India’s cryptocurrency exchange CoinDCX has raised Rs 100 crore or $13.9 million in its Series B round led by Block.one. DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack also participated in the financing round.
This is the third round of funding for CoinDCX in 2020. In March 2020, the company had raised $3 million in Series A round from Polychain Capital, Bain Ventures and Bitmex. Two months later, it raised $2.5 million in a strategic round. Compiling all three rounds of funding this year, CoinDCX has raised close to $19.4 million, till date.
With the latest influx of funds in this round, CoinDCX plans to introduce new products and accelerate the process of hiring. According to CoinDCX CEO Sumit Gupta, the company’s team tripled in number from 30 in March to 90 in December.
The proceeds will help the company to develop its newly launched Bitcoin & Crypto Investment App CoinDCX Go. The flagship product aspires to onboard 50 million Indians into the cryptocurrency ecosystem.
CoinDCX also claims to record 3X growth in the overall volume traded and saw 4X quarter-over-quarter growth during April-June in daily active users. According to the company’s website, the platform has 60,000 monthly active users and records more than 15 million daily trading volume.
Established in 2018, CoinDCX is a cryptocurrency exchange and liquidity aggregator having operations across the world. The exchange has instant deposit and withdrawal facilities with a suite of crypto-based financial products and services which include Insta, Spot, Lend, Margin and Stake.
While crypto-based companies have managed to raise capital in 2020, the government of India was reportedly planning to introduce a new law banning trade in cryptocurrencies.
In 2018, RBI had banned crypto transactions in India. Cryptocurrency exchanges responded with a lawsuit in the Supreme Court in September and won respite from the apex court in March 2020. Going forward, the government needs to come with clear regulation and develop infrastructure for virtual currency ecosystem.