CoinDCX Ventures has pledged Rs 100 crore (US$13 million) to early stage cryptocurrency, blockchain and Web 3.0 startups over the next 12 months, cofounder Sumit Gupta announced on Tuesday.
See related article: India’s crypto shakedown be damned, CoinDCX raises $135 million
Fast facts
- Crypto exchange CoinDCX has vouched at least US$258,000 in blockchain and Web 3.0 startups through its investment arm, and holds up to 90% of the fund in its trove, CoinDCX Ventures Senior Vice President Rohit Jain said at Tuesday’s virtual press conference.
- “There is a separate pool of capital that we will invest in companies which are strategic to CoinDCX. We will also make acquisitions. Anything that can help our core business, anything that can add value to our customers,” Jain said.
- Trading activities in Indian exchanges dropped by as much as 70% since the nation’s 30% capital gains tax kicked in on April 1, but CoinDCX’s trading volume on Tuesday matched pre-tax figures, according to CoinGecko data.
- CoinDCX, India’s first crypto unicorn, is backed by investors such as Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred and Coinbase.
- “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 said.
See related article: CoinDCX double downs as the going gets tough in India