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.
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.