Indian Crypto Exchange CoinDCX Raises $13.9M in a Series B Led by Block.one & Coinbase
With “unprecedented growth” in the Indian crypto ecosystem in 2020, CoinDCX CEO Sumit Gupta believes the country will lead the crypto revolution in 2021.
One of India's leading cryptocurrency exchanges, CoinDCX, has raised Rs 100 crore ($13.9 million) in a Series B round led by Block.one, the company behind the cryptocurrency EOS. Other backers include Coinbase Ventures, Polychain Capital, Jump Capital, DG, Mehta Ventures, Alex Pack, and Uncorrelated Ventures.
This is the third round of funding for the cryptocurrency exchange in this year alone. Back in March, CoinDCX raised $3 million from Polychain Capital, BitMEX, and Bain Ventures. One month later, in May, the exchange again raised $2.5 million from all these companies and the investment arm of San Francisco-based crypto trading platform Coinbase.
This brings CoinDCX’s total funding to $19.4 million to date. Besides funding, the team at CoinDCX also tripled from 30 in March to 90 this month and continues to “hire aggressively.” Sumit Gupta, co-founder and CEO of CoinDCX said,
“This has been the most exciting year for CoinDCX. While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so.”
With all this funding, the company aims to develop its newly launched Bitcoin & Crypto Investment App CoinDCX Go. Gupta said,
“The new app is a flagship product from our #TryCrypto movement, which aims to onboard 50 million Indians into the cryptocurrency market.”
With the increased interest in digital currencies in 2020, both from retail and institutional investors, it has become even “more vital” to make crypto accessible to “everyone in the world's second-most populous country” for the mass-scale adoption of digital assets, said Brendan Blumer, CEO of Block.one.
Founded in 2018, CoinDCX continues to see “momentous growth,” especially in the past six months.
The exchange saw 3X growth in the overall volume traded and 4X quarter-over-quarter growth in daily active users in the Apr-Jun quarter. CoinDCX also saw 21% Month over Month (MoM) growth in trade volume and 25% MoM growth in October's number of users.
Overall in Q2 and Q3, CoinDCX recorded a 12% increase in signups and a 20% increase in volume.
Saurabh Sharma General Partner at Jump Capital
“India is an emerging market for cryptocurrencies and CoinDCX is spearheading the cryptocurrency adoption in India.”