CoinDCX Ventures to Deploy INR 100 Crore (~$13 Million)
According to a new report from local media, CoinDCX Ventures will support small startups in the crypto and blockchain community, helping them grow and provide their services to a larger consumer base. For this, the firm has announced a fund of nearly $13 million or INR 100 crore.
CoinDCX Ventures has confirmed that around 10-15% of the funds have already been invested in several small-scale crypto and Web 3.0 startups in the country. The remaining part of the funds will be deployed over a period of 12 months, bringing the number to around 40 to 50 startups. The company has invested in a wallet solution, an inter-chain bridge protocol, a Web3 notification protocol, a Web3 social engine, as well as a storage and distributed computing protocol.
“This is a huge leap forward for CoinDCX as we continue to chart the way forward and shape the web3 industry as a whole, putting India on the map as a global hub for innovation in crypto and blockchain,” said Sumit Gupta, the exchange’s co-founder, and CEO.
Don’t give up yet
As noted above, Indian authorities plan to impose a 28% GST on crypto investments and bring them under the same umbrella as betting and gambling. Authorities also imposed a 30% tax on crypto earnings. Following such harsh laws, COO of CoinDCX, Mridul Gupta, confirmed that the platform had recorded a trading volume of 40%. However, the company plans to continue expanding in India and provide crypto education as well.