CoinDCX, the cryptocurrency exchange, has launched its venture investment arm, CoinDCX ventures to invest in early-stage crypto and blockchain startups. The investment arm plans to deploy Rs 100 crore to accelerate the growth of the cryptocurrency market in India.
The cryptocurrency exchange has already invested about 10-15 of the total funds in over half a dozen startups and will allocate the remaining portion in the next 12 months, boosting the development of over 40 startups. CoinDCX Ventures has entered the crypto space with a boom and has invested in several investments in the space, such as wallet solution, cross-chain bridge protocol, Web 3 social engine, and distributed storage and computing protocol.
What can Indian Crypto firms expect?
CoinDCX is among India’s largest and most valuable crypto firms, with over 12.5 million users. The exchange will fund crypto ventures at early stages with a focus on key sectors such as investing infrastructures, investing products, infra layer development, development tools, and Web 3 applications.
“The exchange will also be helping with growth strategies and distribution, helping build community and connect with key influencers, make available best practices in HR and also, its legal and compliance engines NSE -0.54 % as and when required,” the firm said.
Sumit Gupta, CoinDCX CEO and Co-Founder said, “CoinDCX Ventures marks yet another great milestone in the company’s already phenomenal 2022, and we are not even halfway through the year. This is an immense leap forward for CoinDCX as we continue to chart the way forward and shape the Web3 industry at large, placing India on the map as a global hub for crypto and blockchain innovation.
Having worked closely with venture capitalists in the space, we understand the value and importance of such support, inspiring our move to contribute to the still-nascent industry as it cements its position in the future of finance and technology.”
CoinDCX also recently raised over $135 million through its series D funding round with renowned investors such as former Facebook co-founder Eduardo Saverin’s B Capital, Polychain, Cadenza, Coinbase, Pantera, Kingsway, and Steadview, among others.