CoinDCX, an Indian Cryptocurrency exchange announced on Tuesday, 22nd December 2020, the completion of raising Rs 100 crore (About $13.9 million) in its series B round led by blockchain software firm Block.one. Other participants of the round include DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack.
This is the third round of funding for CoinDCX in 2020. In March, the company raised a Series A funding worth $3 million from companies like Polychain Capital, Bain Ventures and Bitmex. Also, in May, the exchange raised $2.5 million in a strategic round from the above mentioned companies as well as Coinbase Ventures, the investment arm of San Francisco-based cryptocurrency trading platform Coinbase. Compiling all these three rounds CoinDCX has raised close to $19.4 million, to date.
The firm explained that it plans to use the funds to improve crypto adoption in India. They also released a public beta for CoinDCX Go, a crypto investment app, on December 10, this year. The app is a part of CoinDCX’s “Try Crypto” initiative, striving to connect up to 50 million Indians to the crypto space. The exchange added that it had an impressive year, with trading volumes climbing 20 percent and customers rising by 12 percent over the last two quarters alone. It also saw 21 per cent month-on-month (MoM) growth in trade volume and 25 per cent MoM growth in the number of users, in October.
CoinDCX released a survey last month, reporting that many Indians still didn’t know or understand how to invest in crypto. Per reports, the exchange found that 56 percent of Indians under 40 believe there is still no easy way to enter the market. India is a country with 1.3 billion people, and it can be the world’s largest crypto market. The Exchange believes it’s in the best position to help alleviate this problem.
What CoinDCX has to say
“This has been the most exciting year for CoinDCX. While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so. Our team tripled in number from 30 in March to 90 in December, and we are continuing to hire aggressively,” said Sumit Gupta, CEO and co-founder of CoinDCX.
“The funds raised in the past, as well as the current round, will help us develop our newly launched Bitcoin & Crypto Investment App CoinDCX Go and make it the easiest and the safest way to onboard the everyday Indian into cryptocurrencies,” he also added.
About CoinDCX
CoinDCX is a company that concentrates in crypto-enabled financial services. The company concentrates on developing borderless financial services that ensure a simpler and uninterrupted flow of capital. It was co-founded in 2017 by Neeraj Khandelwal and Sumit Gupta with headquarters in Mumbai, India.
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