Indian crypt currency exchange CoinDCX raised $3 million in the A Series financing round. The firm was invested by the operator BitMEX HDR Group, Polychain Capital and Bain Capital Ventures.
CoinDCX plans to channel the raised funds to increase its presence in the Indian market, as well as to develop new products and services. In addition, it is planned to double the number of employees in six months, which is now 50 people.
"The cryptovoltaic industry is developing at an unbelievable rate. We plan to create a service for receiving fiat currency, to present algorithmic trading services, exchange some cryptov currencies for others, as well as new trading pairs," - said co-founder and CEO of CoinDCX Sumit Gupta.
According to him, after the Supreme Court of India overturned the country's Central Bank directive prohibiting banks from providing services to cryptographic companies, the industry is growing exponentially. While previously CoinDCX platform had about 35,000 registered users, after a recent court decision, the number of users "increased by an order of magnitude".
As for trading volumes, Gupta did not tell about the growth rate, but it is known that before the ban was lifted, the daily trading volume on CoinDCX was between $10 million and $15 million. For comparison, on the competing platform WazirX, the trading volume ranges from $2 million to $3 million.
Earlier Sumit Gupta said that in India traders' interest to crypt currency derivatives is growing.
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