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Digital Currency Revolution Series: A Spotlight On CoinDCX Series A Fundraising Activity
The Indian based cryptocurrency exchange, ‘CoinDCX’ appears to be gearing up for their crypto business on the back of post the country’s apex court (Supreme Court of India) verdict of permitting crypto trading in the country. The Supreme Court has come up with an issued a directive in the recent past (on 25th February) during a hearing in a case between India’s virtual currency exchanges and the government that the centre should clarify its stance on crypto-currencies. The country’s central bank RBI had put blanket ban on banking services to crypto trading. As a result, quite a few cryptocurrency companies in India, including renowned Zebpay, Unocoin, WazirX, and CoinRecoil were forbidden by the RBI ban.
For now, upon Supreme Court’s decision, CoinDCX appears to be constructive and back in their business by funding raising activity to their upcoming crypto projects.
They have now announced something exciting of fundraising activity through seed funding from Bain Capital and renowned angels like Utsav Somani and Sanjay Mehta. Thereby, being a visionary, they seem to have been establishing an inclusive cryptocurrency ecosystem with an anticipation of extensive cryptocurrency adoption.
The firm managed to fetch a mammoth $3 million through Series A funding raising round, as per Cryptopolitan reports.
As per the CoinDCX co-founder, Mr. Sumit Gupta, the start-up likely to deploy the funds & utilize it to scale its technical infrastructure and introduce new products. They are now intending to be a platform that provides investors with a complete set of financial instruments to trade their digital assets. “That’s why we created CoinDCX," said Gupta.
“You can margin trade in 200-plus markets with leverage, buy crypto with fiat currencies and, starting soon, even trade in crypto derivatives—all on highly liquid markets," Gupta revealed.
While the managing director of Bain Capital Ventures, Mr. Salil Deshpande, added that “the start-up plans to invest in decentralized money markets, derivatives markets, blockchain interoperability solutions, crypto exchanges, miners, prime brokers and liquidity aggregators”.
CoinDCX is an aggregator of cryptocurrency trading services. The platform claims to have “versatile financial instruments and deep order books targeting a variety of trading use-cases".