CoinDCX, the largest cryptocurrency exchange in India, continues to aggressively broaden its service with an enormous new fundraise.According to a Dec. 21 announcement, CoinDCX has raised $13.9 million from industry financiers like Coinbase and Polychain in its Series B funding round. Led by significant blockchain software application company Block.one, the brand-new raise likewise included Singaporean investment firm Temasek, Jump Capital, Uncorrelated Ventures, Mehta Ventures, and Alex Pack.This was CoinDCXs third round of financing in 2020, bringing the businesss total raised quantities to $19.4 million. In March 2020, CoinDCX raised $3 million in a Series A round from firms like Polychain and BitMEX. The exchange consequently protected $2.5 million in additional Series A funding from financiers like Coinbase and Bain Capital in May.CoinDCX plans to use the recently raised funds to continue driving crypto adoption in India with products like a crypto financial investment app called CoinDCX Go. The application was launched in public beta on Dec. 10 as part of CoinDCXs so-called “Try Crypto” program, which aims to onboard 50 million Indians to their crypto services.CoinDCXs tape-recorded 20% development in trading volumes and a 12% increase in new consumers over the past 2 quarters. The exchange also saw 21% month on month development in trading volume in October 2020. Sumit Gupta, CEO and co-founder of CoinDCX, said that CoinDCX tripled its personnel from 30 workers in March 2020 to 90 staff members in December. “This has actually been the most amazing year for CoinDCX. While the pandemic forced everyone inside your home, CoinDCX scaled up tremendously and continues to do so,” Gupta said.CoinDCXs strong development in 2020 more shows that crypto adoption is increasing in India after the countrys Supreme Court overruled the Reserve Bank of Indias ban on banks supplying services to crypto companies. According to a survey by CoinDCX, most of Indian financiers do not see an “easy method” to access direct exposure to crypto properties though.Title: Indian crypto exchange CoinDCX raises $14M in its 3rd round in 2020Sourced From: cointelegraph.com/news/indian-crypto-exchange-coindcx-raises-14m-in-its-third-round-in-2020Published Date: Tue, 22 Dec 2020 04:30:00 +0000
Indian crypto exchange CoinDCX raises $14M in its third round in 2020
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