CoinDCX, the largest cryptocurrency exchange in India, has reportedly secured an investment worth $2.5 million from investors, including Coinbase Ventures and Polychain Capital.
This investment happened along the heels of a Series A funding round of CoinDCX held in March. In this round, the exchange raised a $3 million fund led by HDR Group, Polychain, and Bain Capital. The exchange will reportedly use the funds in its ‘TryCrypto’ campaign and encourage the mass cryptocurrency adoption in India. It also targets to have at least 50 million cryptocurrency users in the country. An initiative of the TryCrypto campaign will be a blockchain and cryptocurrency educational program, which aims at new traders.
According to CoinDCX’s CEO and Co-founder, Sumit Gupta, the Indian crypto industry has been obtaining more attention from Polychain, Coinbase, and other global corporations. The $3 million funds secured in March, coupled with the recent investment, will help set a roadmap towards catering to the untapped Indian market by bringing its crypto asset class.
The RBI (Reserve Bank of India) struck down a ban from the Supreme Court of India in March. The ban was issued on the services of the banks to the crypto-related firms, which had been in effect since July 2018. Coinbase has also been focusing on entering the untapped market. For instance, it plans to offer crypto-to-crypto conversions & trading services to Indian residents in April.
Indian exchanges reported a robust growth following the decision of the court, amid the ongoing coronavirus lockdown in several regions of the country. After the court’s ban was lifted, the company witnessed a 10x increase in the number of sign-ups by users in the 1st week. It also recorded a 47% growth for the first quarter of 2020. However, some Indian banks have continued to deny various services in support of the purchase and sale of the crypto assets.