CoinDCX, an Estonia-domiciled cryptocurrency exchange and liquidity aggregator with R&D in Mumbai, India, announced it has raised a seed round of financing led by Bain Capital Ventures.
Notable angels, including Sanjay Mehtaand Utsav Somani, also participated.
Funds will be used to scale technology infrastructure and introduce products that bring transparency and inclusivity to CoinDCX’s users.
Sumit Gupta, co-founder of CoinDCX:
“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.”
Operating as a cryptocurrency aggregator and exchange, CoinDCX is seeking to build deep order books that target a variety of trading use-cases. Since launch, CoinDCX has gathered a user base of 50,000, and over a million dollars in average daily trading volume.
Salil Deshpande, Managing Director at Bain Capital Ventures:
“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.”