CoinDCX announces new venture investment arm to focus on early-stage Web3 startups globally

Indian crypto platform CoinDCX has announced the launch of CoinDCX Ventures, a venture investment arm that will fund early-stage crypto and blockchain startups with a focus on the Web3 ecosystem in India and globally. Through its new initiative, CoinDCX is planning to invest Rs. 100 crore in startups across the world in the next 12 months. The announcement comes hot on the heels of CoinDCX closing a successful Series D funding round in late April, raising more than $135 million (about Rs 1,000 crore).

CoinDCX’s new venture capital arm has already invested in seven web 3 The startup, a number that CoinDCX CEO and co-founder, Sumit Gupta believes, should reach over 40 in a span of one year. CoinDCX Ventures Initiative already invested Liminal includes a wallet solution, MetaEngine a Web3 gaming engine, Router a cross-chain bridge protocol, EPNS a Web3 notification protocol, Taki a Web3 social engine, as well as a distributed storage and computing protocol. round shape.

CoinDCX has also appointed Rohit Jain as Senior Vice President and Head of Enterprise and Investment to lead CoinDCX Ventures. Having contributed to organizations such as Myntra, and McKinsey, in addition to founding startups in the SaaS, media and B2B e-commerce sectors, Jain will lead the VC branch, working closely with fellow managing partners and CoinDCX Co-founders Sumit Gupta and Neeraj Khandelwal.

Commenting on his appointment and the launch of CoinDCX Ventures, Jain said, “As a leader in India’s crypto ecosystem, CoinDCX Ventures is an essential part of underlining CoinDCX’s mission to develop India’s Web3 capabilities. The next step is. CoinDCX Ventures will be instrumental in supporting our vision. Building on India’s Web3 ecosystem and leading the march of emerging technologies in the country and beyond. I’m thrilled to lead CoinDCX Ventures, a partner in various Our wealth of knowledge across industries and verticals furthers CoinDCX’s mandate to grow a strong crypto landscape.”

Founded in 2018, CoinDCX has the first Indian unicorn (worth over a billion dollars) cryptocurrency place. In addition to the recently closed $135 million (approximately Rs 1044 crore) Series D funding round led by Pantera and Steadview, the company previously raised $100 million (approximately Rs 760 crore) with Coinbase Ventures and Facebook co-founder Eduardo Saverin. collected more than Led by B Capital as its investors.

The company claims that it has over 12.5 million users on its platform and competes with other cryptocurrency exchanges such as coinswitch kuberWhich also turned out to be a unicorn last year, and WazirX.

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