Indian cryptocurrency exchange CoinDCX raised $13.9 million in Series B funding. The round was led by Block.one, with participation from Temasek, Coinbase Ventures, Jump Capital, Uncorrelated Ventures, Polychain Capital, Mehta Ventures, and Alex Pack. Pack is a former managing partner of Dragonfly Capital who joined Huobi’s investment unit last month. CoinDCX plans to scale its product and technology functions, grow its team, and beef up compliance and security parts of its platform with the new capital in hand.
CoinDCX is planning to launch a new app.
According to the official announcement, CoinDCX is planning to launch a new app to simplify Bitcoin trading for Indian customers. Jump Capital, Uncorrelated Ventures, Mehta Ventures, and Alex Pack also participated in the latest funding round of CoinDCX. The Indian crypto exchange outlined the exponential growth it has seen this year due to investors’ growing interest in the Asian country. The crypto exchange now has more than 90 employees, compared to just 30 in March 2020. CoinDCX secured $2.5 million in funding earlier this year from Coinbase Ventures and Polychain Capital.
The crypto market in India witnessed substantial growth in 2020.
The cryptocurrency market in India has seen substantial growth this year due to retail investors’ growing interest in cryptocurrencies. 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,” the company mentioned in the official announcement. Overall in Q2 and Q3, CoinDCX saw a 12% increase in signups and a 20% increase in volume. Trading volume on peer-to-peer exchanges also increased significantly this year amid the ongoing global pandemic.
