CoinDCX, one of India’s largest digital asset exchanges, has secured $3 million in funding through a Series A investment round, which was led by Bitcoin Mercantile Exchange (BitMEX) operator, HDR Group.
Polychain Capital, Bain Capital Ventures, and several other unnamed venture capitalists also took part in the round.
CoinDCX’s management says that it intends to use the capital acquired to further expand its products and services and recruit additional staff members.
Sumit Gupta, co-founder and CEO at CoinDCX, stated:
“With the crypto space in India developing at breakneck speed, we plan to build a new fiat onboarding solution, algorithm-based trading, crypto-to-crypto trading, and introduce new trading pairs.”
CoinDCX said it will double its employee headcount from 50 to 100 during the next six months. The company wants to hire more tech, growth, marketing, and support professionals.
CoinDCX’s investment round has been completed only a few weeks after the Supreme Court of India reversed the Reserve Bank of India’s blanket banking ban on firms dealing in crypto assets.
Arthur Hayes, co-founder and CEO at BitMEX and HDR Group, noted:
“The recent developments in the cryptocurrency regulatory landscape in India are very encouraging and are likely to accelerate adoption and innovation in this sector. We are excited to be investors in CoinDCX and believe that their talented team and technology will allow them to be the dominant cryptocurrency venue in the region.”
Olaf Carlson-Wee, founder at Polychain Capital, said that the Indian Supreme Court’s ruling is an “encouraging sign” for the larger digital asset ecosystem, and that there’s “huge potential” for growth in this industry.
Earlier this month, CoinDCX announced that it would allocate $1.3 million in funding toward promoting greater awareness and adoption of cryptocurrencies in India.
CoinDCX says it might raise more funds later on.
“We look at investments as a strategic tool to help us build better products for the future. Hence if we do receive interest in strategic partnerships, we will be happy to explore these opportunities.”