Mumbai: CoinDCX, an Indian crypto company, announced the launch of CoinDCX Ventures, an investment initiative funding early-stage crypto and blockchain startups, bolstering India’s digital asset ecosystem and accelerating the transformation of India’s digital economy. CoinDCX Ventures will serve to grow and strengthen the Web3 ecosystem in India and globally.
With India having amongst the largest retail crypto base globally and will potentially have the largest number of web3 developers in the future, CoinDCX Ventures has a unique vantage point in its access to both users/customers and the web3 developer community. It will serve as a catalyst for the growth of India’s Web3 ecosystem, enabling the nation to play a key role in the development of Web3 globally.
Commemorating CoinDCX’s milestone, Sumit Gupta, CoinDCX CEO and Co-Founder said, “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.”
CoinDCX has also appointed Rohit Jain as Senior Vice President and Head of Ventures and Investments to lead CoinDCX Ventures. Rohit has been an entrepreneur and investor for most of his career. Most recently he was a partner at a growth stage fund and worked extensively in the digital ecosystem in India as an entrepreneur and operator as well. Previously, Rohit has worked in organisations like Myntra, and McKinsey, in addition to founding startups in the SaaS, media, and B2B ecommerce sectors. Rohit’s wealth of experience and expertise from emerging technologies to traditional industries will serve to strengthen the direction of CoinDCX Ventures.
Commenting on his appointment and the launch of CoinDCX Ventures, Rohit said, “As a leader in India’s crypto ecosystem, CoinDCX Ventures is an essential next step underpinning CoinDCX’s mission to grow India’s Web3 capabilities. CoinDCX Ventures will be crucial in supporting our vision of building India’s Web3 ecosystem and further the march of emerging technologies in the nation and beyond. I’m thrilled to lead CoinDCX Ventures, bringing my wealth of knowledge across various industries and verticals to further CoinDCX’s mandate to cultivate a stronger crypto landscape.”
CoinDCX Ventures has already made several investments in the space including a wallet solution, cross chain bridge protocol, Web3 notification protocol, Web3 social engine, as well as distributed storage and computing protocol, to name a few.
This announcement comes soon after CoinDCX closed its successful Series D funding round and surpassed its milestone of 12.5 million users on its platform.