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CoinDCX launches venture arm to back crypto startups; earmarks Rs 100 cr

Nebilo Technologies Pvt. Ltd, which operates cryptocurrency exchange CoinDCX, announced the creation of CoinDCX Ventures on Tuesday, with an allocation of Rs 100 crore to be invested over the next 12 months. Rohit Jain, a former Myntra and McKinsey executive, has been named senior vice president and head of initiatives and investments at CoinDCX. “The venture has already supported seven firms, and about 90% of funds have yet to be spent,” Jain added. The news comes just after the crypto exchange raised $135 million in a Series D investment sponsored by Pantera and Steadview.

“CoinDCX Ventures will be critical in advancing our ambition of establishing India’s Web3 ecosystem and advancing the march of new technologies in the country and beyond.” “I’m excited to head CoinDCX Ventures and apply my breadth of expertise across many sectors and verticals to enhance CoinDCX’s objective of cultivating a better crypto ecosystem,” Jain said. Web3, also known as Web 3.0, is a new version of the World Wide Web that is built on blockchain technology and integrates principles such as decentralization and token-based economy.

“This is a huge step forward for CoinDCX as we continue to chart the course and develop the Web3 sector in general, putting India on the map as a worldwide powerhouse for crypto and blockchain innovation.” We understand the value and importance of such support, having worked closely with venture capitalists in the space, which inspired our decision to contribute to the still-nascent industry as it cements its position in the future of finance and technology,” said Sumit Gupta, CEO and co-founder of CoinDCX.

In an interview last month, Gupta highlighted why Indian investors are still optimistic about the crypto sector despite regulatory uncertainties.

“Investors aren’t seeing regulatory problems for the first time. We may see regulatory uncertainties in the medium run, but investors do not look beyond the next 1–2 years. They take a broader perspective, and investors are optimistic about the Indian market, particularly given the rate of adoption in terms of new individuals joining this area,” Gupta said in the interview.

CoinDCX follows a number of crypto exchanges in forming a specialised arm to assist early crypto-focused firms, while Coinbase Ventures has previously invested more than $150 million in India, including CoinDCX and CoinSwitch Kuber. Binance Labs, Binance’s venture arm, has also made aggressive investments in India.

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Sharanya Sinha

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