Crypto Exchange CoinDCX Raises Rs 100 Crore To Drive Crypto Adoption In India

  • The company will use the funding towards crypto adoption in India with its innovative products.
  • Other investors, DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures, and Alex Pack also took part in the round.
  • To date, CoinDCX has raised over $19 million in funding.

Mumbai-based crypto exchange platform CoinDCX has raised Rs 100 crore (or about $13.5 million) in a Series B funding round led by a group of global crypto investors, including Block.one, a Cayman Islands-headquartered firm specializing in high-performance blockchain technologies.

Other investors DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures, and Alex Pack, also participated in the funding round.

The company will use the funding towards crypto adoption in India with its innovative products, including the newly launched crypto investment app, CoinDCX Go.

This is the third funding round for CoinDCX this year. In March 2020, CoinDCX had received $3 million in a Series A round from Bain Capital Ventures, BitMEX Ventures, and Polychain Capital.

Later in May 2020, it had received an additional $2.5 million funding as part of a Series A funding round from Polychain and Coinbase Ventures. Coinbase Ventures is an investment arm of Coinbase, an online crypto exchange platform.

To date, CoinDCX has raised over $19 million in a total of four funding rounds.

Launched in 2018 by Sumit Gupta and Neeraj Khandelwal. CoinDCX is an online crypto exchange platform that simplifies buying cryptocurrencies online. The platform claims to be one of the largest and safest cryptocurrency exchange platforms in India.

“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, CEO of CoinDCX.

“The funds raised in the past as well as the current round, will help us develop our newly launched crypto to INR app, CoinDCX Go and make it the easiest and the safest way to onboard the everyday Indian into cryptocurrencies,” he added.

Also Read: Country’s First Cryptocurrency Exchange ‘Unocoin’ bags $5 million from global investors

“We have worked with CoinDCX in the past and we are really impressed with the amount of development, the company has carried out. With a seasoned team that is growing, CoinDCX is poised to strengthen its position as the largest crypto company in India,” said Olaf Carlson-Wee, Founder, Polychain Capital

“With the increased interest in digital currencies, CoinDCX’s role in making cryptocurrencies accessible to everyone in the world’s second-most populous country is even more vital. We’re excited to be partnering with some of the smartest investors in blockchain and crypto to support mass-scale digital asset adoption,” Brendan Blumer, CEO of Block.One.

The platform claims to have 3X growth in the overall volume traded and saw 4X quarter-over-quarter growth in daily active users in the April-June quarter.

CoinDCX saw 21% month-on-month (MoM) growth in trade volume and 25% MoM growth in the number of users, in October, said CoinDCX in a statement.

As one of CoinDCX’s earliest investors, Saurabh Sharma, General Partner at Jump Capital, said, “We are proud and heartened to see the exchange evolve so quickly in such a short span of time.”

The company has recently launched the CoinDCX Go app that allows Indians to buy & sell cryptocurrencies through mobile.

CoinDCX competes with other cryptocurrencies platforms such as CoinSwitch Kuber, ZebPay, UnoCoin, and WazirX.

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