COINDCX RAISES ₹100 CRORE IN SERIES B FUNDING
NEW DELHI: Cryptocurrency exchange CoinDCX has raised ₹100-crore (around $13.9 million) in Series B financing led by Block.one. The round also saw the participation of DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Mehta Ventures, Alex Pack and Polychain Capital.
CoinDCX plans to utilise the capital to drive crypto adoption in India with cutting-edge and innovative products, such as CoinDCX Go, its crypto investment app. It will also hire fresh talent to sustain the hockey stick growth in 2021, the company said.
“This has been the most exciting year for CoinDCX. While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so. Our team tripled in number, from 30 in March to 90 in December, and we are continuing to hire aggressively,” said Sumit Gupta, chief executive and co-founder of CoinDCX in a statement.
Gupta said the exchange will be upgrading its offerings to make CoinDCX Go the easiest and safest way to invest in crypto-currencies for Indian investors. “The new app is a flagship product from our #TryCrypto movement, which aims to on-board 50 million Indians into the cryptocurrency market.”
CoinDCX has so far raised nearly $19.4 million. In March, it raised $3 million in Series A funding from Polychain Capital, Bain Ventures and Bitmex. In May, it secured another $2.5 million in a strategic round led by existing investors, besides Coinbase Ventures, the investment arm of San Franciscobased cryptocurrency trading platform Coinbase.
While CoinDCX has been seeing steady growth, it hit a peak in the past six months.