Crypto Exchange CoinDCX Surges $13.9 M in Series B

by in Cryptocurrency News

CoinDCX India

India's most popular cryptocurrency market CoinDCX soared $ 13.9 M in a Series B funding stage headed by, the creator of the EOS project.

Related: US authorities analyzed options for managing the DeFi market

Among the participants were Temasek, Jump Capital, Coinbase Ventures, and Bain Capital.

In March 2020, CoinDCX reached $3 M in a Series A from Polychain and BitMEX. Later in May, the protocol got $2.5 M in further Series A fundraiser from investment firms such as Coinbase and Bain Capital. So, the two rounds together brought $19.4 M to CoinDCX.

The platform aims to use the received investments to develop its services and technology features, expand the team, and make the system more secure.

On December 10 CoinDCX introduced a crypto investment application named Go. It is a part of the “Try Crypto” strategy, which intends to generalize cryptocurrencies in India.

During the last 2 quarters, CoinDCX had a 20% rise in trading amounts. The number of new users escalated by 12%. The market also marked a 21% monthly extension in trading funds in October 2020. Within this interval, the company's team has been expanded three times reaching from 30 to 90 workers. CoinDCX’s progress in 2020 shows that cryptocurrency adoption is growing in India following the country's Supreme Court's decision to cancel the Reserve Bank of India’s expel against crypto firms.