India’s largest cryptocurrency exchange, CoinDCX, has secured a $2.5 million strategic investment led by Polychain Capital with support from Coinbase Ventures.
The investment aims to reinforce the exchange’s efforts to drive cryptocurrency adoption in the country after a major legal victory in March. CoinDCX’s #TryCrypto campaign seeks to bring the total number of crypto users in India to 50 million.
Specifically, the financing aims to bolster CoinDCX’s meetup events, community engagement efforts, educational programs and consumer campaigns, the company said.
“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. We look forward to our investors’ continued counsel,” said Sumit Gupta, CEO and co-founder of CoinDCX.
Polychain’s investment is in addition to its participation in a $3 million Series A funding round for the Mumbai-based exchange, which occurred in late March, weeks after a banking ban for cryptocurrency businesses was overturned by the country’s Supreme Court.