CoinDCX Raises $14 Million to Expand Crypto Services in India
One of India’s leading cryptocurrency exchanges, CoinDCX, has successfully raised $14 million in its latest funding round. This achievement underscores the third instance of fundraising by the company in 2020, bringing its total capital raised to $19.4 million. With this fresh infusion of funds, CoinDCX plans to develop innovative crypto products and services tailored for Indian consumers while doubling its workforce in the coming year.
Major Players Back CoinDCX’s Ambitious Plans
In its Series B funding round, CoinDCX attracted substantial investment from notable crypto and blockchain entities. The funding round, which amounted to approximately $13.9 million, was led by Block.one, a software company specializing in high-performance blockchain solutions. Other contributors included prominent names such as Coinbase Ventures, Uncorrelated Ventures, Temasek, Polychain Capital, Jump Capital, and several others.
This round builds on the momentum from earlier funding efforts in 2020. In March, CoinDCX secured $3 million in a Series A round with participation from Polychain and BitMEX. Subsequently, in May, the exchange raised an additional $2.5 million in extended Series A funding, supported by Coinbase and Bain Capital.
Driving Crypto Adoption Through CoinDCX Go
CoinDCX plans to channel these funds into fostering greater crypto adoption in India. Central to this mission is the CoinDCX Go app, a user-friendly crypto investment platform. Launched in public beta on December 10, 2020, the app is part of the company’s broader “Try Crypto” initiative, which aims to onboard 50 million Indians to the world of cryptocurrencies.
The app simplifies crypto investments, targeting newcomers by offering intuitive features and seamless access to digital assets. This move aligns with CoinDCX’s vision of becoming the most compliant and regulated crypto platform in the country.
Unprecedented Growth in Trading Volumes
CoinDCX has witnessed remarkable growth in 2020, bolstered by favorable developments in India’s regulatory environment. After the Supreme Court lifted the Reserve Bank of India’s ban on banks providing services to crypto companies, CoinDCX saw a surge in trading volumes and new customer registrations.
- 20% increase in trading volumes over the past two quarters
- 12% rise in new customers during the same period
- 21% month-on-month growth in October 2020
This growth reflects a growing appetite for crypto investments among Indian users, despite challenges like lack of awareness and perceived complexities in accessing crypto markets.
Doubling the Workforce and Enhancing Platforms
To support its expansion plans, CoinDCX aims to double its workforce, increasing from 90 employees to 180 by the end of the next fiscal year. This scaling effort will also focus on refining the CoinDCX Go app and introducing additional crypto-related services. The company remains committed to establishing itself as a leader in compliance and regulatory adherence in India.
CEO’s Perspective on 2020 Success
Sumit Gupta, the CEO of CoinDCX, highlighted the company’s exceptional growth trajectory amid the global pandemic.
“This has been the most exciting year for CoinDCX. While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so.”
Gupta’s statement encapsulates the resilience and adaptability of the company during a year that posed unprecedented challenges to businesses worldwide.
Crypto Adoption on the Rise in India
The success of CoinDCX reflects the broader trend of increasing crypto adoption in India. According to a survey conducted by CoinDCX, a significant number of Indian investors still find it challenging to access crypto assets. Initiatives like CoinDCX Go aim to bridge this gap, making crypto more accessible and appealing to the masses.
The lifting of the RBI’s ban by the Supreme Court has been a game-changer, enabling companies like CoinDCX to flourish and innovate. These developments signal a bright future for the crypto industry in India.
Conclusion
The $14 million funding raised by CoinDCX marks a significant milestone for the Indian crypto ecosystem. With plans to introduce innovative products, expand its workforce, and drive crypto adoption, CoinDCX is well-positioned to shape the future of digital finance in India. This growth underscores the increasing acceptance and interest in cryptocurrencies across the country.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on the latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.
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