CoinDCX, an India-based cryptocurrency alternate, introduced on Tuesday it raised Rs 100 crore ($13.9 million) by its Collection B funding spherical, which was led by Block.one with participation from DG, Soar Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures, and Alex Pack.
Based in 2017, CoinDCX claims to be India’s largest and most secure cryptocurrency alternate. In response to CoinDCX, the alternate was constructed with consumer expertise and safety in thoughts.
“The KYC and Financial institution Account verification are accomplished inside a couple of minutes and provides customers a easy onboarding expertise. We offer customers single-point entry to a various suite of crypto-based monetary services which are backed by safety processes and insurance coverage. We have now the best variety of cryptos listed in India and provides immediate fiat to crypto conversions freed from cost. We additionally give immediate deposit and withdrawal services. We cost the bottom buying and selling and crypto withdrawal charges. The pockets construction is flexible and supplies one of the best price construction within the business.”
CoinDCX reported that the Collection B is its third spherical of funding in 2020. In March 2020, the platform raised $3 million by its Collection Afrom corporations equivalent to Polychain Capital, Bain Ventures and Bitmex. In Could 2020, the alternate secured $2.5 million in a strategic spherical from the above corporations in addition to Coinbase Ventures, the funding arm of San Francisco-based cryptocurrency buying and selling platform Coinbase. Compiling all three rounds of funding this yr, CoinDCX has raised near $19.4 million. Talking in regards to the firm’s progress in 2020 and funding rounds, Sumit Gupta, CEO and co-founder of CoinDCX, acknowledged:
“This has been probably the most thrilling yr for CoinDCX. Whereas the pandemic compelled everybody indoors, CoinDCX scaled up exponentially and continues to take action. Our group tripled in quantity from 30 in March to 90 in December, and we’re persevering with to rent aggressively. The funds raised prior to now in addition to the present spherical will assist us develop our newly launched Bitcoin & Crypto Funding App CoinDCX Go and make it the simplest and the most secure solution to onboard the on a regular basis Indian into cryptocurrencies. The brand new app is a flagship product from our #TryCrypto motion, which goals to onboard 50 million Indians into the cryptocurrency market.”
CoinDCX added with the Collection B funding it’ll proceed to introduce revolutionary and cutting-edge merchandise, speed up the hiring course of,, and proceed its progress.