Hong Kong headquartered payments platform Crypto.com will list its CRO token on cryptocurrency exchange and liquidity aggregator CoinDCX.
It will be traded in two pairs, CRO/BTC and CRO/INR, which means that traders can buy or sell the CRO token in exchange for bitcoin (BTC) or Indian rupee (INR), according to a statement.
“By using CRO as an intermediary currency on the Crypto.com chain, participants -- customers, merchants, crypto customer acquirers and merchant acquirers -- can convert their cryptocurrencies to their fiat counterparts at a much-reduced cost,” Neeraj Khandelwal, co-founder, CoinDCX, said.
Mumbai headquartered CoinDCX, which is run by Neblio Technologies, was set up in 2018 by Khandelwal with fellow Indian Institute of Technology-Bombay alumnus Sumit Gupta. The platform is integrated with global exchanges such as Binance, Huobi and OKEx.
“At a time when we are witnessing unprecedented growth in the use of cryptocurrencies in India, there is a need to provide users with an extensive range of crypto-based financial services that can ensure the faster, simpler, and uninterrupted flow of capital... CRO is entering India through our platform, which will help nearly 1.3 billion people in crypto, trade CRO through Indian rupee,” co-founder Gupta, also the CEO of CoinDCX, said.
Last month, the company raised $3 million in a Series A funding round, led by San Francisco headquartered crypto venture capital firm Polychain Capital. HDR Group, the operator of cryptocurrency trading and derivatives platform BitMEX, and returning investor Bain Capital Ventures, participated in the round along with other investors.
In March 2019, the company raised an undisclosed amount in seed funding from a group of angel investors including Utsav Somani of AngelList India; Sanjay Mehta, founder of 100X.VC; and Sung Ho Choi, founder of Fubo TV.
Payments and cryptocurrency platform Crypto.com was founded by Bobby Bao, Gary Or, Kris Marszalek and Rafael Melo in 2016. The company claims to have over a million users on its platform.
Last month, the Supreme Court quashed the Reserve Bank of India’s ban on virtual currencies such as bitcoin. In April 2018, the central bank had barred banks, non-bank lenders, digital wallets and any other entities it regulates from dealing with individuals or companies engaged in cryptocurrencies.