Cryptocurrency Firm CoinDCX Raises $2.5 Million in Series B from Polychain & Coinbase

To make crypto trading as easy as e-Commerce, Mumbai-based CoinDCX raises yet another round of funding within just two-month of its Series A funding of $3 million and an earlier seed investment from various investors. It bagged $2.5 million in strategic investment led by existing investor Polychain Capital, and Coinbase Ventures – the investment arm of San Francisco-based cryptocurrency trading platform Coinbase. CoinDCX will use the fund to launch a DCX Learn platform for novice cryptocurrency investors and facilitate more robust cryptocurrency trading in India and bring the total number of crypto users in the country to 50 million.

Co-founded in 2017 by Sumit Gupta and Neeraj Khandelwal, CoinDCX is a crytocurreny exchange platform which offers fast, reliable and effortless trading experience. It allows individuals to buy and sell cryptocurrency through a marketplace model, and claims to have a liquidity aggregation model integrated with top global exchanges including Binance, Huobi and OKEx.

CoinDCX will use the fund to launch a DCX Learn platform for novice cryptocurrency investors and facilitate more robust cryptocurrency trading in India and bring the total number of crypto users in the country to 50 million.

According to the co-founders, the investment comes in a time when the cryptocurrency market in India is picking up pace and is getting recognized.

Sumit in a statement mentioned that their relationship with Polychain Capital goes from strength-to-strength, reflecting their partnership with Polychain team. He also mentions that CoinDCX is excited to onboard Coinbase Ventures too as an investor, whose successful efforts for global cryptocurrency adoption have been admirable and mirror CoinDCX’s dream for a DeFi future.

Following the lifting of the industry-wide banking ban on cryptocurrency by RBI early this year, CoinDCX has witnessed 10-fold growth in sign-ups in just one week. In a statement, the company also highlights that its trading volume went up by 47 percent, and daily active users spiked by 150 percent in March alone.