Cryptocurrency
Bain Fund, BitMEX Owner Among Funders of India Crypto Bourse
Bloomberg reports, “One of India’s largest cryptocurrency exchanges, CoinDCX, has raised $3 million from backers including Bain Capital Ventures, signaling that global investors are drawn to the space after a favorable Supreme Court decision. “The virtual currency trading platform said it would use the funds to promote adoption of cryptocurrencies as well as boost product development and marketing. […]
Bloomberg reports, “One of India’s largest cryptocurrency exchanges, CoinDCX, has raised $3 million from backers including Bain Capital Ventures, signaling that global investors are drawn to the space after a favorable Supreme Court decision.
“The virtual currency trading platform said it would use the funds to promote adoption of cryptocurrencies as well as boost product development and marketing. Investors in the funding round included veteran crypto investor Polychain Capital and HDR Global Trading, which operates the crypto exchange BitMEX.
“CoinDCX’s Series A funding came just three weeks after a group of cryptocurrency bourses won a major victory in the Supreme Court — one that removed restraints placed by India’s Reserve Bank in April 2018 that had effectively outlawed virtual currencies for nearly two years. CoinDCX said user numbers had jumped about 10-fold since the ban lifted.
“’India is a market with a huge potential for cryptocurrencies,’ said Sumit Gupta, co-founder and chief executive officer of CoinDCX. ‘Crypto as an asset class is poised for takeoff.’ The country has a couple hundred million unbanked citizens and a massive dollar remittance market that make it fertile territory…”