Delta Exchange Gets CoinFund’s Backing to Expand into India

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Delta Exchange, a cryptocurrency derivatives exchange, has announced a fresh funding round that will fund its expansion to India. The exchange made the announcement that it had gotten backing from blockchain venture capitalist firm CoinFund. The investment marks the first in a series of CoinFund’s moves geared towards capitalizing on India’s fledgling market.

A Perfect Market to Launch

Alex Felix, the managing partner at CoinFund, also spoke with industry news source Cointelegraph on the company’s decision. He explained that the firm had seen a significant opportunity to move into India, thanks in no small part to the recent lifting of the Reserve Bank’s crypto ban.

He added that thanks to increasing local interest and Bitcoin’s growth, India has become a significant market for the crypto industry. CoinFund is hoping to capitalize on that, and the Delta Exchange investment is a part of the firm’s plans.

“It (India) has always been a country with a rich history of talent contribution to blockchain despite there not being as much activity domestically. Now it is time for India itself to take off.”

Pankaj Balani, Delta Exchange’s chief executive, shared the same opinion. He explained that the Indian crypto market has so far been left relatively untapped.

He explained that the country also suffers from a lack of companies offering reliable fiat-to-crypto bridges on the spot markets side. This is due in no small part to the reluctance of commercial banks in the country to work with crypto firms. However, he explained that a change is on the horizon, and Delta is working to usher in that change.

The Coast is Clear for Indian Crypto Businesses

The Indian market is getting clearer for cryptocurrency companies, as banking services now appear to be more accessible to everyone. The Supreme Court did overturn a two-year ban placed on banking services to crypto firms earlier this year. However, reports surfaced that several cryptocurrency firms were still finding it difficult to secure bank accounts.

However, the Reserve Bank finally clarified that it doesn’t have any restrictions in place, and banks can serve crypto firms as they please. Now that this problem appears to be in the past, the country’s crypto industry is free to take off and begin operating optimally.

Investment has also been pouring into the country, with both local and foreign companies setting up and getting ready to capitalize on the affinity for cryptocurrencies. Earlier today, CoinDCX, India’s largest cryptocurrency exchange, announced that it had secured $2.5 million from investors to encourage mass crypto adoption across the country.

The series round was led by Polychain Capital and Coinbase Ventures, the investment arm of crypto exchange Coinbase. It followed. It followed the exchange’s Series A funding round in March, where it successfully raised $3 million from Bain Capital, Polychain, ad HDR Group, the operator of cryptocurrency exchange BitMEX.

Despite the lockdown and downturn of economic activity, India’s crypto space has continued to grow. According to CoinCDX, it has gotten ten times the number of users signing up in the first week after the RBI ban got lifted. Growth in Q1 2020 also stood at 47 percent.

Read more: 

  • Delta Exchange Launched New Crypto Interest Rate Swaps

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