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CoinDCX announces fresh $2.5 million investment from Polychain Capital and Coinbase Ventures

Our Bureau Mumbai | Updated on May 26, 2020 Published on May 26, 2020

Cryptocurrency exchange CoinDCX, on Tuesday, announced it has secured $ 2.5 million strategic investment led by Polychain Capital, with support from Coinbase Ventures.

“The investment will reinforce CoinDCX’s efforts to spearhead crypto adoption including the #TryCrypto campaign, one of India’s largest crypto adoption initiatives aimed at bringing the total number of crypto users in India to 50 million,” it said in a release, adding that the development comes a time of unprecedented growth and record trading volumes for the cryptocurrency industry in India.

“The investment will bolster CoinDCX’s efforts in building a user-focused and secure exchange to support the growing demand for crypto in India, as well as supporting CoinDCX’s Rs 100 million #TryCrypto initiative for educational initiatives, meet-up events, community engagements and consumer campaigns,” it said, adding that a part of the initiative will include the roll out of ‘Academy’, a full-fledged blockchain and cryptocurrency learning programme aimed towards first-time and novice cryptocurrency traders.

Following the lifting of an industry-wide banking ban by the Reserve Bank of India in February, CoinDCX witnessed 10 times growth in sign-ups in one week, 47 per cent growth in trading volumes, 150 per cent growth in daily active users in March alone. It was also the first cryptocurrency exchange in India to integrate bank account transfers on its exchange.

Polychain Capital also recently led CoinDCX’s $ 3 million Series A round, which also included Bain Capital Ventures and HDR Group, Operator of BitMEX. Coinbase Ventures’ investment into CoinDCX marks its first investment in an Indian blockchain company.

Published on May 26, 2020
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