CoinDCX bags $2.5mn from Polychain and Coinbase

The new funds will bolster CoinDCX's efforts to push crypto adoption through dedicated campaigns.

Cryptocurrency exchange CoinDCX secured a $2.5 million strategic investment led by Polychain Capital. The round also saw the participation of Coinbase Ventures, the investment arm of San Francisco based cryptocurrency giant Coinbase.

The new funds will help the Mumbai based start-up drive crypto adoption in India and propel it towards pushing the number of crypto adopters in India to 50 million. The investment will reinforce the CoinDCX's efforts in building a user focused and secure exchange to support the growing demand for crypto in India. It will also support the start-up's $1.3 million #TryCrypto initiative for educational initiatives, meetup events, community engagements, and consumer campaigns.

Sumit Gupta, Chief Executive and Co-founder, CoinDCX, said: “The recent months have shown that the cryptocurrency industry in India is finally getting the recognition it deserves from global corporations and investors. This new strategic investment into CoinDCX is a shot of confidence in our roadmap toward bringing the crypto asset class to a largely untapped Indian market.”