The crypto industry is at its most vibrant in years, and companies are swimming in cash more than ever before. With sights set on a possibly bigger 2021, CoinDCX, a top Indian crypto exchange service, has announced a new successful funding round.
Finishing 2020 Strong
Earlier today, Indian exchange CoinDCX confirmed that it had completed its Series B funding round, raising $13.9 million from investors led by Coinbase and venture capital firm Polychain.
The round also includes participation from blockchain software firm Block.One, Singaporean investment firm Temasek, and more.
CoinDCX explained that it plans to use the funds to improve crypto adoption in India. The company recently released a public beta for CoinDCX Go, a crypto investment app, on December 10.
The app is part of CoinDCX’s “Try Crypto” initiative, aiming to connect up to 50 million Indians to the crypto space.
The firm added that it had an impressive year, with trading volumes surging 20 percent and customers increasing by 12 percent over the last two quarters alone.
Sumit Gupta, CoinDCX’s founder, also pointed out that they had expanded their workforce by 200 percent between March and December, allowing them to improve their capacity and serve the influx of customers they noticed amid the lockdown.
“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,” Gupta added.
Growing Crypto Adoption Levels in India
Beyond an increase in metrics, CoinDCX has also had an impressive year in terms of funding. In March, it raised $3 million in its Series A funding round, led by firms like Polychain, the HDR Group, and Bain Capital Ventures. It secured an additional $2.5 million in funding from Bain and Coinbase in May, bringing its total capital haul for the year to almost $20 million.
CoinDCX currently holds a significant position, with India now one of the most exciting parts of the world for the crypto industry. After several legal battles, the Supreme Court finally ruled against a ban on digital assets imposed by the Reserve Bank for two years.
Despite the ruling, rumors of even worse bans remained in the air. Some claim that the Reserve Bank was now looking into legislative action, essentially making crypto ownership a criminal offense. Now that all rumors have been put to bed, there is the question of ease of investment.
CoinDCX released a survey last month, revealing that many Indians still didn’t know or understand how to invest in crypto. Per reports, the exchange found that 56 percent of Indians under 40 believe there is still no easy way to enter the market. India is a country with 1.3 billion people, and it can be the world’s largest crypto market.
The exchange believes its in pole position to help mitigate this problem.
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