The crypto space is expanding more rapidly this year than ever before, and there has been a great deal of investment in different companies in the industry. A leading Indian crypto exchange service, CoinDCX, has its sights set on having a better and more successful 2021. The exchange recently announced a new and quite successful funding round. The exchange confirmed that a Series B Funding round had recently been completed and they had managed to raise a sum of around $13.9 million from investors, led by venture capital firm Polychain and prominent crypto exchange Coinbase. Some of the other participants of the funding round included Temasek, a Singaporean investment firm, Block. One, a blockchain software firm, and more.
According to CoinDCX, they are going to use the new funds for improving crypto adoption in India. A public beta had recently been released on December 10th by the company for a crypto investment app called CoinDCX Go. This application is part of the company’s ‘Try Crypto’ initiative, which aims to connect around 50 million people in India to the crypto industry. CoinDCX added that they had had a rather impressive year, as their customers had increased by nearly 12% in the previous two quarters alone, and trading volumes had also increased by 20%.
The founder of CoinDCX, Sumit Gupta also highlighted that their workforce had also expanded by 200% between the months of March and December. This had allowed them to increase their capacity and handle the influx of customers that occurred on the exchange because of the coronavirus lockdown. Gupta said that the funds raised in this latest round and the previous ones would help them in developing their newly launched app from crypto to INR. He said that the CoinDCX Go app would become the safest and easiest way for everyday Indians to jump on the crypto bandwagon.
Other than the improvement in its metrics, CoinDCX has also had a good year in terms of funding. In a Series A funding round held in March, the company had raised a sum of $3 million, which was led by companies, such as Bain Capital Ventures, the HDR Group and Polychain. In May, the exchange had also secured additional funding worth $2.5 million from Coinbase and Bain, which had brought its total capital haul for 2020 to be around $20 million. Currently, the exchange has a very significant position, as India is one of the most exciting countries for the crypto space.
After a number of legal battles, the ban imposed by the Reserve Bank on digital assets for two years had been reversed by the Supreme Court. However, there are still rumors of even worse bans to come. Some have claimed that the Reserve Bank is now seeking legislative action, classifying ownership of cryptocurrencies as a criminal offense. There is also a concern regarding ease of investment. A survey released by the CoinDCX exchange last month showed that lot of Indians still don’t understand how they can invest in cryptocurrencies.
