CoinDCX launches venture investment arm CoinDCX Ventures

Cryptocurrency exchange CoinDCX has announced the launch of its venture investment arm to invest in early-stage crypto and blockchain startups.

As per a statement released by the company, CoinDCX Ventures would invest funds in early-stage crypto and blockchain startups, in a bid to bolster India’s digital asset ecosystem and accelerate the country’s digital economy. 

The crypto exchange also announced that Harvard Business School alum Rohit Jain has been appointed as Senior Vice President and Head of Ventures and Investments to lead CoinDCX Ventures. 

On the occasion of the launch of CoinDCX Ventures, Sumit Gupta, co founder and CEO of CoinDCX told Business Today, “CoinDCX Ventures marks yet another great milestone in the company’s already phenomenal 2022, and we are not even halfway through the year. This is an immense leap forward for CoinDCX as we continue to chart the way forward and shape the Web3 industry at large, placing India on the map as a global hub for crypto and blockchain innovation. Having worked closely with venture capitalists in the space, we understand the value and importance of such support, inspiring our move to contribute to the still nascent industry as it cements its position in the future of finance and technology.”

Gupta announced in a press briefing that the exchange has set aside Rs 100 crores for the CoinDCX Ventures, which they would deploy within the next twelve months.

CoinDCX announced in a release that their venture arm, CoinDCX Ventures, has already made several investments in the Web3 and crypto space, including a wallet solution, a cross chain bridge protocol, a Web3 notification protocol, a Web3 social platform, a Web3 gaming engine, as well as an SDK that provides access to multiple distributed storage and computing protocols, to name a few.

Recently, CoinDCX witnessed an oversubscribed$135 million Series D funding round, and the crypto exchange is now valued at $2.15 billion, making it the most valuable Indian crypto company. Facebook co-founder Eduardo Saverin’s B Capital, Coinbase, Polychain, Cadenza, as well as new interstors such as Pantera, Steadview, Kingsway, and DraperDragon had participated in the latest funding round.

Also Read: Why are crypto markets crashing? What should investors do? Expert explains    – BusinessToday
Also Read: What are Stablecoins, and why are they not falling amid crypto market crash? – BusinessToday