CoinDCX Backs Decentralised Trading Infra Provider Orderly Network

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CoinDCX Ventures, the investment arm of Indian cryptocurrency exchange CoinDCX, has invested in Orderly Network, a Bahamas-based decentralized trading infrastructure provider. Orderly Network offers centralized finance-level trading infrastructure by leveraging WOO Network for building trading platforms and decentralized exchanges. It has raised a total funding of $20 million to date, with backers including Nomura, Sequoia China, Pantera Capital, Dragonfly, and Jump Crypto. CoinDCX Ventures did not disclose the investment amount. CoinDCX launched its investment arm last year to fund early-stage crypto and blockchain startups, with the aim of deploying INR 100 crore in the Web3 ecosystem. The Indian entity of CoinDCX, Neblio Technologies, reported a net loss of INR 41.34 crore in FY22 as against a net profit of INR 4.36 crore in FY21.

CoinDCX, India’s first crypto unicorn, has reported a net loss of INR 41.34 crore ($5.5 million) for its India entity Neblio Technologies in FY22, compared to a net profit of INR 4.36 crore ($580,000) in FY21. Despite this, operating revenue grew significantly by 12.5 times from INR 47.1 crore ($6.3 million) in the previous year to INR 588.5 crore ($78.3 million). The company has also laid off employees from its sales and marketing teams as part of a restructuring exercise amidst the ongoing crypto winter. CoinDCX Ventures, the investment arm of the cryptocurrency exchange, has recently invested in Bahamas-based Orderly Network, which offers centralised finance-level trading infrastructure through decentralised exchanges.