Financial Hour

CoinDCX receives investment worth $2.5 million from Polychain Capital

CoinDCX, India’s biggest cryptocurrency firm, has declared that it had raised $2.5 million from Polychain Capital and Coinbase Ventures, the investment arm of Coinbase. The investment comes shortly after the trade’s Series A funding in the month of March, where CoinDCX received about $3 million from Bain Capital, Polychain and HDR Group.

On May 25th, CoinDCX announced its campaign “TryCrypto” that is aimed at encouraging the cryptocurrency platforms in India. The company also made it public that the funds received from the recent investment will be used to promote the campaign nationwide. The goal of the crytocurrency firm is to have upto 50 million crypto users in the country. The initiative will also be focusing on educational programs around cryptocurrency and blockchain for the new traders in the field.

Sumit Gupta, CEO of CoinDCX, says, “Crypto industry in India was garnering more attention from global corporations like Coinbase and Polychain. This recent investment, coupled with the $3 million secured in March, would provide a shot of confidence in our roadmap toward bringing the crypto asset class to a largely untapped Indian market.”

Coinbase has been considered as one of the major crypto exchanges to utilize the untouched resources of the market. These were made available to the Indian residents to offer them crypto-to-crypto conversions and trading services in April.

In spite of the fact that the ongoing lockdown due to the coronavirus pandemic is still in effect for many states, Indian exchanges have also announced a good growth following the court’s decision to lift the ban on crypto currency.

Although some banks in India still deny crypto currency services, it cannot be overlooked that the ban has been officially lifted by the authorities. Gupta addressed Cointelegraph on May 14, stating the vagueness of regulation of crypto currency in India, which has prompted numerous conventional budgetary foundations to avoid working with anybody associated with crypto or advanced resources.

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