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Bain Capital Ventures invests in Indian trading platform CoinDCX

After the RBI ban on crypto trading, the Indian crypto market is finally coming alive. The ban which forced banks to stop giving services to crypto companies literally brought the country’s crypto market to a halt. But crypto has proved […]

Abishek Dharshan

Abishek Dharshan

March 26, 2019 8:04 PM

Bain Capital Ventures invests in Indian trading platform CoinDCX

After the RBI ban on crypto trading, the Indian crypto market is finally coming alive. The ban which forced banks to stop giving services to crypto companies literally brought the country’s crypto market to a halt. But crypto has proved itself to be resilient to crises like this in the past. This time too, innovation and adaptability is to bring back the local industry to live. Over the last few months, many exciting developments have taken place including Zebpay opening of decentralized exchange and the Bahrain government trying to woo Indian crypto companies to their country. And just a few days back, Bain Capital Ventures invested an undisclosed sum in CoinDCX. This goes on to show that investors are confident about the future of Indian crypto industry.

Bain Capital Ventures

Bain Capital Ventures is the venture capital division within Bain Capital and has approximately $105 billion of assets under management worldwide. Bain Capital Venture was founded in 1984 and has headquarters in many financial centers including Boston, New York. The company mainly handles Financial services and investment management and has invested in more than a dozen startups. The most prominent of them are early stage investment into LinkedIn and survey money. They recently announced investment into CoinDCX is the first of involving an Indian crypto startup.

CoinDCX

CoinDCX is a startup based out of India whose aim is to “bring Indians closer to the next digital revolution by building the country’s most advanced Digital Asset Exchange” and for this offer a variety of services. The platform can be called an aggregator although the official title is cryptocurrency exchange and provides a variety of service mostly crypto to crypto trading, numbering more than 100 such pairs which are up from 30 a mere six months back. It also offers a very low transaction fee of .1%, the two of the main disadvantages are, first only Indians can use it, and second is that due to RBI ban they cannot do crypto to fiat transfers.

RBI ban

As mentioned before the ban by RBI has impacted the industry very badly, and gave rise to what can be described as a crypto winter in the country. The ban meant that banks could no longer provide services to companies involved in crypto. This effectively meant that crypto to fiat services could no longer take place as exchanges cannot put money into the account of its users. Companies have tried many ways to get around the ban mainly by the use of decentralized exchanges and other methods which avoids banks. This has met with some success but the ban still hampers progress.

According to CoinDCX, the funds will be used by the company to scale its technical infrastructure and introduce new products. The set of new products include decentralized money markets, derivatives markets, blockchain interoperability solutions, crypto exchanges, miners, prime brokers and liquidity aggregators. CoinDCX is looking to be a platform that provides investors with a complete set of financial instruments to trade their digital assets. It seems like the crypto winter in India is finally coming to an end, although a regulatory framework will go a long way in supporting this momentum.
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Abishek Dharshan
Article By

Abishek Dharshan

Abishek is an Entrepreneur, Digital Nomad, Student, and ICO Marketing Manager currently based in Berlin & Champaign. He is actively involved in the Blockchain space and has worked in numerous projects in the Silicon Valley since 2017. His interests revolve around Finance, Consulting, and Blockchain Research.

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