Indian cryptocurrency exchange CoinDCX has raised $13.9 million in a Series B financing round led by Block.one, the company behind EOS.
📢 CoinDCX Raises INR 100 crores ($13.9 Million) in Series B funding round from investors — @block_one_, @Temasek, @jumpcapital, Uncorrelated Ventures, @coinbase Ventures, @polychaincap, Mehta Ventures, and @alpackaP.
Read here on our bloghttps://t.co/y2qOa7VC65#TryCrypto
— CoinDCX: India’s Largest Cryptocurrency Exchange (@CoinDCX) December 22, 2020
Temasek, Jump Capital, Coinbase Ventures and Polychain Capital also participated in the round. The latter two firms invested $5 million in CoinDCX in May this year. Polychain Capital also participated in an earlier round of funding for the Indian crypto exchange in March this year alongside the BitMEX operator.
The total funding raised by CoinDCX to date has reached $19.4 million.
The exchange plans to use the funds to attract 50 million customers under India’s cryptocurrency promotion program, the #TryCrypto campaign. Its vehicle will be the CoinDCX Go app, launched on December 10 and currently in beta.
According to CoinDCX representatives, trading volumes rose 20% over the last two quarters, and the number of customers rose 12%. The company’s headcount tripled in this period, from 30 to 90 employees.
Analysts at Jump Capital identified India as one of the countries with the greatest potential to embrace Bitcoin and other cryptocurrencies.
In March, venture investor and billionaire Tim Draper announced his intention to invest in an Indian crypto renaissance. He was prompted by the lifting of the ban on banking services for cryptocurrency firms in the country.
Earlier in December wrote about the resumption of operations of leading banks with cryptocurrency exchanges and traders.
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