UditCoinDCX, a cryptocurrency trading platform, and liquidity aggregator revealed that it had secured $3 million in the funding round of Series A led by the PolyChain Capital, Bain Capital Ventures, and HDR Group operator of BitMex, along with some other venture capitalists.
The funs secured will help to reinforce CoinDCX nationwide efforts to promote crypto adoption, as well as bolster its next phase of development, including the service and product enhancements, research and development, marketing activities, and human resources growth as well.
The exchange also has plans to develop a fiat onboarding solution in partnership with the major crypto projects, algorithm-based trading and a crypto-to-crypto trading product in the pipeline for 2020.
Olaf Carlson-Wee, Founder of Polychain Capital, said:, “We have chosen to partner with CoinDCX to build out a superior trading product that is fit for the region, and to support its move to promote cryptocurrencies in one of the largest markets in the world. The Supreme Court’s decision to strike down the banking ban is an encouraging sign for the broader cryptocurrency ecosystem in India and we are confident that there is huge potential growth in this market.”
Sumit Gupta, CEO and Co-founder of CoinDCX, said, “As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly… 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.”