Mumbai-based cryptocurrency exchange aggregator CoinDCX has raised an undisclosed amount of funding in a seed round from Bain Capital Ventures. Other investors like Jatin Aneja, Partner at India’s Leading Law Firm, Rafael Ugoloni and Karn Nagpal, both of them blockchain investors, Sanjay Mehta, founder of Mehta Ventures, Sung Ho Choi, founder of Fubo TV, and Utsav Somani, partner of AngelList India also participated in the funding round.
The two-year-old startup will use the freshly raised capital to scale its infrastructure and introduce new products to bring transparency. It further aims to improve its technology and bring inclusivity to its global user base. Founded by Sumit Gupta and Neeraj Khandelwal in 2017, CoinDCX aggregates global cryptocurrency liquidity and trading services onto a single platform.
“You can margin trade in 200+ markets with leverage, buy crypto with fiat currencies and, starting soon, even trade in crypto derivatives – all on highly liquid markets! CoinDCX aims to empower investors by providing a single point of access to a complete crypto ecosystem,” said CoinDCX cofounder Sumit Gupta.
CoinDCX claims to have gathered 50,000 users within few months of its launch and over ₹7 crores in average daily trading volume. The startup creates a user-friendly platform by merging features of global exchanges and allowing customers to access the entire features with a single login. CoinDCX is also planning to reach into the convergence of digitised finance by launching a derivatives trading platform.
Commenting on the investment, Salil Deshpande, managing director at Bain Capital Ventures said, “We have used our prolific seed program to invest aggressively into crypto and decentralized finance (DeFi) during the crypto winter, including decentralized money markets, derivatives markets, blockchain interoperability solutions, crypto exchanges, miners, prime brokers, and liquidity aggregators”.
This investment is noteworthy amidst all the crypto regulation crunch in India. CoinDCX is prepared for all scenarios and is strengthing its technology to cope with any changes in crypto-related policies in the future.
The government of India is deciding on the cryptocurrency regulatory policy. On February 25, the Supreme Court directed the government to frame a cryptocurrency regulatory policy in the next four weeks. Earlier last year, RBI instructed banks not to provide any services to companies dealing in cryptocurrency.