Coinbase and Polychain have funded the development of the Indian exchange CoinDCX

One of the largest cryptocurrency exchanges in India, CoinDCX, received funding of $ 2.5 million through an investment round initiated by the hedge fund Polychain Capital in conjunction with the venture division of the Coinbase crypto exchange.

It is noted that the funds will be used to develop the trading platform and reach the indicator of 50 million users, and, in particular, to conduct activities to attract the community, educational programs and campaigns for consumers. “Such support for CoinDCX demonstrates the confidence of partners in our roadmap for introducing a class of crypto assets into a virtually uncharted Indian market,” said Sumit Gupta, CEO and Co-founder of CoinDCX.

It is worth noting that after the lifting of the ban on servicing crypto operations by the Supreme Court, companies working with digital assets began to return to the country, and the number of active traders increased by 150%.