CoinDCX, the largest cryptocurrency exchange in India, continues to expand aggressively with a massive new fundraising round.
According to an announcement dated December 21st CoinDCX raised $ 13.9 million in its Series B funding round from industry investors such as Coinbase and Polychain. Led by the leading software company Block.one, The Singaporean investment company was also part of the new collection Temasek, Jump Capital, Uncorrelated Ventures, Mehta Ventures and Alex Pack.
This marked CoinDCX’s third round of funding in 2020, which raised the company a total of $ 19.4 million. In March 2020, CoinDCX raised $ 3 million in a Series A funding round from companies such as Polychain and BitMEX. The exchange then secured $ 2.5 million from investors as a Coinbase and Bain Capital with another Series A financing round in May.
CoinDCX plans to use the newly raised funds to further advance the introduction of cryptocurrencies in India with products such as the so-called Crypto Asset Investment App CoinDCX Go. The app was released in a public beta version on December 10th and is part of the “Try Crypto” program (something like “Test the Cryptocurrencies”) from CoinDCX. The goal is to include 50 million Indians in its cryptocurrency services.
CoinDCX Services saw trading volume grow 20% and new customers increased 12% over the past two quarters. The exchange also saw monthly trading volume grow 21% in October 2020.
Sumit Gupta, CoinDCX’s CEO and co-founder said the company tripled its workforce from 30 employees in March 2020 to 90 employees in December. “This has been the most exciting year for CoinDCX. While the pandemic forced everyone to stay home, CoinDCX grew exponentially and continues to do so.” Said Gupta.
The continued growth of CoinDCX in 2020 shows once again that the adoption of cryptocurrencies in India after the The country’s Supreme Court lifted the Reserve Bank of India’s ban from banks that provide services to cryptocurrency companies. According to a survey by CoinDCX, most Indian investors don’t see an “easy way” to get involved in crypto assets.