Cryptocurrency adoption in India seems to continue as a local exchange closed a successful Series A funding round for $3 million led by BitMEX’s HDR Group, Polychain, and other companies.
CoinDCX, reportedly India’s largest cryptocurrency exchange, has managed to close successful Series A funding round, receiving $3 million. The round was led by some of the best-known investors in the field, including Polychain Capital and HDR Group – the company behind one of the leading Bitcoin margin trading exchanges, BitMEX.
Supposedly, the decision of the country’s Supreme Court to strike down the ban instituted by the Reserve Bank of India on cryptocurrencies is a very encouraging sign for India’s cryptocurrency community. Speaking on the matter was Sumit Gupta, CEO, and Co-founder of CoinDCX, who said:
As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly. This successful investment round will go a long way in funding our vision of accelerating India’s growth into a US$5 trillion economy. With a slew of exciting projects in the pipeline, the closure of our Series A is the first step in a new chapter in the CoinDCX story as we continue to drive the mass adoption of crypto assets in India.
Perhaps somewhat expectedly, investments in the cryptocurrency field in India are on the rise. After all, India is the second most populated country in the world, which potentially presents a tremendous market opportunity.
As CryptoPotato recently reported, Tim Draper, the popular American VC investor, and a prominent Bitcoin proponent is also optimistic about the country’s future in this industry.
The Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail. – Said Draper.
Additionally, Binance, the world’s leading cryptocurrency exchange, teamed up with another Indian trading venue WazirX on a $50M fund called “Blockchain for India” to invest in industry-specific startups.