CoinDCX unveils investment unit to back early-stage crypto startups

CoinDCX unveils investment unit to back early-stage crypto startups

CoinDCX, India's largest cryptocurrency exchange, has recently launched an investment unit, named CoinDCX Ventures, to support and fund initial stage blockchain and crypto startups in India.

According to the company, its investments in this space would include a wallet solution, Web3 notification protocol, cross-chain bridge protocol, Web3 social engine, and distributed storage and computing protocol.

The company is planning to deploy $1.3 million to proliferate Web3 ecosystems and has appointed Rohit Jain as Senior VP and Head of Ventures & Investment, CoinDCX Ventures. Before this, he worked with well-renowned organizations such as Myntra and McKinsey.

Mr. Jain told sources that CoinDCX is also open to acquiring enterprises that may add value to its core business and the company has a separate pool of capital for acquisitions.

Meanwhile, Sumit Gupta, the CEO and co-founder of CoinDCX, said that as CoinDCX has worked thoroughly with venture capitalists in the space, the company understands the importance of such support. The contribution to this emerging industry will solidify its position in the future world of finance and technology.

Last month, CoinDCX secured approximately $135 Million in a Series D funding round. With this funding round, the company’s valuation jumped to $2.15 Billion, becoming the most-valued crypto startup in India till date.

With this valuation, the crypto unicorn said that it will continue to focus on departments like innovation, education, and compliance with the incoming funds.

The company also said that it aims to bolster its workforce by three times to approximately more than 1,000 employees by the end of the year 2022 and looks forward to nurturing local talent through its several research initiatives, local programs, and various strategic investments.

Co-founded by Neeraj Khandelwal and Sumit Gupta in 2018, CoinDCX has nearly 12.5 million users. It operates crypto investment app CoinDCX Go, CoinDCX Pro, a trading platform named, and DCX Learn, a crypto-specific investor education platform.

Source Credit: https://inc42.com/buzz/crypto-unicorn-coindcx-launches-investment-arm-to-deploy-inr-100-cr-in-web3-ecosystem/