CoinDCX exchange (India) in the III round was financed for $ 13.9 million
In total, the exchange raised $ 19.4 million, which will be used to expand the business
Large investors have invested in the exchange. Series B was heavily involved with Coinbase and Polychain. Part of the funds was received from other large companies: Alex Pack, Jump Capital, Temasek.
Series A raised $ 3 million from Polychain, BitMEX. And another $ 2.5 million in up-round was received from Coinbase, Bain Capital.
The collected funds will be used to popularize cryptocurrencies and promote the CoinDCX Go application. Its beta version was launched on 12/10/2020. The goal of the launch is to attract 50 million crypto users from India to CoinDCX.
The success of the Indian crypto exchange CoinDCX
At a time when the pandemic is negatively affecting the financial system, CoinDCX is gaining momentum. The general director of the exchange said that since March this year, the number of employees of the exchange has increased from 30 to 90 people.
Over the last couple of quarters, there has been a 20% increase in trading volumes and a 12% influx of new users. In October, the growth in trading volume amounted to 21 percent.
India Trading Prospects
Recall that such an active development of the Indian cryptocurrency sphere is ensured by the lifting of the ban of the Indian Reserve Bank on the work of banks with cryptocurrency companies.
This ban was lifted by the decision of the Supreme Court. But according to Indian investors, access to finance is still poor. There is room for improvement in this area.