Cryptocurrency exchange CoinDCX has raised $20 million since the pandemic broke out⁠ — the founder says he is hiring aggressively as volumes have tripled

• CoinDCX has raised funds thrice this yr, totaling to $19.4 million to this point.
• The most recent Sequence B funding spherical was led by Block.one and included Coinbase Ventures, DG, Soar Capital, amongst others.
• The corporate says it’ll use these funds in the direction of growing its new flagship CoinDCX Go app.
• This app is part of the corporate’s #TryCrypto marketing campaign, which goals to onboard 50 million Indians.

CoinDCX, one of many largest cryptocurrency exchanges on the earth, has raised $13.9 million in its newest Sequence B funding spherical. The spherical was led by Block.one and included traders like Coinbase, DG, Soar Capital, Polychain Capital, amongst others.

That is the third spherical of funding for CoinDCX in 2020. In March 2020, it raised $3 million, adopted by a $2.5 million funding in Could 2020 – each at a time when the COVID-19 pandemic was at its peak. With the third spherical of funding now, it has raised $19.4 million in 2020 to this point.

A number of the outstanding traders in CoinDCX embrace Block.one, Coinbase Ventures, which is the investing arm of San Francisco-based cryptocurrency buying and selling platform Coinbase.

CoinDCX has tripled its workforce this yr


Sumit Gupta, CEO and co-founder of CoinDCX mentioned, “Whereas the pandemic compelled everybody indoors, CoinDCX scaled up exponentially and continues to take action. Our crew tripled in quantity from 30 in March to 90 in December, and we’re persevering with to rent aggressively.”

“The funds raised previously in addition to the present spherical will assist us develop our newly launched Bitcoin & Crypto Funding App CoinDCX Go and make it the best and the most secure approach to onboard the on a regular basis Indian into cryptocurrencies,” he additional added.

CoinDCX goals to onboard 50 million Indians into the cryptocurrency market

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Prior to now six months, CoinDCX says it has seen a three-times progress within the total quantity traded. In the identical time, it has seen a four-time bounce in every day lively customers, suggesting elevated curiosity in cryptocurrency.

This shouldn’t be stunning –
Bitcoin has doubled investor wealth in 2020, going from $11,100 at first of the yr to hitting $24,200 lately.

Industry insiders believe there’s more to come.

Making Bitcoin a mass motion


CoinDCX says the most recent spherical of funding will assist it develop its new app which is aimed on the lots – together with onboarding 50 million Indians.

However it’s not alone.

Cost big PayPal has signaled its intent by permitting customers to purchase and promote cryptocurrencies, giving this concept a significant push in the direction of mass adoption.

Visa and MasterCard have additionally thrown their weight behind Bitcoin – whereas
Visa has launched a credit card that rewards purchases in Bitcoin, MasterCard has
invested in Bitcoin company Digital Currency Group.

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