CoinDCX, one of the leading crypto exchanges from India secured an additional investment from the prominent players of the crypto market. The exchange has raised US$2.5 million as strategic investment led by Polychain and Coinbase Ventures. 

Tweeting on Tuesday, Sumit Gupta, founder and CEO of the CoinDCX Indian crypto exchange stated that the investment is a “Big Step for Indian Crypto Ecosystem”. Noticeably, the exchange has previously bagged $3 Mln in March in its Series A funding round, led by Polychain Capital, Brian Capital Ventures, and HDR Group. However, the latest investment of $2.5 Mln (more than 18Crores in INR) marked its existing investor, Polychain and Coinbase Ventures, the investment arm of American cryptocurrency exchange Coinbase. 

As per the report, the new investment will be employed to push the “company’s own crypto awareness initiative, Try Crypto’ which is designed to reach 50 million crypto users in the country. 

CoinDCX reportedly has a liquidity aggregation model integrated with some of the leading trading platforms including OKEx, Binance, and Huobi. More so, it offers several products under one roof to attain the diverse needs of investors - some of these products are, DCXtrade, DCXmargin, DCXinsta, DCXconvest, DCXfuture, DCXlend. As per the recent report, the company users BitGo custodial services to offer secure storage and partial insurance for crypto assets offered on its platform. 

How SC judgment changed the game of the crypto industry in India?

It looks like the major players were eying on the crypto market of India and when the Supreme Court quashed the RBI’s trading ban on cryptocurrency, it has surely turned their heads. In fact, Mr.Gupta in his series of tweets elaborates that country’s crypto ecosystem has seen unprecedented growth. He added that 

#CoinDCX has registered a 10x increase in user signups, and a 47% growth in trading volumes in Q1 alone. Still there's a huge untapped market, said Mr.Gupta, continuing, Indian crypto ecosystem is getting recognition from global corporations and investors. 

Moreover, according to Nishcal Shetty, CEO of Binance backed Indian crypto exchange, WazirX, there has been an increasing demand in cryptocurrency in India during the nationwide lockdown. He explained; 

The extended lockdown has led to people showing even greater interest in crypto in India. With millions of people not having the opportunity to work due to lockdown, crypto is turning out to be an opportunity for Indians to trade and earn from it.

A similar statement has been added by Sathvik Vishwanath, CEO of the Unocoin crypto exchange. He said that the situation in India “is a lot better than the one we faced due to regulatory confusion for two years”. 

Lastly, Mr.Gupta points out that the investment of US $2.5 Mln will help support CoinDCX’s efforts in 'building a user-focused and secure exchange’ to align with the growing demand of virtual currency in India.