CoinDCX, an Estonia-domiciled global liquidity aggregator with R&D in Mumbai, India, raised a seed round of financing led by Bain Capital Ventures. Notable angels, including Sanjay Mehtaand Utsav Somani participated.
CoinDCX is a financial services aggregator and has versatile financial instruments and deep orderbooks that target a variety of trading use-cases. CoinDCX has gathered a user base of 50,000, and over a million dollars in average daily trading volume, both growing fast.
Funds will be used to scale technical infrastructure and introduce products that bring transparency and inclusivity to CoinDCX’s users.
“No single platform provides investors with a complete set of financial instruments to trade their digital assets. That’s why we created CoinDCX,” said Sumit Gupta, co-founder of CoinDCX. “You can trade in 200+ markets with leverage, buy crypto with fiat currencies and, starting soon, even trade in crypto derivatives. CoinDCX aims to empower investors by providing a single point of access to a complete crypto ecosystem.”.
“We have used our prolific seed program to invest aggressively into crypto and decentralized finance (DeFi) during the crypto winter, including decentralized money markets, derivatives markets, blockchain interoperability solutions, crypto exchanges, miners, prime brokers, and liquidity aggregators,” said Salil Deshpande, Managing Director at Bain Capital Ventures. “Ultimately, two parallel worlds will form to support the crypto asset class: a centralized system that mirrors the traditional financial system, but with many friction points removed, creating an on-ramp of fiat into the crypto world; and a decentralized, trust-less replica of the centralized system with protocols for each use-case. CoinDCX’s unique approach of leveraging existing technology and fostering liquidity is a critical ingredient in these worlds.”
Preparing for Crypto Regulations
“We strongly believe in a decentralized and disruptive future for the world economy. In the meantime, we are striving to build secure, professional and scalable crypto products for the masses. With cryptocurrency regulations around the corner and increasingly positive sentiments across the community, it is undoubtedly a great time to be in crypto,” said Neeraj Khandelwal, Co-Founder of CoinDCX.
“CoinDCX’s velocity of launching new features and attracting customer love has me excited as an early supporter. With India’s crypto-regulation coming soon, CoinDCX is well positioned to be at the forefront of the exciting world of digital assets trading,” said Utsav Somani of AngelList.