{"id":138990,"date":"2020-12-22T07:30:00","date_gmt":"2020-12-22T04:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/indian-crypto-exchange-coindcx-raises-14m-in-its-third-round-in-2020\/"},"modified":"2020-12-22T07:30:00","modified_gmt":"2020-12-22T04:30:00","slug":"indian-crypto-exchange-coindcx-raises-14m-in-its-third-round-in-2020","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/indian-crypto-exchange-coindcx-raises-14m-in-its-third-round-in-2020\/","title":{"rendered":"# Indian crypto exchange CoinDCX raises $14M in its third round in 2020"},"content":{"rendered":"

“# Indian crypto exchange CoinDCX raises $14M in its third round in 2020 <\/strong>”
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CoinDCX, the largest cryptocurrency exchange in India, continues to aggressively expand its business with a massive new\u00a0fundraise.<\/p>\n

According to a Dec. 21 announcement, CoinDCX has raised $13.9 million from industry investors like Coinbase and Polychain in its Series<\/a> B funding round. Led by major blockchain software firm Block.one, the new raise also included Singaporean investment firm Temasek, Jump Capital, Uncorrelated Ventures, Mehta Ventures, and Alex Pack.<\/p>\n

This was CoinDCX\u2019s third round of funding in 2020, bringing the company\u2019s total raised amounts to $19.4 million. In March 2020, CoinDCX raised $3 million in a Series A round from firms like Polychain and BitMEX. The exchange subsequently secured $2.5 million in additional Series A funding from investors like Coinbase and Bain Capital in May.<\/p>\n

CoinDCX plans to use the newly raised funds to continue driving crypto adoption in India with products like a crypto investment app<\/a> called CoinDCX Go<\/em>. The application was launched in public beta on Dec. 10 as part of CoinDCX\u2019s so-called \u201cTry Crypto\u201d program, which aims to onboard 50 million Indians to their crypto services.<\/p>\n

CoinDCX\u2019s recorded 20% growth in trading volumes and a 12% increase in new customers over the past two quarters. The exchange also saw 21% month on month growth in trading volume in October 2020.<\/p>\n

Sumit Gupta, CEO and co-founder of CoinDCX, said that CoinDCX trip<\/a>led its staff from 30 employees in March 2020 to 90 employees in December. \u201cThis has been the most exciting year for CoinDCX. While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so,\u201d Gupta said.<\/p>\n

CoinDCX\u2019s solid growth in 2020 further demonstrates that crypto adoption is rising in India after the country’s Supreme Court\u00a0struck down the Reserve Bank of India\u2019s ban on banks providing services to crypto companies. According to a survey by CoinDCX, the majority of Indian investors do not see an \u201ceasy way\u201d to access exposure to crypto assets though.<\/p>\n