A recent funding round has just added quite a scrap to an Indian crypto exchange'southward coffers.

Mumbai-based exchange CoinCDX announced on March 24 information technology had received $3 million in new funding. The Series A round was led by Bain Upper-case letter Ventures, Polychain, and HDR Group.

CEO and Co-founder of CoinDCX, Sumit Gupta, said that the funding would provide the means for the exchange to further the mass adoption of crypto in India:

 "As the land's largest exchange, we are in a position to bulldoze national crypto adoption forwards responsibly. This successful investment round will go a long manner in funding our vision of accelerating India's growth into a The states$five trillion economic system. With a slew of exciting projects in the pipeline, the closure of our Serial A is the first step in a new chapter in the CoinDCX story as we continue to drive the mass adoption of crypto assets in Republic of india."

Leading the way for digital assets in Republic of india

The investment comes right on the heels of a Supreme Court decision effectively overturning a ban on cryptocurrency past the Banking concern of India. With fewer restrictions in place for the expansion of crypto across the country, CoinDCX intends to use the funds for developing new products, marketing activities, research and evolution, and homo resources.

Established in 2022, CoinDCX is the largest crypto exchange in India and has partnered with global exchanges including OKEx, Binance, and Huobi. The substitution recently announced a $1.iii one thousand thousand venture to increase awareness and adoption of cryptocurrencies in India.

Bharat coming around to crypto?

India has had a complicated human relationship with crypto. The number of exchanges is growing in response to the Supreme Court decision, with others expanding their features. The Indian exchange Unocoin is planning to launch crypto derivatives on its platform within a few months.

However, many are nevertheless concerned over the future of the industry with the nation having stymied many efforts to expand the crypto manufacture locally. Developing a digital rupee is still on hold.