Mumbai-based cryptocurrency exchange CoinDCX has raised an undisclosed amount in a seed funding round led by Bain Capital Ventures. This fresh capital will be used to scale its technical infrastructure and build new products. Other investors who participated in this seed round include reputed names like Utsav Somani, Jatin Aneja, Sung Ho Choi, Sanjay Mehta, Rafael Ugolini and Karn Nagpal.
At a time when the RBI banking ban and the cryptocurrency bear market have eaten into the revenues of Indian cryptocurrency exchanges, the capital will allow CoinDCX to continue working and establishing its platform as one of the premier crypto trading destinations in the country. CoinDCX users can trade crypto, perform margin trades and also lend crypto assets.
It is good to see that venture capitalists are backing Indian cryptocurrency businesses despite the regulatory uncertainty in the country. This is a testament to the blockchain and crypto talent in the country. Now only if the government could see it too!