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CoinDCX secured $3 Million in Series A Funding

CoinDCX secured $3 Million in Series A Funding

CoinDCX

CoinDCX, which is a Cryptocurrency trading platform, has recently secured $3 million in the Series A funding round.

Bain Capital Ventures led the latest funding round. Some other investors who also participated in the round include the HDR Group, BitMex, and Bain Capital, according to CoinDCX tweet.

Executive Opinion

Co-founder of CoinDCX,  Sumit Gupta, said, "No single platform provides investors with a complete set of financial instruments to trade their digital assets. That's why we created 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."

Managing Director at Bain Capital Ventures, Salil Deshpande, said,  "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. 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."

CoinDCX's Crypto Plans

In a boost to virtual cryptocurrency and digital assets' industry in India, Honourable Supreme Court of India has abolished the circular of Reserve bank of India (RBI) banning financial services firms from trading or dealing in virtual currency or cryptocurrency.

CoinDCX leverage newly raised funds to expand its product portfolio and scale the underlying infrastructure.

However, India's cryptocurrency market is not yet regulated. CoinDCX is preparing for these regulations and building secure and scalable crypto products, notes the announcement.

PC: Pablo, Pixabay

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Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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