CoinDCX, the biggest cryptocurrency alternate in India, continues to aggressively develop its enterprise with an enormous new fundraise.
In response to a Dec. 21 announcement, CoinDCX has raised $13.9 million from business traders like Coinbase and Polychain in its Sequence B funding spherical. Led by main blockchain software program agency Block.one, the brand new increase additionally included Singaporean funding agency Temasek, Leap Capital, Uncorrelated Ventures, Mehta Ventures, and Alex Pack.
This was CoinDCX’s third spherical of funding in 2020, bringing the corporate’s complete raised quantities to $19.four million. In March 2020, CoinDCX raised $three million in a Sequence A spherical from corporations like Polychain and BitMEX. The alternate subsequently secured $2.5 million in extra Sequence A funding from traders like Coinbase and Bain Capital in Could.
CoinDCX plans to make use of the newly raised funds to proceed driving crypto adoption in India with merchandise like a crypto funding app referred to as CoinDCX Go. The appliance was launched in public beta on Dec. 10 as a part of CoinDCX’s so-called “Attempt Crypto” program, which goals to onboard 50 million Indians to their crypto providers.
CoinDCX’s recorded 20% development in buying and selling volumes and a 12% enhance in new clients over the previous two quarters. The alternate additionally noticed 21% month on month development in buying and selling quantity in October 2020.
Sumit Gupta, CEO and co-founder of CoinDCX, stated that CoinDCX tripled its workers from 30 workers in March 2020 to 90 workers in December. “This has been essentially the most thrilling 12 months for CoinDCX. Whereas the pandemic pressured everybody indoors, CoinDCX scaled up exponentially and continues to take action,” Gupta stated.
CoinDCX’s stable development in 2020 additional demonstrates that crypto adoption is rising in India after the nation’s Supreme Court docket struck down the Reserve Financial institution of India’s ban on banks offering providers to crypto firms. In response to a survey by CoinDCX, the vast majority of Indian traders don’t see an “simple method” to entry publicity to crypto belongings although.