CoinDCX which is the biggest crypto exchange in India has apparently raised $2.5 million from investors. Some of the investors include Polychain Capital and Coinbase ventures which are the investment collaborator of Coinbase.
The investment sure has raised hopes and was announced a little later after the occurrence of the Series A funding in March. In this series of funding, CoinDCX had secured $3million from different groups like Bain capital, HDR group, and BitMEX.
The announcement was made on 25th May and the exchange informed that the funds will be used to promote the adoption of cryptocurrency in India through its unique campaign proposition called ‘TryCrypto’. The exchange also added that it plans to pursue an ambitious goal of 50 million crypto users in India. New traders who plan to adopt the platform also are in for some good news because the campaign also will bring forth an education venture training them on crypto and blockchain.
CoinDCX, co-founder Sumit Gupta is confident that the situation here in India is much encouraging than what it was earlier. It also is getting a lot of interest from global organizations like Coinbase and Polychain which is an optimistic sign. The infusion of funds will go a long way in boosting and retaining the confidence of investors in the entire blueprint.
As we are all aware, the lifting of the Supreme Court ban on bank services to crypto firms was a huge sigh of relief in an otherwise untapped market. Coinbase was the early invader in this market full of opportunities. The current lockdown also has not been much of a dampener as markets have been cheerful overall.CoinDCX has reported that as soon as the ban was lifted a 47% increase in user sign-up was noticed for the first quarter this year.
Despite the visible cheer in the ecosystem, there are still banks that do not support the transactions of crypto-asset as the regulation and compliance scenario still remains unclear here. However this hesitation might soon turn into a renewed set of confidence especially when the campaign pays off and people begin to stamp their trust on the asset.