India seems to be making great progress in developing its crypto-scene as several related organizations have already initiated operations at full speed. Besides crypto-based businesses that ceased operations prior to the RBI’s ban, the nation is seeing a fresh flow of investment from international players trying to enter the huge market.
CoinDCX promoting crypto
According to latest reports, Mumbai-based crypto exchange CoinCDX has just completed a 43 million (Rs 22.84 crores) in a Series A funding round on March 24. The funding was led by US-based Polychain Capital, Bain Capital Ventures and HDR Group. The funding round comes three weeks after the Indian Supreme Court lifted RBI’s ban on crypto.
“The Supreme Court’s 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.
The exchange plans on using the funds to enhance its services, product, research, and marketing activities apart from improving its offering to serve the rising demand for cryptocurrencies in India. Sumit Gupta, CEO, and Co-founder of CoinDCX said that the funding would allow the exchange to promote mass adoption of crypto in India:
“As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly. This successful investment round will go a long way in funding our vision of accelerating India’s growth into a US$5 trillion economy. With a slew of exciting projects in the pipeline, the closure of our Series A is the first step in a new chapter in the CoinDCX story as we continue to drive the mass adoption of crypto assets in India.”
Prior to this, CoinDCX announced the launch of a $1.3 million fund that’ll boost crypto awareness in the nation. As per the announcement, via educational programs, seminars, workshops, and distance courses finance by the CoinDCX initiative representing 15% of the funds allocated to said project, the company wants to start a long-term project called TryCrypto, which will seek to introduce 50 million Indian consumers to cryptocurrencies.
The exchange had partnered with the Malta-based trading platform OKEx at the same time. The partnership, backed by an undisclosed amount, is aimed at helping develop a new derivative facility dubbed DCXfutures, in return for providing OKEx with a foothold in the Indian market.
Binance – WazirX
Apart from CoinDCX, major cryptocurrency exchange Binance has also vowed to contribute to the Indian crypto economy by setting up a $50 million fund dubbed “Blockchain for India.” The fund’s aim is to invest in blockchain startup focused on solving industrial and social problems in the nation.
Furthermore, the joint venture would also support universities and student organizations that are willing to focus on blockchain-based products. Those under the initiative would have access to the complete Binance family including Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy, Binance X and Binance portfolio companies, such as WazirX, DappReview, Trust Wallet and more.
Binance had previously acquired popular Indian peer-to-peer exchange WazirX, making it the first international crypto-exchange to enter the Indian market.
Billionaire investor eyeing India
Besides these, there have also been reports of Billionaire investor Tim Draper wanting to invest in blockchain start-ups within the nation. In an interview with media outlet Inc42, Draper stated that he “met several Bitcoin and crypto startups” during a recent trip to India, adding that he “hope[s] to be able to fund a number of them.”
He further stressed on the Supreme Court’s decision, predicting that the benefits of cryptocurrencies will be highlighted by the deterioration of the global financial system:
“The Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail, and just in time, because the benefits of Bitcoin and crypto over current systems will become apparent during this crisis.”