“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 workforce tripled in quantity from 30 in March to 90 in December, and we’re persevering with to rent aggressively,” mentioned Sumit Gupta, CEO and co-founder of CoinDCX in an announcement.
Gupta mentioned that the funds raised previously in addition to the present spherical will assist the trade develop its newly launched Bitcoin & Crypto Funding App CoinDCX Go and make it the simplest and the most secure option 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,” he added.
That is the third spherical of funding for CoinDCX this yr. In March 2020, CoinDCX raised Sequence A funding value $3 million from firms resembling Polychain Capital, Bain Ventures and Bitmex. In Might 2020, the trade raised $2.5 million in a strategic spherical from the above firms in addition to Coinbase Ventures, the funding arm of San Francisco-based cryptocurrency buying and selling platform Coinbase. In whole, CoinDCX has raised near $19.4 million, until date.
The worldwide pandemic noticed an curiosity in digital belongings rising constantly as extra traders explored these new liquidity choices. Analysts are seeing this pattern speed up exponentially, as each institutional and particular person traders embrace these new asset courses to diversify their portfolios. India is seen as an rising marketplace for cryptocurrencies and retail traders aged between 25 and 40 are spending tens of millions day by day on cryptocurrency buying and selling in India day by day,
Saurabh Sharma, Basic Companion at Soar Capital mentioned, “India is an rising marketplace for cryptocurrencies and CoinDCX is spearheading the cryptocurrency adoption in India. As considered one of CoinDCX’s traders, we’re proud and heartened to see the trade evolve in such a brief span of time.”
Whereas CoinDCX has been seeing regular progress, it hit a peak previously six months. The trade claims it noticed 3X progress within the general quantity traded and noticed 4X quarter-over-quarter progress in day by day energetic customers, within the April-June quarter. General, in Q2 and Q3, CoinDCX noticed 12% enhance in signups and 20% enhance in quantity. CoinDCX noticed 21% month on month (m-o-m) progress in commerce quantity and 25% m-o-m progress within the variety of customers, in October.
“With the elevated curiosity in digital currencies, CoinDCX’s function in making cryptocurrencies accessible to everybody on this planet’s second most populous nation is much more very important. We’re excited to be partnering with a number of the smartest traders in blockchain and crypto to assist mass-scale digital asset adoption,” mentioned Brendan Blumer, the CEO of Block.one, developer of main blockchain protocol EOSIO.