CoinDCX, India’s largest crypto currency exchange, announced that it had raised USD 2.5 million from investors, including Polychain Capital and Coinbase Ventures, the investment arm of the Coinbase crypto currency exchange.
The investment comes shortly after a Series A round of funding for the exchanges in March, in which CoinCDX raised $3 million from Bain Capital, Polychain and HDR Group, the operator of the BitMEX cryptomoney exchange.
In an announcement by CoinDCX on May 25, the exchange said it would use the funds to encourage mass adoption of crypto currencies in India through its „TryCrypto“ campaign. CoinDCX stated that its goal was to have 50 million users of crypto currencies in the country. One of the initiatives of TryCrypto will be an educational program of cryptomonies and blockchain aimed at new merchants.
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Sumit Gupta, co-founder and CEO of CoinDCX, said the crypt coin industry in India was attracting more attention from global corporations like Coinbase and Polychain. This recent investment, along with the $3 million secured in March, would provide „a small vote of confidence in our roadmap for bringing the crypto classes to a largely untapped Indian market.
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In March, India’s Supreme Court overturned a ban by the Reserve Bank of India on the banks‘ services to cryptomoneth-related businesses that had been in place since July 2018.
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exchanges to tap into the untapped market, offering crypto-currency to crypto-currency conversions and commercial services to Indian residents in April.
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Although the recent quarantine due to the coronavirus pandemic is still in place in many parts of the country, Indian exchanges also reported strong growth following the court decision. CoinDCX said it had ten times the number of users who registered in the first week after the ban was lifted and a 47% growth for the first quarter of 2020. The trading platform WazirX recorded monthly growth of over 80% in both March and April.
However, some Indian banks continue to deny services in support of selling or buying cryptoactives. Gupta spoke to Cointelegraph on May 14, saying that „regulation of the crypto currency sector in India remains vague,“ which has led many traditional financial institutions to hesitate to work with anyone involved with crypto or digital assets.