CoinDCX, India's largest cryptocurrency exchange, continues to actively expand its business through large-scale new fundraising activities.
As per the announcement on December 21, CoinDCX has raised $13.9 million from industry investors such as Coinbase and Polychain in its Series B funding round. The newly raised funds led by major blockchain software company Block.one also include Singaporean investment company Temasek, Jump Capital, Uncorrelated Ventures, Mehta Ventures and Alex Pack.
This is CoinDCX's third round of financing in 2020, bringing the total amounts of funds raised by the firm to $19.4 million. In March 2020, CoinDCX raised $3 million from companies such as Polychain and BitMEX in a Series A round. Subsequently, the exchange received $2.5 million in Series A funding from investors such as Coinbase and Bain Capital in May.
CoinDCX intends to use the newly raised funds to continue to promote the adoption of crypto in India through crypto investment application such as CoinDCX Go. The app was launched in public beta on December 10 as part of CoinDCX's so-called "Try Crypto" program, which aims to provide crypto services to 50 million Indians.
In the past two quarters, CoinDCX's trading volumes has increased by 20%, and new customers have rose by 12%. In October 2020, the exchange's trading volume also increased by 21% month-on-month.
Sumit Gupta, CEO and co-founder of CoinDCX, said that the number of employees of CoinDCX has tripled from 30 in March 2020 to 90 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.
The strong growth of CoinDCX in 2020 further shows that after the Supreme Court of India overturned the Reserve Bank of India's ban on banks from providing services to crypto firms, the adoption rate of cryptocurrencies in India is rising. As per CoinDCX's survey, despite this, most Indian investors don't consider the "easy way" to gain exposure to crypto assets.