CoinDCX, a cryptocurrency, has now revealed that it has raised a $2.5 million strategic investment backed by the Polychain Capital with support from Coinbase Ventures.
The investment aims to bring the total number of cryptocurrency users in India to around 50 million.
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.”
“As one of the earliest cryptocurrency exchanges in the world, Coinbase has been a pioneer in providing a safe and secure platform for those looking to enter the cryptocurrency market. In working with Sumit, Neeraj, and their team at CoinDCX, Coinbase Ventures see a team that shares our approach of building trust with their customers,” said Shan Aggarwal, Head of Coinbase Ventures.
