Indian crypto-exchange startup CoinDCX bags $13.9Mn in Series B funding

Indian crypto-exchange startup CoinDCX bags $13.9Mn in Series B funding

Mumbai-based cryptocurrency exchange platform -CoinDCX has reportedly raised USD 13.9 million (INR 100 crore) in a Series B funding round led by Block.one, along with other firms like Jump Capital, DG, Polychain Capital, Mehta Ventures, Coinbase Ventures, and Alex Pack.

Reportedly, this marks as the third round of funding for CoinDCX this year. In March 2020, the company secured Series A funds worth $3 million from prominent organizations like Bitmex, Polychain Capital, and Bain Ventures.

While in May 2020, the crypto exchange platform raised $2.5 million in a strategic round from the aforementioned companies along with Coinbase Ventures, the investment wing of San Francisco-based cryptocurrency trading platform Coinbase. All in all, to date, CoinDCX has raised nearly $19.4 million in funds.

In a statement by the company, the Indian startup aims at using the newly raised funds to boost the adoption of cryptocurrency across India, along with advanced, innovative products such as the newly launched Bitcoin Investment App, CoinCDX Go. These funds will help attract and retain talent and support its growth in 2021.

While the coronavirus outbreak has largely affected economic growth across the globe, cryptocurrency trading has gained considerable recognition over time. In this regard, CoinDCX witnessed an increase in its team size too, increasing it three times, and continues to hire aggressively.

Reportedly, the company has established a target to get 50 million Indian users onboard the cryptocurrency exchange platform app and encourage them to start trading in virtual currencies.

Citing reliable statistics, CoinDCX witnessed a growth of more than three times in terms of the overall volume traded and saw four times quarter-over-quarter growth in the number of daily active users, in the April-June quarter.

Speaking along similar lines, between July and December 2020, the company recorded a 12% increase in signups and a 20% rise in trading volume.

Source Credit: https://www.moneycontrol.com/news/business/cryptocurrency-trading-platform-coindcx-gets-rs-100-crore-in-series-b-funding-6257041.html