Cryptocurrency exchange CoinDCX has raised $20 million since the pandemic broke out — the founder says he is hiring aggressively as volumes have tripled
CoinDCXhas raised funds three times this year, totaling to $19.4 million so far.
- The latest Series B funding round was led by Block.one and included Coinbase Ventures, DG, Jump Capital, among others.
- The company says it will use these funds towards developing its new flagship
- This app is a part of the company’s #TryCrypto campaign, which aims to onboard 50 million Indians.
This is the third round of funding for CoinDCX in 2020. In March 2020, it raised $3 million, followed by a $2.5 million funding in May 2020 – both at a time when the COVID-19 pandemic was at its peak. With the third round of funding now, it has raised $19.4 million in 2020 so far.
Some of the prominent investors in CoinDCX include Block.one, Coinbase Ventures, which is the investing arm of San Francisco-based cryptocurrency trading platform Coinbase.
AdvertisementCoinDCX has tripled its workforce this year
Sumit Gupta, CEO and co-founder of CoinDCX said, “While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so. Our team tripled in number from 30 in March to 90 in December, and we are continuing to hire aggressively.”
“The funds raised in the past as well as the current round will help us develop our newly launched
CoinDCX aims to onboard 50 million Indians into the cryptocurrency market
CoinDCX recently launched its flagship app CoinDCX Go. This is a part of the company’s #TryCrypto campaign which aims to onboard 50 million Indians.
In the past six months, CoinDCX says it has seen a three-times growth in the overall volume traded. In the same time, it has seen a four-time jump in daily active users, suggesting increased interest in cryptocurrency.
This should not be surprising – Bitcoin has doubled investor wealth in 2020, going from $11,100 at the beginning of the year to hitting $24,200 recently.
AdvertisementIndustry insiders believe there’s more to come.
Making Bitcoin a mass movement
CoinDCX says the latest round of funding will help it develop its new app which is aimed at the masses – including onboarding 50 million Indians.
But it is not alone.
Payment giant PayPal has signaled its intent by allowing users to buy and sell cryptocurrencies, giving this idea a major push towards mass adoption.
Visa and MasterCard have also thrown their weight behind Bitcoin – while Visa has launched a credit card that rewards purchases in Bitcoin, MasterCard has invested in Bitcoin company Digital Currency Group.
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