One of the preeminent crypto exchanges in India, CoinDCX, has reportedly raised approximately $14 million from significant crypto companies in its newest funding round. This demonstrates the third time the cryptocurrency exchange raises funds (now equaling $19.4 million). With the introduction of new capital, the exchange plans to develop and offer more crypto-related products and services to Indian customers. Additionally, they intend to increase their workforce in the next year.
According to the official report published earlier today, the CoinDCX exchange raised about $13.9 million in Series B funding. A software company, Block.one, which specializes in high-performance blockchain technologies, managed the investment round. The funding round also witnessed the backing of Coinbase Ventures. It further involves other leading companies such as Uncorrelated Ventures, Temasek, Polychain Capital, Jump Capital, and others.
CoinDCX total funding reaches $19.4 Million.
Moreover, this was CoinDCX’s third round of funding in 2020. Thus, amounting to the company’s total raise to $19.4 million. In March 2020, CoinDCX raised $3 million in a Series A round from firms such as Polychain and BitMEX. The exchange consequently obtained $2.5 million in extra Series A funding from investors including Coinbase and Bain Capital in May.
CoinDCX intends to utilize the recently raised funds to drive crypto adoption in India with products such as a crypto investment app named CoinDCX Go. The application was launched in public beta on Dec. 10. It was a part of CoinDCX’s “Try Crypto” program. It intends to onboard 50 million Indians to their crypto services.
CoinDCX filed a 20% increase in trading volumes and a 12% rise in new consumers over the last two quarters. Moreover, the exchange also viewed a 21% month after month increase in trading volume in October 2020. They also intend to enhance the CoinDCX Go and increase the workforce from 90 workers to 180 workers. The exchange will also operate to become the most acquiescent and regulated crypto platform in the country.
“This has been the most exciting year for CoinDCX. While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so.
Sumit Gupta, CEO at CoinDCX
CoinDCX’s significant growth in 2020 further proves that crypto adoption is growing in India after the nation’s Supreme Court lifted the Reserve Bank of India’s prohibition on banks offering services to crypto companies. In accordance with a survey by CoinDCX, the majority of Indian investors do not perceive an “easy way” to obtain exposure to crypto-assets, though.
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