Indian crypto platform CoinDCX has announced the launch of CoinDCX Ventures, a venture investment arm that will fund early-stage crypto and blockchain startups focused on the Web 3 ecosystem in India and globally. Through its new initiative, CoinDCX plans to invest Rs. 100 crore in startups around the world over the next 12 months. The announcement comes on the heels of CoinDCX completing a successful Series D funding round towards the end of April, raising over US$135 million (about Rs.1,000 billion).
CoinDCX’s new venture capital arm has already invested in seven Web 3 startups, a number that CoinDCX CEO and co-founder Sumit Gupta believes should reach more than 40 over a one-year period. Initiatives CoinDCX Ventures has already invested in include a wallet solution in Liminal, a web 3 gaming engine in MetaEngine, a cross-chain bridge protocol in Router, a web 3 notification protocol in EPNS and a Web 3 social engine in Taki as a distributed storage and compute protocol in Spheron.
CoinDCX has also appointed Rohit Jain as Senior Vice President and Head of Ventures and Investments to lead CoinDCX Ventures. Having contributed to organizations such as Myntra and McKinsey, Jain will lead the VC space alongside founding startups in SaaS, media and B2B e-commerce, 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 next step in underpinning CoinDCX’s mission to expand India’s Web 3 capabilities. CoinDCX Ventures will be instrumental in advancing our vision of building India’s Web 3 ecosystem and fueling the advance of emerging technologies in the country and beyond. I am excited to lead CoinDCX Ventures and bring my wealth of knowledge across multiple verticals and verticals to further CoinDCX’s mandate of cultivating a stronger crypto landscape.”
Founded in 2018, CoinDCX is the first Indian unicorn (worth over $1 billion) in the cryptocurrency space. Aside from its recently closed $135 million Series D funding round (approx. B led Capital as its investors.
The company claims to have over 12.5 million users on its platform and competes with other cryptocurrency exchanges like CoinSwitch Kuber, which also became a unicorn last year, and WazirX.
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https://gadgets360.com/cryptocurrency/news/coindcx-ventures-crypto-web-3-investment-arm-india-startup-2963084 CoinDCX Announces New Venture Investment Arm to Focus on Early Stage Web 3 Startups Globally