- Indian Crypto exchange CoinDCX raised $3million in series A funding from BitMEX and Bain Capital amongst other investors.
- This has come shortly after the reversal by Supreme court on a ban put in place by Reserve Bank of India.
Reports have surfaced that CoinDCX has raised $3 million in Series A funding. Arguably one of the biggest crypto exchanges in India the Mumbai based exchange received backing from BitMEX operator HDR Group, Polychain Capital and Bain Capital Ventures amongst other unmentioned backers.
With the sudden cash influx, CoinDCX founder and CEO, Sumit Gupta has shed a light on CoinDCX’s expansion plan. Their plans include developing a new fiat onramp, introduce new trading pairs and double their workforce from their current 50 in an attempt to facilitate India’s fast growing appetite for cryptocurrencies.
Supreme Court Lift Ban by RBI
The news has come shortly after the Indian Supreme court reversed a ban that had been put in place by the Reserve Bank of India (RBI) back in 2018. The ban by the RBI barred banks from serving cryptocurrency exchange and firms. They took advantage of the ban lift and they became the first cryptocurrency in India to link with bank accounts for money transfers and with immediate effect allowed investors to trade directly with the Rupee.
According to Co-founder and CEO of BitMEX and HDR Group, Arthur Hayes, who was excited to invest in CoinDCX; the fresh turn of events would change India’s regulations to bolster the uptake of crypto in India.
The recent developments in the cryptocurrency regulatory landscape in India are very encouraging and are likely to accelerate adoption and innovation in this sector.
Notably in the course of the ban, CoinDCX managed to register over 35000 clients but on the reversal of the ban they saw this numbers multiply tenfold as highlighted by Mr. Gupta. Their main markets are Surat, Mumbai, Chennai, Bangalore, and Delhi. After the ban was lifted the Crypto exchange saw trading volumes of about $10-15 million daily.
CoinDCX have also pledged $1.3 million in funding towards an initiative dubbed ‘TryCrypto’ that seeks to seeks to accelerate the uptake of cryptocurrencies in India setting their mark on 50 million Crypto users in India. This is from an estimate of a meagre 5 million users currently.