CoinDCX launches investment arm, earmarks Rs 100 cr to fund crypto, blockchain startups

But the mandate of CoinDCX is way higher, CoinDCX Senior Vice President and Head of Ventures and Investments Rohit Jain said.

Crypto exchange CoinDCX on Tuesday announced the launch of its arm -- CoinDCX Ventures -- which will invest in early-stage crypto and blockchain startups globally.

The exchange has earmarked Rs 100 crore for CoinDCX Venture to fund such early-stage startups and nurture Web3 ecosystem (blockchain-based internet technology).

''CoinDCX Ventures marks yet another great milestone in the company's already phenomenal 2022, and we are not even halfway through the year. 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,'' CoinDCX CEO and co-founder Sumit Gupta said.

CoinDCX Ventures has already made several investments in the space, which included a wallet solution, cross chain bridge protocol, Web3 notification protocol, Web3 social engine as well as distributed storage and computing protocol, to name a few.

''We will have nearly 30-40 per cent of our portfolio from India. Also, our ability to add values to companies from India immediately end up being way higher. But the mandate of CoinDCX is way higher,'' CoinDCX Senior Vice President and Head of Ventures and Investments Rohit Jain said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)