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Announcing our $13.9 Million Series B Funding Round

Announcing CoinDCX Series B Funding

Snapshot

  1. CoinDCX raised $13.9M ( ₹100 Crore) in Series B.
  2. CoinDCX is going to launch a new app which is going to be the simplest Bitcoin app in the world
  3. CoinDCX thanks its entire community for their trust and constant support

We at CoinDCX are delighted to share with you that we have raised ₹100 Crore ($13.9 Million) in our Series B funding round which will be used to accelerate our initiatives in driving mass crypto adoption in India and the world. We would like to thank our investors DG, Jump Capital, Block.one, Uncorrelated Ventures, Mehta Ventures and Alex Pack, and our returning investors such as Coinbase Ventures and Polychain Capital for participating in this round and trusting in our vision. The financing represents a giant leap forward in our efforts to create more advanced crypto-based products, simplify investing into cryptos, modernize the financial space, and hiring some of the top talents in the industry. 

We at CoinDCX believe in removing each and every impediment which stops people from investing and trading cryptocurrencies. Our products, features, partnerships, academy, and  campaigns are a clear testament of the steps we have taken in this direction. As acceptance of cryptocurrencies is becoming a norm globally, we will strengthen our #TryCrypto movement with our aspirations in becoming the safest and easiest place to invest in cryptos alongside creating sophisticated and professional products and services creating a pathway for legacy investors as well. Soon, we are going to launch a new app which is going to be the simplest Bitcoin app in the world where Indians will be able to invest in top cryptocurrencies legally, easily and safely with zero fee. 

Sumit Gupta, Our CEO and co-founder of CoinDCX, “This has been the most exciting year for CoinDCX. 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. The funds raised in the past as well as the current round, will help us develop our newly launched crypto to INR app, CoinDCX and make it the easiest and the safest way to onboard the everyday Indian into cryptocurrencies. The new app, is a flagship product from our #TryCrypto movement which aims to onboard 50 million Indians into the cryptocurrency market.”

Olaf Carlson-Wee, Founder of Polychain Capital and our returning investor, “We have worked with CoinDCX in the past and we are really impressed with the amount of development, the company has carried out. With a seasoned team that is growing, CoinDCX is poised to strengthen its position as the largest crypto company in India.” 

Brendan Blumer, the CEO of Block.One, the tech company producing the EOS.IO distributed ledger software, said, “Leading up to 2020, interest in digital assets was growing consistently as more investors explored these new liquidity options. With the global events this year, we’re seeing this trend accelerate exponentially, as both institutional and individual investors embrace these new asset classes to diversify their portfolios. With the increased interest in digital currencies, CoinDCX’s role in making cryptocurrencies accessible to everyone in the world’s second most populous country is even more vital. We’re excited to be partnering with some of the smartest investors in blockchain and crypto to support mass-scale digital asset adoption.”

CoinDCX has witnessed spectacular growth in the past 3 quarters. The numbers surpassed our own projections and we would like to acknowledge CoinDCX’s entire team for this achievement which has worked tirelessly for this feat. We saw 3X growth in the overall volume traded and saw 4X quarter-over-quarter growth in daily active users, in the Apr-Jun quarter. Overall in Q2 and Q3, CoinDCX saw a 12% increase in signups and a 20% increase in volume. CoinDCX saw 21% Month on Month (MoM) growth in trade volume and 25% MoM growth in the number of users, in October.

Saurabh Sharma, General Partner at Jump Capital said, “India is an emerging market for cryptocurrencies and it is only a matter of time, the rest of the world recognizes that CoinDCX has spearheaded the cryptocurrency revolution in India. As one of CoinDCX’s earliest investors, we are proud and heartened to see the exchange evolve so quickly in such a short span of time.”

In CoinDCX, we have always prioritised listening to our users who we consider our patrons. We always ran early access, beta testing, and product feedback programs to create solutions which directly cater to your needs. With this achievement, we wish to convey to our entire community that without you, none of this would have been possible. Your trust in us is an essential driver of our success and we will continue to serve you with world-class innovations, every-second support, and an extremely-friendly customer experience. 

 

Thank you for your support as we continue to grow together.

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