CoinDCX Raises Rs.100 Crore in Series B, to Introduce Innovative & Cutting-edge Products, Hire More Talents

India’s cryptocurrency exchange CoinDCX raises Rs.100 crore ($13.9 million) from eminent investors in Series B round of funding. The round was led by Block.one and included DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack.

This being the third round of funding in 2020 alone for the company. CoinDX has raised nearly $19.4 million in funding rounds till date, with Series A worth $3 million from Polychain Capital, Bain Ventures and Bitmex this January. It raised another $2.5 million in a strategic round from the above companies and Coinbase Ventures, the investment arm of the cryptocurrency trading platform Coinbase.
Sumit Gupta, CEO and co-founder of CoinDCX said, “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. 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. The new app is a flagship product from our #TryCrypto movement, which aims to onboard 50 million Indians into the cryptocurrency market.”

CoinDCX will use the latest funding to continue introducing innovative and cutting-edge products, expedite hiring top talents, and continue its hockey stick growth.

Brendan Blumer, the CEO of Block.one, said, “Leading up to 2020, interest in digital assets was growing consistently as more investors explored these new liquidity options. With the global events this year, we’re seeing this trend accelerate exponentially, as both institutional and individual investors embrace these new asset classes to diversify their portfolios. 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.”

Olaf Carlson-Wee, Founder of Polychain Capital, a returning investor said, “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.”

The 2017-founded exchange has been witnessing steady growth and has realized 3X growth in the overall volume traded with 4X quarter-over-quarter growth in daily active users in the April-June quarter. Mumbai-based CoinDCX saw 12 percent increase in signups and 20 percent increase in volume.

Saurabh Sharma, General Partner at Jump Capital said, “India is an emerging market for cryptocurrencies and CoinDCX is spearheading the cryptocurrency adoption in India. As one of CoinDCX’s investors, we are proud and heartened to see the exchange evolve in such a short span of time.”