It is indeed an immensely proud moment for the Indian crypto investors when leading Indian cryptocurrency exchange CoinDCX announced that is has raised ₹100 crores ($13.9 million) in series B round, which was led by Block.one. This is the third round of funding for CoinDCX to raise funds from investors that included DG, Jump Capital, Coinbase Ventures, Mehta Ventures, Uncorrelated Ventures, Polychain Capital, and Alex Pack.
The first round of funding (Series A) was held in March 2020, when CoinDCX raised $3 million from companies like Polychain Capital, Bitmex, and Bain Ventures. In May 2020, the exchange raised $2.5 million in a strategic funding round from various companies like Coinbase Ventures. In all three funding rounds, the total funds raised by the crypto exchange amounts to $19.4 million as of now, which implies that the Indian cryptosystem is rapidly evolving.
As per the announcement, the exchange’s total funds would be used to boost the mass crypto adoption in India and abroad. It is a giant leap towards advancing the crypto-based products in India by simplifying the investments into cryptocurrencies and modernizing the financial space by hiring top talents worldwide. As such, CoinDCX has witnessed spectacular growth in the past three quarters that surprisingly surpassed the exchanges’ own projections, and the entire CoinDCX entire team is equally responsible for this achievement.
CoinDCX’s journey towards mass adoption of crypto will continue, and this latest influx of funds in Series B Funding is a boost up towards accomplishing the objectives of the exchange. The exchange will continue to introduce new innovative crypto products into the Indian crypto space. With this enthusiasm, the Indian Crypto start-up is envisioning to become the fastest-growing cryptocurrency exchange in India join the league of top crypto exchanges of the world.
To keep up with the ever-growing pace of the crypto movement, CoinDCX has recently launched a Bitcoin & Crypto Investment App called CoinDCX Go with the funds raised in the past, as well as in the current Series B round. The new app is a flagship product of the exchange’s most trending #TryCrypto movement. It is among the simplest Bitcoin applications in the world that will allow Indians to invest in top cryptocurrencies legally and safely, with zero fees.
Regarding this, CEO, and co-founder of CoinDCX, Sumit Gupta, said,