CoinDCX, which is administered by Neblio Technologies Pvt. Ltd, has recently received an offering of INR 22.84 crore in a series A funding round. The US-headquartered a blockchain and cryptocurrency investor, Polychain Capital led the funding round of the company.
Other investors, who took part in the funding round, include Bain Capital Ventures and HDR Group, which operates cryptocurrency platform, BitMEX, reported Inc42.
The Mumbai-based cryptocurrency platform, CoinDCX will employ the funds for augmenting its product, research, marketing activities, and services besides enhancing its offering to render the increasing count of cryptocurrency users in India, the cited media report added.
The Supreme Courts decision to strike down the banking ban is an encouraging sign for the broader cryptocurrency ecosystem in India and we are confident that there is huge potential growth in this market, Carlson-Wee, founder at Polychain Capital, said in an interview with Inc42.
The present investment takes place a year after CoinDCX garnered an undisclosed sum of seed funding in the round, led by the asset management company, Bain Capital Ventures. A cohort of individual angel investors including Sanjay Mehta, Principal at Mehta Ventures and AngelList Indias partner, Utsav Somani also participated in the funding round.