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CoinDCX gets Rs 100 crore in Series B funding round

Saransh Pandey

Intern
  • December 22, 2020
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    This round is the third funding round for the crypto exchange, which had till date raised more than $5 million from multiple large investors

CoinDCX a Mumbai-based cryptocurrency-trading platform in its series B round raised Rs 100 crore of funding led by Block.one. The funding round saw participation from DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures, and Alex Pack. 

Block.one is a blockchain platform company. Jump Capital is a VC firm that invests across fintech, B2B SaaS, IT, and data infrastructure. Coinbase Ventures is the VC arm of San Francisco headquartered crypto trading platform Coinbase. Mehta Ventures has investments in startups like Wow Momo, Box8, Mech Mocha among others. 

This round is the third funding round for the crypto exchange, which had till date raised more than $5 million from multiple large investors. The startup last raised funding in the series A round in March 2020. While the entire country was under lockdown during 2020, the crypto trading business gained massive momentum around the world.  

CoinDCX has increased its team size by three times and continues to hire aggressively. The startup has set a target to get 50 million Indian users into the CoinDCX app and get them to start trading in virtual currencies. As per the details shared by the company, in the Apr-Jun quarter the exchange saw over three times growth in the overall volume traded and saw four times quarter-over-quarter growth in daily active users. Between July and December CoinDCX saw a 12 percent increase in signups and a 20 percent expansion in trading volume. 

Despite the fact that banks are working with crypto platforms and supporting their business, a bill was presented in the Indian Parliament which is aimed at banning trading and possessing crypto assets. After the global institutional support for virtual currencies, the country might not go for a total ban anymore, rather look to restrict its uses and regulate it. Besides CoinDCX, there are other prominent crypto platforms in the country like Unocoin, Zebpay, and WazirX. 

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