CoinDCX, India’s leading cryptocurrency exchange, announced today that it has raised $13.9 million in a Series B funding round to accelerate mass crypto adoption in India. The latest funding round includes prominent names in the crypto community like Block.one, Coinbase Ventures and Polychain Capital.
According to the official announcement, CoinDCX is planning to launch a new app to make the process of Bitcoin trading simple for Indian clients. Jump Capital, Uncorrelated Ventures, Mehta Ventures and Alex Pack also participated in the latest funding round of CoinDCX.
The exchange outlined the exponential growth it has seen in 2020 due to the growing interest of investors in India. Now, CoinDCX has more than 90 employees, compared to just 30 in March 2020. The exchange secured $2.5 million in funding earlier this year from Coinbase Ventures and Polychain Capital.
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Commenting on the recent announcement, Summit Gupta, CEO and Co-founder of CoinDCX, said: “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. The new app is a flagship product from our TryCrypto movement which aims to onboard 50 million Indians into the cryptocurrency market.”
Indian Crypto Market
The cryptocurrency market in India has seen substantial growth this year due to the growing interest of retail investors in digital assets. The recent price rally in cryptocurrencies fueled the mass adoption across India.
“We saw 3X growth in the overall volume traded and saw 4X quarter-over-quarter growth in daily active users, in the Apr-Jun quarter. Overall in Q2 and Q3, CoinDCX saw a 12% increase in signups and a 20% increase in volume. CoinDCX saw 21% Month on Month (MoM) growth in trade volume and 25% MoM growth in the number of users, in October,” the company mentioned in the official announcement.