Cryptocurrency exchange CoinDCX has raised Rs 100 crore in a series B investment round that turned into led by means of Block.one and covered DG, soar Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex percent.
CoinDCX plans to use the newly raised price range to force crypto adoption in India with new merchandise, according to a assertion on Tuesday. The funds may even assist to draw and maintain clean expertise and sustain the “hockey stick” increase in 2021, it delivered.
In March, the cryptocurrency change raised collection A funding really worth $3 million from agencies inclusive of Polychain Capital, Bain Ventures and Bitmex. In may, it raised $2.five million in a strategic spherical from the above corporations in addition to Coinbase Ventures, the investment arm of San Francisco, US-based totally cryptocurrency trading platform Coinbase.
Compiling all 3 rounds of investment this 12 months, CoinDCX has raised near $19.four million till date.
The ultimate court docket in March lifted a ban on cryptocurrency buying and selling in the country, main a bounce in exchange volumes.
Cryptocurrencies emerged over a decade ago but quick became related to crime, trading system faults, hacks, and wild charge swings. it’s far only inside the past two years that they have started attracting extra mainstream hobby globally.
CoinDCX said it saw a robust increase inside the past few quarters. The alternate saw 3X growth within the general volume traded and saw 4X zone-over-zone increase in each day energetic users, within the April to June area.
typical in Q2 and Q3, CoinDCX saw 12% growth in signups and 20% increase in volume. CoinDCX saw 21% Month on Month (mother) boom in trade quantity and 25% mom increase within the wide variety of users, in October.
India is an rising market for cryptocurrencies and CoinDCX is spearheading the cryptocurrency adoption in India. As one in all CoinDCX’s investors, we are proud and heartened to peer the trade evolve in this kind of quick span of time