Posted by Mumbai: CoinDCX, India’s largest cryptocurrency exchange raised Rs100 crore ($13.9 million) in a Series B funding round.
Block.one led this Series B funding round with DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack.
For CoinDCX, its a third funding round in 2020. Earlier in March, it raised Series A funding worth $3 million from Polychain Capital, Bain Ventures and Bitmex.
Later in May, the cryptocurrency exchange raised $2.5 million in a strategic funding round from same investors joined by Coinbase Ventures – an investment arm of San Francisco-based cryptocurrency trading platform Coinbase.
Combining all three funding rounds in 2020, the cryptocurrency exchange has raised close to $19.4 million, till date.
“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 – CoinDCX.
“The funds raised in the past and the current round will help us develop our newly launched bitcoin & crypto investment app CoinDCX Go,” added Gupta.
Gupta said the app will make it the easiest and the safest way for everyday Indian onboard into cryptocurrencies. Banking on this new app CoinDCX Go, Gupta is aiming to onboard 50 million Indians into the cryptocurrency market.
“With the increased interest in digital currencies, CoinDCX’s role in making cryptocurrencies accessible to everyone in the world’s second most populous country is even more vital,” said Brendan Blumer, CEO- Block.one and developer of blockchain protocol EOSIO.
“With a seasoned team that is growing, CoinDCX is poised to strengthen its position as the largest crypto company in India,” said Olaf Carlson-Wee, Founder – Polychain Capital, a returning investor.
The exchange witnesed 3X growth in the overall volume traded and 4X quarter-over-quarter growth in daily active users, in the Apr-Jun quarter. Overall in Q2 and Q3, CoinDCX saw 12% increase in signups and 20% increase in volume.
CoinDCX reported a 21% Month on Month (MoM) growth in trade volume and 25% MoM growth in the user base in October.
“India is an emerging market for cryptocurrencies and CoinDCX is spearheading the cryptocurrency adoption in India,” said Saurabh Sharma, General Partner – Jump Capital.