CoinDCX, India’s most popular cryptocurrency exchange, today announced that it raised $13.9 Million in a Series A funding round to help accelerate crypto adoption in India. This latest round of funding includes prominent crypto community names like Polychain Capital, Coinbase Ventures, and Block.one.
According to the official announcement, CoinDCX is planning to launch a new app to make the process of Bitcoin trading simple for Indian clients. CoinDCX’s latest round of funding included participation by Jump Capital, Mehta Ventures, Mehta Ventures, Alex Pack, and Mehta Ventures.
The exchange outlined the exponential growth it has seen in 2020 due to the growing interest of investors in India. CoinDCX now has over 90 employees, as opposed to 30 in March 2020. Coinbase Ventures, Polychain Capital and Polychain Capital provided funding of $2.5 million earlier in the year.
Summit Gupta (CEO and Co-founder, CoinDCX) commented on the announcement. “The funds raised in both the past and the current round will help us develop CoinDCX Go, our newly launched cryptoto INR app. It will make it the easiest, and most secure, way for everyday Indians to get onboarded into cryptocurrencies. This app is part of our TryCrypto movement, which aims at bringing 50 million Indians to the cryptocurrency market.
Indian Crypto Market
The cryptocurrency market in India has seen substantial growth this year due to the growing interest of retail investors in digital assets. India’s mass adoption of cryptocurrency was fueled by the recent price rise in cryptocurrencies.
We saw a 3X increase in overall volume traded, and a 4X quarter-over quarter growth in daily active users in the Apr-Jun Quarter. In Q2 and Q3, CoinDCX had a 12% and 20% increase respectively in signups, respectively. CoinDCX experienced 21% month-on-month (MoM), growth in trade volume, and 25% MoM growth of the number users in October,” the company announced.