CoinDCX, an India-based cryptocurrency exchange, announced on Tuesday it raised Rs 100 crore ($13.9 million) through its Series B investment round, which was led by Block.one with participation from DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures, and Alex Pack.
Founded in 2017, CoinDCX claims to be India’s largest and safest cryptocurrency exchange. According to CoinDCX, the exchange was built with user experience and security in mind.
“The KYC and Bank Account verification are done within a few minutes and give users a smooth onboarding experience. We provide users single-point access to a diverse suite of crypto-based financial products and services that are backed by security processes and insurance. We have the highest number of cryptos listed in India and give instant fiat to crypto conversions free of charge. We also give instant deposit and withdrawal facilities. We charge the lowest trading and crypto withdrawal fees. The wallet structure is versatile and provides the best fee structure in the industry.”
CoinDCX reported that the Series B is its third round of funding in 2020. In March 2020, the platform raised $3 million through its Series Afrom companies such as Polychain Capital, Bain Ventures and Bitmex. In May 2020, the exchange secured $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. Speaking about the company’s growth in 2020 and funding rounds, Sumit Gupta, CEO and co-founder of CoinDCX, stated:
“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 added with the Series B funding it will continue to introduce innovative and cutting-edge products, accelerate the hiring process,, and continue its growth.