Indian crypto exchange CoinDCX has raised Rs 100 crore ($13.9 million) from eminent investors, including returning investors from previous rounds. This series B round was led by Block.one and included DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack.
This happens to be the third round of funding for the exchange in 2020. In March 2020, it raised Series A funding worth $3 million from Polychain Capital, Bain Ventures and Bitmex. In May of the same year, the exchange raised another $2.5 million in a strategic round from the same investors as well as Coinbase Ventures. In totality, CoinDCX has raised close to $19.4 million, till date this year.
“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. The funds raised in the past as well as the current round will help us develop our newly launched Bitcoin & Crypto Investment App CoinDCX Go and make it the easiest and the safest way to onboard the everyday Indian into cryptocurrencies. The new app is a flagship product from our #TryCrypto movement, which aims to onboard 50 million Indians into the cryptocurrency market.”Sumit Gupta, CEO and co-founder, CoinDCX
While the exchange has been seeing steady growth consistently, it hit its stride in the past six months. The exchange claims to have seen a 3x growth in the overall traded volume and saw 4x quarter-over-quarter growth in daily active users, in the Apr-Jun quarter. Overall in Q2 and Q3, CoinDCX saw 12% increase in signups and 20% increase in volume.
CoinDCX plans to use the newly raised funds to drive crypto adoption in India, with cutting-edge innovative products including the newly launched Bitcoin/Crypto Investment App, CoinDCX Go.The funds will also help to attract and retain fresh talent and sustain the hockey stick growth in 2021. Returning investors such as Polychain and Coinbase also participated in the funding round.