Web3 Startups Will Receive $13 Million From CoinDCX’s Investment Arm

CoinDCX Ventures has committed INR 100 crore (US$13 million) over the next 12 months to early-stage cryptocurrency, blockchain, and Web 3.0 firms, according to cofounder Sumit Gupta.

Exchange of cryptocurrencies CDCX Ventures Senior Vice President Rohit Jain claimed at Tuesday’s virtual press conference that the company has invested at least US$258,000 in blockchain and Web 3.0 firms and holds up to 90% of the fund in its vault.

“We will invest a separate pool of funds in companies that are strategic to CoinDCX.” We will also make purchases. “Anything that will assist our core business or add value to our clients,” Jain said.

Trading volumes on Indian exchanges have decreased by up to 70% since the country’s 30% capital gains tax took effect on April 1

CoinDCX’s trading volume on Tuesday matched pre-tax levels

Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred, and Coinbase are among the investors who have supported CoinDCX, India’s first crypto unicorn.

“Having worked directly with venture capitalists in the field, we recognise the value and significance of such backing,” Gupta added.

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