CoinDCX launches venture arm to fund crypto, blockchain startups

India's largest crypto company CoinDCX on Tuesday launched a new entity CoinDCX Ventures to fund early-stage crypto and blockchain start-ups.

CoinDCX Ventures will serve to grow and strengthen the Web3 ecosystem in India and globally, CoinDCX said in a statement.

The company said the new initiative is aimed at bolstering India's digital asset ecosystem and accelerating the transformation of India's digital economy.

"CoinDCX Ventures marks yet another great milestone in the company's already phenomenal 2022. This is an immense leap forward for CoinDCX as we continue to chart the way forward and shape the Web3 industry at large, placing India on the map as a global hub for crypto and blockchain innovation," said Sumit Gupta, CEO and Co-Founder, CoinDCX.

"Having worked closely with venture capitalists in the space, we understand the value and importance of such support, inspiring our move to contribute to the still nascent industry as it cements its position in the future of finance and technology," Gupta added.

With its deep understanding of the market, CoinDCX Ventures is uniquely positioned to offer portfolio companies with the insights, resources, and guidance to grow alongside India's rapidly growing digital asset industry.

Working closely with its portfolio companies, CoinDCX Ventures will help them with access to exchange infrastructure, access to leading crypto experts, help with growth strategies and distribution, helping build community and connects with key influencers, act as a connector between companies and the large and growing web3 dev community, make available best practices in HR and also, it's legal and compliance engines as and when required, CoinDCX said.

( With inputs from ANI )