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CoinDCX, a cryptocurrency exchange, has raised ₹100 crore ($13.9 million) in series B round, led by Block.one, and included investors such as DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack.
This makes for the third round of funding for CoinDCX in 2020. In March 2020, CoinDCX raised Series A funding worth $3 million from companies such as Polychain Capital, Bain Ventures and Bitmex. In May 2020, the exchange raised $2.5 million in a strategic round from various companies, including Coinbase Ventures, the investment arm of San Francisco-based cryptocurrency trading platform, Coinbase. The three rounds of funding has resulted in aggregate fund-raising of $19.4 milliontill date.
Crypto exchanges bet big on India
Sumit Gupta, CEO and co-founder of CoinDCX, said in a statement: “This has been the most exciting year for CoinDCX. 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. The funds raised in the past as well as the current round will help us develop our newly launched Bitcoin & Crypto Investment App CoinDCX Go and make it the easiest and the safest way to onboard the everyday Indian into cryptocurrencies. The new app is a flagship product from our #TryCrypto movement, which aims to onboard 50 million Indians into the cryptocurrency market.”
Brendan Blumer, the CEO of Block.one, developer of leading blockchain protocol EOSIO, said: “Leading up to 2020, interest in digital assets was growing consistently as more investors explored these new liquidity options. With the global events this year, we’re seeing this trend accelerate exponentially, as both institutional and individual investors embrace these new asset classes to diversify their portfolios. 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. We’re excited to be partnering with some of the smartest investors in blockchain and crypto to support mass-scale digital asset adoption.”
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