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CoinDCX, a Mumbai-headquartered cryptocurrency exchange service provider, has reportedly announced the completion of its latest seed funding round that was led by US-based venture capital firm, Bain Capital Ventures.
Reports cite, apart from Bain Capital, other prominent angel investors such as Fubo TV Founder Sung Ho Choi and Sanjay Mehta from Mehta Ventures, blockchain investors Rafael Ugolini & Karn Nagpal, leading Indian law-firm partner Jatin Aneja and AngelList India partner Utsav Somani also took part in the funding round.
According to reports, the proceeds from the seed funding round would be going towards scaling the company’s technical infrastructure and roll out new product offerings, which would be bringing inclusivity & transparency to the company’s global user-base.
The Co-Founder of CoinDCX, Sumit Gupta stated that one can margin-trade across 200+ different markets with leverage, purchase crypto using fiat-currencies &, soon, also trade in crypto derivatives – all inside highly-liquid markets. Gupta further added that the company aims to further empower investors by facilitating a single access point to a complete crypto-ecosystems.
The Managing Director of Bain Capital Ventures, Salil Deshpande stated that the company has used its prolific seed program to aggressively invest into decentralized finance (DeFi) & crypto during crypto-winter, which also includes derivatives markets, decentralized money markets, blockchain interoperability solutions, prime brokers, crypto exchanges, liquidity aggregators and miners.
CoinDCX now aims to further extend its reach into traditional & digitized finance convergence by deploying a platform for derivatives trading. Moreover, with new crypto-regulations coming up, the company is also preparing for all scenarios and further consolidate its backend technology.
According to reports, the total amount raised by the company during the seed funding round has not been unveiled by the company yet.
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