CoinDCX, India’s largest cryptocurrency exchange, has announced raising $3 million funding in ‘Series A’ round, Cointelegraph website reported.
Bain Capital Investments, Polychain and HDR Community led the funding that would help the firm to begin the mass adoption of crypto in India.
CEO and Co-founder Sumit Gupta said:
“As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly. This successful investment round will go a long way in funding our vision of accelerating India’s growth into a US$5 trillion economy.”
“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,” he added.
CoinDCX aims to use the funding proceeds to offer new products, as well as marketing, research and development.
Leading local crypto market
The funding came after the country’s Supreme Court has overturned the restrictions imposed on local banks’ dealings with crypto firms.
In April 2018, the Reserve Bank of India (RBI) had imposed a ban on local banks, preventing them from dealing with crypto firms. The ban came into effect in July of the same year.
Accordingly, the Internet & Mobile Association of India (IAMAI) filed a lawsuit against the RBI to the Supreme Court.
India has a complicated relationship with the crypto industry. After the Supreme Court’s ruling, the number of crypto exchanges is increasing, and many of them is extending their features.
CoinDCX allocates funds for raising crypto awareness
The initiative aims to finance educational programs, seminars, workshops and distance courses, representing 15 percent of the funds allocated to the project.