Indian crypto exchange, CoinDCX continues to make giant leaps in the crypto space. The exchange announced that it was able to generate about $14 million in a recent fundraising round. The announcement was made earlier this week.
Biggest Fundraiser This Year
The latest round, which is also the Series B round, had a lot of top investors. It was led by Block. One, a leading blockchain software company. Uncorrelated Ventures, Jump Capital, Indian startup business founder Mehta Ventures and Alex Pack also participated in this round.
The exchange said it would use the newly-generated funds to expand its business. The company has made impressive strides this year, in many aspects of its operations. Since April, CoinDCX has seen a 20% increase in trading volumes on the exchange. The CEO, Sumit Gupta also pointed out that employees increased by 300% from March.
The funds would also be used for the development of its app called ‘CoinDCX Go.’ The app is a crypto investment app that is targeted at increasing the rate of crypto adoption, especially in India. The Beta version of the app was launched earlier this month as part of their ‘Try Crypto’ project. CoinDCX plans to bring in about 50 million Indians into crypto through this program.
This latest round generated the highest amount of money, more than any of the previous rounds. The Series B round is the third fundraising round CoinDCX is jostling this year. The first round was in March, which raised about $3 million, was led by BitMEX and investment firm Polychain. Two months later, the exchange generated $2.5 million in another fundraising round, this time headed by Coinbase.
Operating in an Unfriendly Country
CoinDCX has not been finding it easy to operate in India. The Asian country is not that receptive to crypto, and this affects adoption among Indians. Earlier in March, the Supreme Court stopped a crypto-hostile ban by the Central bank. The ban was focused on only banks who dealt with crypto companies. Indians however, are continuing to gradually show an increased interest in crypto.
