 50 million. This, according to Gupta, will also contribute to the transformation of India into a $ 5 trillion economy by 2025. 

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   239

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.