Coinbase Ventures, Block.one and DG are among the investors backing the exchange
CoinDCX, India’s largest security-backed cryptocurrency exchange, announced this morning the conclusion of their Series B funding round in which they raised 100 Crore INR ($13.9 million). The funding came from new investors Block.one, DG, Jump Capital and Uncorrelated Ventures, as well as returning investors including Coinbase Ventures and Polychain Capital.
The funds will be used to drive wider crypto adoption in India and globally, create more advanced crypto products and hire some of the top talents in the industry. CoinDCX aims to become the safest and easiest place to invest in cryptocurrencies through their #TryCrypto campaign and will soon be launching an app to make buying Bitcoin in India simple and legal with zero fees.
CEO and Co-founder of CoinDCX, Sumit Gupta, commented, “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 crypto to INR 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.”
Over the last three quarters, CoinDCX has seen incredible growth – in the April to June quarter, overall volume traded increased threefold while the quarter-over-quarter growth in daily active users was fourfold. Then volume increased by 20% while sign-ups were up 12% across Q2 and Q3. In October, CoinDCX experienced a 25% month on month growth in the number of users and a 21% month on month growth in trade volume.
Brendan Blumer, CEO of Block.one, added, “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.”
CoinDCX is currently hiring across multiple departments including finance, PR, growth and tech as part of their mission to make India a leader of the crypto revolution in 2021.