TL;DR Breakdown:
- CoinDCX has completed its third fundraising round this year, bagging almost $20 million combined.
- In this latest round led by Block.one, the exchange raised $13.9 million, to help scale its operation.
One of the leading digital currency companies in India, CoinDCX, has reportedly raised almost $14 million from prominent crypto companies, in its latest funding round. This marks the third time the cryptocurrency exchange raise funds (now totalling $19.4 million) since this year. With the fresh capital, the exchange intends to expand and provide more crypto-related products and services to Indians. Additionally, they plan to double their workforce within the next year.
CoinDCX raises funds from Block.one, Coinbase, others
According to the report today, CoinDCX exchange bagged about $13.9 million in the Series B funding. Block.one, a software company that specializes in high-performance blockchain technologies, led the investment round, which also saw the participation of Coinbase Ventures. This includes other prominent companies like Temasek, Uncorrelated Ventures, Jump Capital, Polychain Capital, and others.
With 200,000 users presently, CoinDCX’s objective is to bring in about 50 million more people to cryptocurrency. “We don’t want customers to put a very large amount of capital. They should invest based on whatever their comfort zone is — INR 100 [$1.35], INR 1,000 [$15], 0.1% of their portfolio, or 1% of their portfolio. The important thing is to invest first, and then eventually, manage the portfolio.”
CoinDCX will scale its operations
As part of the plan to achieve this, the crypto exchange plans to expand its crypto services with the capital, according to Sumit Gupta, the CEO of the Indian exchange. They also plan to upgrade the CoinDCX Go and also raise the workforce from 90 workers to 180 workers within a year period. The exchange will also work toward becoming the most compliant and regulated crypto platform in the country.
