Ever since the bank ban in India was lifted by the Supreme Court, investors have been looking for opportunities in India in the crypto space and many have invested millions of dollars so far. The gate was opened when binance acquired WazirX and now another Indian crypto exchange, CoinDCX has raised $2.5 million in a recent event, and guess what, the investor is Polychain Capital and Coinbase Ventures, the company behind the famous crypto exchange coinbase.
CoinDCX plans to increase the number of crypto investors and traders to 50 million in India which seems possible given the fact that there has been more interest in crypto from Indian people ever since the bank ban was lifted. India is a vast country with a population of over 1.3 billion people and even if only 10% of the population gets involved, we are talking about 130 million people.
The funds will also be used for blockchain and cryptocurrency learning programs which will cover the people not familiar with blockchain and cryptocurrency. There are only a few percentages of people involved in crypto space in India and the potential seems to be huge.
“The recent months have shown that the cryptocurrency industry in India is finally getting the recognition it deserves from global corporations and investors,” said Sumit Gupta, CEO and co-founder of CoinDCX. “This new strategic investment into CoinDCX is a shot of confidence in our roadmap toward bringing the crypto asset class to a largely untapped Indian market.”
Will CoinDCX Launch Its Own Token!
After the success of WazirX token which on launched on Binance Launchpad earlier this year, it seems a wise thing to do. It has become a norm now and almost every exchange is launching their own tokens and I guess CoinDCX won't be left behind in that area. Just imagine if that token gets listed on Coinbase, it will be huge for investors but that looks unlikely given the fact that Coinbase has been very selective when it comes to listing altcoins.