CoinDCX, which claims to be one of India’s largest and “most valuable” crypto companies, recently announced the launch of CoinDCX Ventures, which is described as an investment initiative funding early-stage crypto and blockchain startups, “bolstering India’s digital asset ecosystem and accelerating the transformation of India’s digital economy.”
CoinDCX Ventures will serve “to grow and strengthen the Web3 ecosystem in India and globally.”
With India having amongst the largest retail crypto base globally, and will potentially have the largest number of web3 developers in the future, CoinDCX Ventures has “a unique vantage point in its access to both users/customers and the web3 developer community.”
It will serve “as a catalyst for the growth of India’s Web3 ecosystem, enabling the nation to play a key role in the development of Web3 globally.”
Built on top of CoinDCX’s ecosystem, CoinDCX Ventures claims to have a significant advantage from India’s “leading” crypto exchange – CoinDCX – “enabling it to establish and give portfolio companies a headstart for their journey in the Web3 ecosystem.”
With its in-depth understanding of the market, CoinDCX Ventures claims that it is “uniquely positioned to offer portfolio companies with the insights, resources and guidance to grow alongside India’s rapidly growing digital asset industry.”
Working cooperatively with its portfolio companies, CoinDCX Ventures will “help them with access to exchange infrastructure, access to leading crypto experts, help with growth strategies and distribution, helping build community and connects with key influencers, act as a connector between companies and the large and growing web3 dev community, make available best practices in HR and also it’s legal and compliance engines as and when required.”
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.”
A pioneer in India’s crypto industry, CoinDCX has reportedly “tracked phenomenal growth since it was launched in 2018.”
Following its oversubscribed $135 million Series D funding round, CoinDCX has “reaffirmed its commitment to nurture and grow the crypto and Web3 industry in the nation and beyond.”
Confidence in CoinDCX continues “to rally support from industry leaders with returning prominent investors such as former Facebook co-founder Eduardo Saverin’s B Capital, Coinbase, Polychain, Cadenza, as well as new investors such as Pantera, Steadview, Kingsway, and DraperDragon amongst others.”
CoinDCX has also appointed Rohit Jain as SVP and Head of Ventures and Investments to lead CoinDCX Ventures.
Rohit has been “an entrepreneur and investor for most of his career. Most recently he was a partner at a growth stage fund, and worked extensively in the digital ecosystem in India as an entrepreneur and operator as well.”
Previously, Rohit has “worked in organisations like Myntra, and McKinsey, in addition to founding startups in the SaaS, media, and B2B ecommerce sectors.”
Rohit’s wealth of experience and expertise “from emerging technologies to traditional industries will serve to strengthen the direction of CoinDCX Ventures.”
Rohit said:
“As a leader in India’s crypto ecosystem, CoinDCX Ventures is an essential next step underpinning CoinDCX’s mission to grow India’s Web3 capabilities. CoinDCX Ventures will be crucial in supporting our vision of building India’s Web3 ecosystem and further the march of emerging technologies in the nation and beyond. I’m thrilled to lead CoinDCX Ventures, bringing my wealth of knowledge across various industries and verticals to further CoinDCX’s mandate to cultivate a stronger crypto landscape.”
CoinDCX Ventures has already “made several investments in the space including a wallet solution, cross chain bridge protocol, Web3 notification protocol, Web3 social engine, as well as distributed storage and computing protocol.”