CoinDCX raises INR 1 billion in Series B; company to launch Bitcoin app

By Edil Corneille

Mumbai-based CoinDCX has raised INR 1 billion ($13.9 million) in its Series B funding round which will be used to accelerate the company’s initiatives in driving mass crypto adoption in India and around the globe. Investors included DG, Jump Capital, Block.one, Uncorrelated Ventures, Mehta Ventures and Alex Pack; and returning investors Coinbase Ventures and Polychain Capital participated in the round. According to CoinDCX, the financing represents a giant leap forward in its efforts to create more advanced crypto-based products, simplify investing into cryptos, modernize the financial space, and hire some of the top talents in the industry.

As the acceptance of cryptocurrencies is becoming a norm globally, the company will strengthen its #TryCrypto movement with aspirations in becoming the safest and easiest place to invest in cryptos alongside creating sophisticated and professional products and services creating a pathway for legacy investors as well.

CoinDCX is going to launch a new app which is going to be a simple Bitcoin app where Indians will be able to invest in top cryptocurrencies legally, easily and safely with zero fee.

Sumit Gupta, CEO and co-founder of CoinDCX said, “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 crypto to INR 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.”

Olaf Carlson-Wee, Founder of Polychain Capital said, “We have worked with CoinDCX in the past and we are really impressed with the amount of development, the company has carried out. With a seasoned team that is growing, CoinDCX is poised to strengthen its position as the largest crypto company in India.”

Brendan Blumer, the CEO of Block.One, the tech company producing the EOS.IO distributed ledger software said, “Leading up to 2020, interest in digital assets was growing consistently as more investors explored these new liquidity options. With the global events this year, we’re seeing this trend accelerate exponentially, as both institutional and individual investors embrace these new asset classes to diversify their portfolios. With the increased interest in digital currencies, CoinDCX’s role in making cryptocurrencies accessible to everyone in the world’s second most populous country is even more vital. We’re excited to be partnering with some of the smartest investors in blockchain and crypto to support mass-scale digital asset adoption.”

CoinDCX mentioned that it witnessed spectacular growth in the past 3 quarters. 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 a 12 per cent increase in signups and a 20 per cent increase in volume. CoinDCX 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.

Saurabh Sharma, General Partner at Jump Capital said, “India is an emerging market for cryptocurrencies and it is only a matter of time, the rest of the world recognizes that CoinDCX has spearheaded the cryptocurrency revolution in India. As one of CoinDCX’s earliest investors, we are proud and heartened to see the exchange evolve so quickly in such a short span of time.”