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Wednesday, November 29, 2023

CoinDCX’s new subsidiary to invest Rs 100 cr in Web3 ecosystem

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Crypto exchange company CoinDCX has launched a new investment subsidiary. The new arm, called CoinDCX Ventures, plans to deploy Rs. 100 crore to fast-track Web3 ecosystems..

CoinDCX, the crypto exchange unicorn, launched CoinDCX Ventures on Tuesday to fund early-stage crypto and blockchain entrepreneurs in India. It intends to invest INR 100 crore to accelerate Web3 ecosystems.

CoinDCX Ventures has already invested in companies like as Spheron, Taki, EPNS, Liminal, meta ENGINE, Router Protocol, and Syndr.

The crypto exchange stated in a statement that its investments in the segment include a wallet solution, cross chain bridge protocol, Web3 notification protocol, Web3 social engine, and distributed storage and computing protocol.

To oversee CoinDCX Ventures, the crypto startup has engaged Rohit Jain as senior VP and head of ventures. Prior to this, he worked for companies such as Myntra and McKinsey.

CoinDCX is also interested in acquiring companies that will bring value to its main business.

Jain said, “For acquisitions, we have a distinct source of funds.”

CoinDCX CEO and co-founder Sumit Gupta said, “Having worked directly with venture capitalists in the field, we understand the value and relevance of such assistance.”

CoinDCX raised more than $135 million (INR 1,000 crore) in a Series D fundraising round last month.

With this round of funding, its valuation increased to $2.15 billion, becoming it the country’s most valuable crypto business.

CoinDCX stated at the time that it will continue to focus on education, innovation, and compliance with incoming funding.

The unicorn also stated that it intends to treble its talent pool to around 1,000 people by the end of 2022 in order to cultivate local talent through various outreach programs, research efforts, and strategic investments.

CoinDCX, founded in 2018 by Gupta and Neeraj Khandelwal, claims to have over 12.5 million users. It runs CoinDCX Go, a cryptocurrency investing app, CoinDCX Pro, a professional trading platform, and DCX Learn, a crypto-centric investor education platform.

In August of last year, the crypto exchange became India’s first crypto unicorn, collecting $90 million in a Series C fundraising round headed by Facebook cofounder Eduardo Saverin’s B Capital Group, as well as Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital.

It is in competition with CoinSwitch, Kuber, Signzy, and WazirX, among others.

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