CoinDCX, a cryptocurrency exchange based in India, continues to actively expand its business by raising massive new funds.

CoinDCX raised $ 13.9 million from industry investors such as Coinbase and Polychain as part of its Series B financing round, led by the blockchain software giant, Block.one, and the new promotion also included a Singapore-based investment firm, according to the Dec. 21 announcement. Temasek, Jump Capital, Uncorrelated Ventures, Mehta Ventures, and Alex Pack.

This was CoinDCX’s third round of financing in 2020, raising a total of $ 19.4 million. In March 2020, CoinDCX raised $ 3 million in Series A rounds from companies like Polychain and BitMEX. The exchange then raised $ 2.5 million in additional Class A financing in May from investors such as Coinbase and Bain Capital.

CoinDCX plans to use the newly raised funds to continue adopting cryptocurrency in India through products such as a cryptocurrency investment app called CoinDCX Go. The app was launched in public beta on December 10 as part of the CoinDCX Try Cryptocurrency program, which aims to attract 50 million Indians to their crypto services.

CoinDCX reported a 20% increase in trading volume and a 12% increase in new customers in the past two quarters. The exchange also saw a 21% increase in trading volume in October 2020.

Sumit Gupta, CEO and co-founder of CoinDCX, said CoinDCX tripled its staff from 30 employees in March 2020 to 90 employees in December. “This has been the most exciting year for CoinDCX. While the pandemic has forced everyone to leave their homes, CoinDCX has expanded dramatically and continues to grow,” Gupta said.

CoinDCX’s strong growth in 2020 illustrates that cryptocurrency adoption in India is increasing after the country’s Supreme Court lifted the Reserve Bank of India ban on banks providing services to cryptocurrency companies. According to a CoinDCX survey, most Indian investors don’t see an “easy way” to access cryptocurrencies.

Source: CoinTelegraph

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