India: CoinDCX raises $2.5m from Polychain Capital, Coinbase Ventures

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Cryptocurrency exchange platform CoinDCX has raised $2.5 million as a part of its strategic funding round led by crypto investment platform – Polychain Capital.

Coinbase Ventures, the investment arm of San Francisco-based cryptocurrency exchange Coinbase, is a new investor and participated in this round. This marks Coinbase’s first investment in an Indian blockchain company.

This fund-raise comes two months after the startup had raised $3 million as a part of its Series A funding round, also led by Polychain Capital, in which Bain Capital Ventures and HDR Group had participated.

The company said the current funds will be utilised to launch newer products within India for retail investors, build a team, and to run educational initiatives for adoption of cryptocurrency in the country.

“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,” said Sumit Gupta, chief executive and co-founder of CoinDCX.

In March, the Supreme Court quashed a ban imposed by the Reserve Bank of India (RBI) on trading of virtual currencies.

The RBI, in 2018, had barred banks and registered financial institutions from providing services in relation to virtual currencies as a part of iIts circular titled ‘Prohibition on dealing in Virtual Currencies (VCs)’.

“In working with Sumit, Neeraj, and their team at CoinDCX, we see a team that shares our approach of building trust with their customers. As India continues to close the gap between the crypto economy and the mainstream market, CoinDCX is strongly positioned to become the leading platform that consumers in the country interact with crypto through,” said Shan Aggarwal, head of Coinbase Ventures.

CoinDCX claims that it saw a 47% growth in trading volumes and a sharp growth in daily active users in March after the Supreme Court scrapped the RBI ban.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.