Cryptocurrency exchange CoinDCX raises Rs 100cr in Series B

Cryptocurrency exchange CoinDCX on Tuesday said it raised Rs 100 crore ($13.9 million) in its series B round led by Block.one.

The funding round also saw the participation of DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack, CoinDCX said.

This makes for the third round of funding for CoinDCX in 2020.

In March, the company raised Series A funding worth $3 million from companies such as Polychain Capital, Bain Ventures and Bitmex.

In May, the exchange raised $2.5 million in a strategic round from the above companies as well as Coinbase Ventures, the investment arm of San Francisco-based cryptocurrency trading platform Coinbase.

Compiling all three rounds of funding this year, CoinDCX has raised close to $19.4 million, till date.

“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,” Sumit Gupta, CEO and co-founder of CoinDCX, said in a statement.

“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.”

CoinDCX said it saw 3X growth in the overall volume traded and saw 4X quarter-over-quarter growth in daily active users, in the Apr-Jun quarter.

Overall in Q2 and Q3, CoinDCX saw 12 per cent increase in signups and 20 per cent increase in volume.

The exchange said it saw 21 per cent month-on-month (MoM) growth in trade volume and 25 per cent MoM growth in the number of users, in October.

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