Indian crypto exchange CoinDCX is aggressively expanding its operation with a major new fundraise.
CoinDCX has raised $13.9 million from industry investors including Coinbase and Polychain in its Series B funding round, Cointelegraph reports. Led by major blockchain software outfit Block.one, the new raise also included Singaporean investment firm Temasek, Jump Capital, Uncorrelated Ventures, Mehta Ventures, and Alex Pack.
This was CoinDCX’s third round of funding in 2020, bringing the total amount raised to $19.4 million. In March, CoinDCX raised $3 million in a Series A round involving firms such as Polychain and BitMEX. The exchange subsequently secured $2.5 million in additional Series A funding from investors such as Coinbase and Bain Capital in May.
CoinDCX plans to use the newly raised funds to continue driving crypto adoption in India with products including a crypto investment app called CoinDCX Go. The application was launched in public beta on December 10 as part of CoinDCX’s so-called “Try Crypto” program, which aims to onboard 50 million Indians to their crypto services.
CoinDCX’s recorded 20% growth in trading volumes and a 12% increase in new customers over the past two quarters. The exchange also saw 21% month on month growth in trading volume in October 2020, said the Cointelegraph report.
Sumit Gupta, CEO and co-founder of CoinDCX, said that CoinDCX tripled its staff 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 scaled up exponentially and continues to do so,” Gupta said.