Indian Crypto Exchange CoinDCX secured $13.9 Million Funding

CoinDCX, a Cryptocurrency exchange has now secured $13.9 Million in a Series B funding round. In terms of INR, the funding amounts to ₹100 Cores.

CoinDCX is a company which is having its specialization in crypto-related financial services. The company focuses on developing borderless financial services that make sure a simpler and uninterrupted flow of capital.

Sumit Gupta, CEO, and co-founder of CoinDCX, said, "While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so. Our team tripled in number from 30 in March to 90 in December, and we are continuing to hire aggressively."

Saurabh Sharma, General Partner at Jump Capital, said, "India is an emerging market for cryptocurrencies and CoinDCX is spearheading the cryptocurrency adoption in India. As one of CoinDCX’s investors, we are proud and heartened to see the exchange evolve in such a short span of time."

The funding round is backed by the Block.one, with participation from Jump Capital, Coinbase Ventures, Alex Pack, Mehta Ventures, Polychain Capital, Uncorrelated Ventures, and DG.

This is as of now the third round of funding for the CoinDCX in 2020. The company has secured a total of $19.4 million till its inception.

The company as of now has plans to use the new funds to promote crypto adoption in India with products like the CoinDCX Go. It will also use funds to attract and retain new talent.

CoinDCX also intends to launch one of the simplest Bitcoin app to allow investment in top cryptocurrencies legally, easily, and safely with zero fees, notes the announcement.