CoinDCX, the largest cryptocurrency exchange in India, continues to aggressively grow its business with a massive new fundraiser.
CoinDCX raised $ 13.9 million in its Series B funding round from industry investors including Coinbase and Polychain, according to a December 21 announcement. Led by large blockchain software company Block.one, the new increase also included Singaporean investment firm Temasek, Jump Capital, Uncorrelated Ventures, Mehta Ventures and Alex Pack.
This marked CoinDCX’s third round of funding in 2020, bringing the company’s total to $ 19.4 million. In March 2020, CoinDCX raised $ 3 million in a Series A round from companies such as Polychain and BitMEX. The exchange then secured additional Series A funding of $ 2.5 million from investors like Coinbase and Bain Capital in May.
CoinDCX plans to use the newly raised funds to further drive crypto adoption in India with products like a crypto investment app called CoinDCX Go. The application was launched on December 10th in public beta as part of the so-called CoinDCX program “Try Crypto”, with which 50 million Indians are to be included in their crypto services.
CoinDCX saw trading volume grow by 20% and new customers by 12% over the past two quarters. The exchange recorded a monthly growth in trading volume of 21% in October 2020.
Sumit Gupta, CEO and co-founder of CoinDCX, said that CoinDCX 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 indoors, CoinDCX grew exponentially and continues to do so, ”Gupta said.
CoinDCX’s solid growth in 2020 further shows that crypto adoption is increasing in India after the country’s Supreme Court lifted the Reserve Bank of India’s ban on banks providing services to crypto companies. However, according to a survey by CoinDCX, the majority of Indian investors do not see an “easy way” to access crypto assets.