NEW DELHI: Cryptocurrency alternate platform CoinDCX has raised ₹100 crore ($13.9 million) in a Sequence B funding spherical led by Block.one and included DG, Leap Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack.
CoinDCX mentioned it plans to make use of the newly raised funds to drive crypto adoption in India, with cutting-edge progressive merchandise together with the newly launched Bitcoin/Crypto Funding App, CoinDCX Go. The funds may even assist to draw and retain recent expertise and maintain the hockey stick development in 2021.
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“This has been probably the most thrilling yr for CoinDCX. Whereas the pandemic compelled everybody indoors, CoinDCX scaled up exponentially and continues to take action. Our staff tripled in quantity from 30 in March to 90 in December, and we’re persevering with to rent aggressively,” mentioned Sumit Gupta, CEO and co-founder of CoinDCX in an announcement.
Gupta mentioned that the funds raised prior to now in addition to the present spherical will assist the alternate develop its newly launched Bitcoin & Crypto Funding App CoinDCX Go and make it the best and the most secure technique to onboard the on a regular basis Indian into cryptocurrencies. “The brand new app is a flagship product from our #TryCrypto motion, which goals to onboard 50 million Indians into the cryptocurrency market,” he added.
That is the third spherical of funding for CoinDCX this yr. In March 2020, CoinDCX raised Sequence A funding price $3 million from corporations reminiscent of Polychain Capital, Bain Ventures and Bitmex. In Might 2020, the alternate raised $2.5 million in a strategic spherical from the above corporations in addition to Coinbase Ventures, the funding arm of San Francisco-based cryptocurrency buying and selling platform Coinbase. In complete, CoinDCX has raised near $19.4 million, until date.
The worldwide pandemic noticed an curiosity in digital property rising constantly as extra traders explored these new liquidity choices. Analysts are seeing this development speed up exponentially, as each institutional and particular person traders embrace these new asset lessons to diversify their portfolios. India is seen as an rising marketplace for cryptocurrencies and retail traders aged between 25 and 40 are spending tens of millions each day on cryptocurrency buying and selling in India daily,
Saurabh Sharma, Normal Companion at Leap Capital mentioned, “India is an rising marketplace for cryptocurrencies and CoinDCX is spearheading the cryptocurrency adoption in India. As certainly one of CoinDCX’s traders, we’re proud and heartened to see the alternate evolve in such a brief span of time.”
Whereas CoinDCX has been seeing regular development, it hit a peak prior to now six months. The alternate claims it noticed 3X development within the total quantity traded and noticed 4X quarter-over-quarter development in each day energetic customers, within the April-June quarter. General, in Q2 and Q3, CoinDCX noticed 12% enhance in signups and 20% enhance in quantity. CoinDCX noticed 21% month on month (m-o-m) development in commerce quantity and 25% m-o-m development within the variety of customers, in October.
“With the elevated curiosity in digital currencies, CoinDCX’s function in making cryptocurrencies accessible to everybody on the planet’s second most populous nation is much more important. We’re excited to be partnering with among the smartest traders in blockchain and crypto to help mass-scale digital asset adoption,” mentioned Brendan Blumer, the CEO of Block.one, developer of main blockchain protocol EOSIO.