Mumbai-based start-up CoinDCX has raised an undisclosed amount of seed funding. The company works as a cryptocurrency exchange aggregator.
Venture capital company Bain Capital Ventures led CoinDCX’s seed round. Other renowned angel investors who took part in the round included Utsav Somani (Partner, AngelList India), Jatin Aneja (Partner at India’s Leading Law Firm), Sung Ho Choi (Founder, Fubo TV), Sanjay Mehta (Mehta Ventures) and blockchain investors like Rafael Ugolini and Karn Nagpal.
CoinDCX is going to use the funding in order to scale the technical infrastructure. At the same time, the money will also be used to introduce new products, which are going to make the company more inclusive and transparent among its user base around the world.
CoinDCX is founded by Neeraj Khandelwal and Sumit Gupta. Khandelwal previously worked as VP Engineering at Holachef and as CTO at Doormint. Gupta previously founded ListUp, a multi-million dollar company, according CoinDCX’s official website.
The Mumbai-based company works as an aggregator of cryptocurrency trading platforms. It apparently had 50,000 users within the first few months of its launch. It also claimed that its daily trading volume is more than a million dollars.
“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,” INC42 quoted CoinDCX CEO Sumit Gupta as saying.
According to Bain Capital Ventures MD Salil Deshpande, the seed program was used for aggressive investment in cryptocurrencies and decentralized finance (DeFi). During the “crypto winter,” they apparently invested in liquidity aggregators, prime brokers, blockchain interoperability solutions and decentralized money markets.
— CoinDCX: Crypto Exchange (@coindcx) March 14, 2019
On February 25, the Supreme Court of India asked the Indian government to come up with cryptocurrency regulations within the next four weeks. It also said that it would pass a judgement in case the government failed to have a policy within the time period.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]