NEW DELHI: Cryptocurrency alternate platform CoinDCX has raised ₹100 crore ($13.9 million) in a Collection B funding spherical led by Block.one and included DG, Leap Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack.
CoinDCX stated it plans to make use of the newly raised funds to drive crypto adoption in India, with cutting-edge modern merchandise together with the newly launched Bitcoin/Crypto Funding App, CoinDCX Go. The funds will even assist to draw and retain contemporary expertise and maintain the hockey stick progress in 2021.
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“This has been essentially the most thrilling yr for CoinDCX. Whereas the pandemic pressured everybody indoors, CoinDCX scaled up exponentially and continues to take action. Our workforce tripled in quantity from 30 in March to 90 in December, and we’re persevering with to rent aggressively,” stated Sumit Gupta, CEO and co-founder of CoinDCX in a press release.
Gupta stated 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 approach 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 Collection A funding value $3 million from firms similar to Polychain Capital, Bain Ventures and Bitmex. In Could 2020, the alternate raised $2.5 million in a strategic spherical from the above firms in addition to Coinbase Ventures, the funding arm of San Francisco-based cryptocurrency buying and selling platform Coinbase. In whole, CoinDCX has raised near $19.4 million, until date.
The worldwide pandemic noticed an curiosity in digital property rising constantly as extra buyers explored these new liquidity choices. Analysts are seeing this development speed up exponentially, as each institutional and particular person buyers embrace these new asset courses to diversify their portfolios. India is seen as an rising marketplace for cryptocurrencies and retail buyers aged between 25 and 40 are spending thousands and thousands day by day on cryptocurrency buying and selling in India daily,
Saurabh Sharma, Basic Accomplice at Leap Capital stated, “India is an rising marketplace for cryptocurrencies and CoinDCX is spearheading the cryptocurrency adoption in India. As one in every of CoinDCX’s buyers, we’re proud and heartened to see the alternate evolve in such a brief span of time.”
Whereas CoinDCX has been seeing regular progress, it hit a peak prior to now six months. The alternate claims it noticed 3X progress within the total quantity traded and noticed 4X quarter-over-quarter progress in day by day energetic customers, within the April-June quarter. Total, in Q2 and Q3, CoinDCX noticed 12% improve in signups and 20% improve in quantity. CoinDCX noticed 21% month on month (m-o-m) progress in commerce quantity and 25% m-o-m progress 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 earth’s second most populous nation is much more very important. We’re excited to be partnering with a number of the smartest buyers in blockchain and crypto to help mass-scale digital asset adoption,” stated Brendan Blumer, the CEO of Block.one, developer of main blockchain protocol EOSIO.