CoinDCX Ventures To Deploy 500 Million Rupees In 2023 To Invest In DeFi

Key Points:

• The investment division of the Indian cryptocurrency exchange CoinDCX, CoinDCX Ventures, intends to invest 500 million rupees in scalable platforms, development tools, and DeFi by 2023.
• The managing director of CoinDCX Ventures, Rohit Jain, expressed his extreme optimism for the DeFi industry and his conviction that there is still a ton of room for innovation.
• CoinDCX Ventures, the investment arm of Indian cryptography exchange CoinDCX, was introduced earlier in May. At the time, it announced plans to invest 1 billion rupees in blockchain and cryptocurrency start-ups in their early stages over the following 12 months.

CoinDCX Ventures, the investment arm of the Indian cryptocurrency exchange CoinDCX, plans to deploy 500 million rupees (about $6.047 million) in 2023 to invest in scalable platforms, development tools, and DeFi.

Rohit Jain, managing director of CoinDCX Ventures, said that he is very optimistic about the DeFi field and believes that DeFi still has a lot of room for innovation.

In an interaction with businessilne, Jain stated:

“We are looking at start-ups that can solve the problem statement of scalability as the adoption of Web 3 by masses would increase. The fund is also looking at the developer tools, which would enable Web3 developers.”

Earlier in May, Indian encryption exchange CoinDCX launched its investment arm CoinDCX Ventures, which said at the time that it would invest 1 billion rupees (approximately $13 million) in early-stage cryptocurrency and blockchain start-ups within the next 12 months.

So far, it has invested more than 25% of the fund in 13 startups across sectors and regions, including GameFi and centralized exchanges.

The fund is also looking at start-ups that can offer a user experience that is similar to the simpler Web2 platform on a Web3 platform.

“We are excited about usability as a use case as a user of a Web 3 platform still has to be aware of the infrastructure and can’t get a one-click experience that majority of Web 2 platforms have,” Jain said.

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