Cryptocurrency Exchange CoinDCX Raises INR 100 Cr in Series B Funding Round
CoinDCX aims to deploy the fresh capital to drive cryptocurrency adoption in India with cutting-edge innovative products and attract and retain fresh talent
Cryptocurrency exchange CoinDCX said on Tuesday it has raised INR 100 crore (USD13.9 million) in Series B funding round led by blockchain software company Block.one.
A bunch of returning investors, including DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack, also participated in the round.
Founded in 2018 by Neeraj Khandelwal and Sumit Gupta, CoinDCX is a cryptocurrency exchange that offers instant deposit and withdrawal facilities in India. The Singapore-headquartered company is also a liquidity aggregator globally.
The company offers its users a slew of crypto-based financial products and services such as fiat onboarding from INR to cryptocurrencies, decentralised lending and access to trade cryptocurrencies across over 500 markets, among other things.
CoinDCX stated it aims to deploy the fresh capital to drive cryptocurrency adoption in India with cutting-edge innovative products and attract and retain fresh talent.
“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,” said CEO and co-founder Gupta.
With the latest fundraise, CoinDCX has raised a total of USD 19.4 million so far. In March this year, it raised USD 3 million in series A funding from Polychain Capital, Bain Ventures and Bitmex, followed by a fundraise of USD 2.5 million in May from Coinbase Ventures along with the three existing investors.
CoinDCX claims to have recorded 3X growth in the overall volume traded and 4X quarter-over-quarter growth in daily active users in the April-June quarter. In Q2 and Q3, the platform recorded 12 per cent surge in signups and 20 per cent increase in volume, whereas in October alone it saw 21 per cent month-on-month (MoM) growth in trade volume and 25 per cent MoM growth in the number of users.
“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 Gupta.
Commenting on the latest fundraise, Brendan Blumer, the CEO of Block.one, developer of leading blockchain protocol EOSIO, said 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.
“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,” Olaf Carlson-Wee, Founder of Polychain Capital.