India: CoinDCX Bags VC Funding!
CoinDCX is one of the fastest growing cryptocurrency exchanges in the country. It has been competing against the likes of WazirX which has done considerably good volumes as a peer-to-peer cryptocurrency exchange startup.
According to a new report by VCCircle:
Bain Capital Ventures and a group of angel investors including Sanjay Mehta of Mehta Ventures and AngelList India partner Utsav Somani.
Other investors include Sung Ho Choi, founder, Fubo TV; blockchain investors Karn Nagpal and Rafael Ugolini; and Jatin Aneja, partner at law firm Shardul Amarchand Mangaldas.
Even as majority of users in India and exchange operators await the regulatory draft around blockchain tech and cryptocurrencies, some of these exchanges are starting to make moves like this to help scale up operations.
It's vital for their survival and growth. CoinDCX has a slick website that's easy to use and many satisfied users as well. For them to raise funding through VCs they must have an excellent business plan to help scale up the company as well as products that will give value to their customers and drive the expected growth.
“No single platform provides investors with a complete set of financial instruments to trade their digital assets. That’s why we created CoinDCX,” said co-founder Sumit Gupta. “You can margin trade in over 200 markets with leverage, buy crypto with fiat currencies and, starting soon, even trade in crypto derivatives - all on highly liquid markets.”
It's an important event for anyone in the cryptocurrency space from India. Especially for cryptocurrency exchange companies struggling to fund their development. It sets a good tone for what is possible in this industry even in a bearish market scenario.
There are many exchanges operating out of India as well as abroad today. Indian investors are certainly valuing tech and positive projections for future growth from these new startups in this sector.
Hard work never goes unnoticed they say and in the case of CoinDCX this seems to be true as they have been known for staying true to their development goals for the past year or so since inception.
CoinDCX is planning to launch a derivatives trading platform to blend the digital and traditional financial services.
Founded by Sumit Gupta and Neeraj Khandelwal early last year, the company claims to have gathered a user base of 50,000, and over $1 million in average daily trading volume so far.
It's my expectation that in the next year or two another exchange or two from India will get more funding to help scale up operations. This may happen irrespective of the government's policy around cryptocurrencies. People have made their choices very clear that they want cryptocurrencies to stay. There is no going back now.
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