On April 8th, 2018, we started the company with a vision to create a major revolution in the fintech sector. Our aim was to strengthen the crypto ecosystem of India and further put the nation on the world map. We created DCXtrade wherein users can trade in 200+ coins with highest liquidity from World’s best Cryptocurrency exchanges like Binance, Huobi and HitBTC. Soon after the launch, the RBI imposed a banking ban with respect to cryptocurrencies in India. This came as a huge setback, but we were determined to move ahead with much vigour and decided to focus on taking CoinDCX to greater heights.
Our users' trust and confidence in us boosted our energy and as a result, we launched DCXinsta on 15th August, 2018. The product offers the fastest FIAT On Ramp Off Ramp with zero trading fee. The traders can buy 40+ cryptocurrencies with INR in less than a minute. Simultaneously, we created a world-class security system as the safety of our users' funds is of supreme importance to us. The users' funds are stored in cold wallets with additional security measures like withdrawal confirmations and 2-Factor authentication. All the funds are insured by BitGO which gives complete fund safety to our customers.
The year 2019 started with a bang as we launched DCXmargin on January 19th. The users can multiply their gain by trading with 6x leverage across 250+ markets. We channeled all our efforts to make CoinDCX, a platform suitable for all types of traders and provide them the best trading experience with maximum options. The zeal to achieve the same enabled us to introduce our next variant DCXlend. It went live on 23rd Feb. The traders can earn upto 20% annual interest through lending.
We also raised our first funding led by Bain Capital Ventures. Other major investors were Sanjay Mehta (Mehta Ventures), Sung Ho Choi (Founder, FuboTV), Utsav Somani (Partner at AngelList India). It was a joyous moment for us and we have started making a mark in the business investment circle. The funds were used to scale our technical infrastructure and enhance the service quality of our products. We were able to build a support system that works on a six sigma model and is committed to record 100% customer satisfaction.
We believe that community engagement is necessary to build a strong network. It helps to create a room where everyone can be together and drive their common goal. This belief gave birth to the ‘Unwind’ initiative. We hosted a ‘first-of-its-kind’ private crypto-dinner, which was attended by representatives from Crypto Kanoon, Matic Network, Marlin Protocol, Woodstock Fund, Cashaa, and Hard Fork. The Unwind 2.O was held to dispel the confusion about the crypto regulations by the government. All these efforts were noticed by several reputed institutions and CoinDCX featured on Tracxn's ‘World's Top Emerging Blockchain Startups’ 2020 list. We received ISO certification and were awarded under the category of ‘Excellence in Finance - Companies’ at FiNext Conference 2020.
We achieved so much in such a short time, but were not fully satisfied. The hunger to grow more kept increasing. As a result, we worked more passionately and partnered with OKEx on February 14, 2020 to become 1st Indian crypto exchange to launch futures in India. As a pioneer, we wanted to empower the crypto community. We have invested US$ 1.3 Million on our #TryCrypto initiative through which we aim to build an Indian crypto community of 50 Million people. We have started a referral program and also conduct trading competitions at regular intervals to encourage maximum participation. We will soon launch an educational platform to make blockchain and cryptocurrency accessible to everyone. The platform will help people at all levels and they can gain knowledge in a simple and engaging manner.
We see a bright future of blockchain and crypto in India as very recently the Supreme Court of India quashed the RBI ban and we witnessed a 10x growth in the first week itself. We continued our award winning track record as we became the first digital asset trading platform in the country to integrate direct bank transfers. We also secured US$3 Million Series A funding led by Polychain Capital, Bain Capital Ventures and HDR Group, operator of BitMEX with participation from other Venture Capitalists. The funds will be used to boost our next phase of development, including the launch of a new set of products, service enhancements, strengthening R&D, marketing activities, and human resource growth.
We as a team realise that to achieve success is easy and to sustain it throughout is a Herculean task. We take this opportunity to thank all our stakeholders, customers, and the entire crypto community who believed and pushed us more than we did. You are the cornerstone of our success. As we have stepped into our third year, we look forward to your continued support for all our future endeavors and together we will strengthen the #TryCrypto movement to its fullest potential.