Coindcx, a cryptocurrency exchange platform, announced a Rs 100 crore i.e. $13.9 million infusion in a funding round. CoinDCX’s latest funding round was led by Block.one and also included other companies such as DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures, and Alex Pack.
CoinDCX said about their plans about the usage of newly raised funds that it will be used for to drive crypto adoption in India, with cutting-edge innovative products including the newly launched Bitcoin/Crypto Investment App, CoinDCX Go. They added that the funding will be helpful help to attract and retain fresh talent and sustain the hockey stick growth in 2021.
Sumit Gupta, CEO and co-founder of CoinDCX stated that 2020 has been the most exciting year for CoinDCX. While the COVID pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so. Their team tripled in number from 30 in March to 90 in December, and they are continuing to hire aggressively.
In total, CoinDCX has raised close to $19.4 million, till date. This is the third round of funding for CoinDCX this year, worth $13.9 million. In March 2020, on their first series, they raised funding from companies such as Polychain Capital, Bain Ventures, and Bitmex, worth $3 million. And in May 2020, they 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.