Rs 100 crore raised by CoinDCX

In a Series B funding round led by Block.one and including DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Bundle, Cryptocurrency exchange CoinDCX has raised Rs 100 crore.

According to a statement on 29 December, CoinDCX aims to use the newly raised funds to accelerate crypto adoption in India with new products. It added that the funds would also help attract and retain new talent and sustain the growth of the ‘hockey stick’ in 2021.

The crypto-currency exchange received $3 million worth of Series A funding from companies such as Polychain Finance, Bain Ventures and Bitmex in March. In May, the above companies and Coinbase Ventures, the investment arm of San Francisco, the US-based crypto-currency trading platform Coinbase, raised $2.5 million in a strategic round.

In the year 2017, Neeraj Khandelwal and Sumit Gupta founded CoinDcx. Blockchain, Bitcoin, Financial Services, FinTech, and Trading Platform are concerned with them.

CoinDCX is a company that specializes in financial services that are crypto-enabled. The business focuses on the production of borderless financial services that ensure the movement of capital is simpler and uninterrupted. Its liquidity, strong wallet, and impenetrable security make the experience of trading fast, secure, and effortless.

With a bouquet of industry-first goods, CoinDCX empowered its traders to trade using exchange liquidity. The goods are tailored for all types of traders, taking into account their trading experience, risk tolerance and frequency of trading. The organization seeks to democratize finance and make investments available to everyone.

CoinDCX has raised up to $19.4 million to date to compile all three investment rounds in 2020.

In March, the Supreme Court lifted the country’s cryptocurrency trading ban, leading to a spike in trade volumes.

Around a decade ago, cryptocurrencies appeared but were rapidly connected to crime, trading bugs, hacks, and wild price swings. Only in the past two years have they begun to gain more media interest worldwide.

In the past few quarters, CoinDCX said it has seen strong progress. The exchange saw 3X rise in total traded volume and 4X quarter-over-quarter growth in daily active users in the quarter from April to June.