- CoinDCX was founded by IIT Bombay alumni Sumit Gupta and Neeraj Khandelwal
- Company has witnessed huge growth after Supreme Court scrapped ban on Cryptocurrency trading
CoinDCX, a Hybrid Crypto Exchange, has secured a $2.5 million strategic investment led by Polychain Capital with support from Coinbase Ventures, the investment arm of San Francisco-based cryptocurrency giant Coinbase. The company was founded by Sumit Gupta and Neeraj Khandelwal in 2017. The company has witnessed the growth of 10 times in a week after Supreme Court scrapped the industry-wide ban in India for trading in Cryptocurrency which was imposed by Reserve Bank of India. CoinDCX aims to be the global gateway to cryptocurrencies.
The company will utilize these funds to boost its cryptocurrency adoption efforts as its goal is to bring 50 million cryptocurrency users in India.
In a media statement, Sumit Gupta, CEO and Co-founder of CoinDCX, said,
“The recent months have shown that the cryptocurrency industry in India is finally getting the recognition it deserves from global corporations and investors. Our relationship with Polychain Capital goes from strength to strength, reflecting our great partnership with the Polychain team. We are also excited to add Coinbase Ventures as an investor; Coinbase’s vision and successful efforts for global cryptocurrency adoption have been admirable and mirrors CoinDCX’s dream for a DeFi future. This new strategic investment into CoinDCX is a shot of confidence in our roadmap toward bringing the crypto asset class to a largely untapped Indian market.”
Olaf Carlson-Wee, Founder of Polychain Capital, said,
“We have worked closely with CoinDCX from an early stage, and have continued to be impressed by the team and vision. Their thoughtful insights into the Indian market, as well as their long-term product roadmap, have strengthened our belief in the potential of the business.”
CoinDCX is pioneering the cryptocurrency exchange industry. They bring the liquidities and assets of the world’s top exchanges – all on one platform. Their Products helps to cater everyone’s crypto needs, regardless of trading experience.