CoinDCX raised nearly $14 million in a recent funding round
- India's leading crypto exchange, CoinDCX, recently concluded another successful funding round.
- The exchange raised nearly $14 million from some major investors, including Block.one.
- The exchange will now focus on the development of its app, and the introduction of new features and services.
CoinDCX recently held a Series B funding round, which ended up being extremely successful. The largest Indian crypto exchange raised around $13.9 million in a round led by Block.one.
The new development comes after another round that took place earlier this year, in May. Back then, the company raised $2.5 million from Coinbase Ventures and Polychain Capital, both of which also returned to participate in this second round, as well.
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Of course, there were other participants, too, such as Jump Capital, Uncorrelated Ventures, Mehta Ventures, and others.
CoinDCX’s co-founder and CEO, Sumit Gupta, commented on the new development, noting that this has been a very exciting year for the exchange. The pandemic did force everyone indoors, and the situation is still not much better. However, CoinDCX managed to scale up exponentially, and it still continues to do so.
CoinDCX in 2020
The company has been building momentum ever since the central bank’s ban on crypto trades was lifted by the Supreme Court earlier this year, in March.
Gupta also noted some further developments, such as the development of the exchange’s mobile app, CoinDCX Go. This will be the priority for the new funding, he said.
The exchange already provides a number of basic services, including fiat on-ramp, trading, and more. Now, it aims to offer some additional features, including margin trading, lending, crypto staking, and more.
Brendan Blumer, the CEO of Block.one, recently said that the interest in digital currencies has been growing heading into 2020. Once the pandemic hit, that interest accelerated further.
CoinDCX was there to make digital currencies available to everyone during this period, and especially recently, as Bitcoin hit a new all-time high after breaching the $20k mark.