Indian cryptocurrency exchange CoinDCX has raised $13.9 million in Series B funding, totalling the funding raised by the company this year alone to $19.4 million.
The Seria B funding was led by Block.one, and had in participation from Temasek, Coinbase Ventures, Jump Capital, Uncorrelated Ventures, Polychain Capital, Mehta Ventures, and Alex Pack.
CoinDCX is India’s largest cryptocurrency exchange company is a Singapore-based company that specializes in crypto-enabled financial services, with about 200,000 customers, and trading volumes that have grown by 200%.
Co-founder and CEO Sumit Gupta of CoinDCX told The Block that the company will update its investment app CoinDCX Go.
“A lot of features are set to be added to the app in the next couple of months,” said Gupta.
Bitcoin slightly grows to 23,496.79 in current price, increasing by 3.06% in the last 24 hours. Within 24 hours, bitcoin dropped to only $22,384.13 low and experienced $23,543.85 high. The trading volume of bitcoin in the last 24 hours is $37.01B. The current market capitalization of bitcoin is $436.51B. Currently, 18,578,125 bitcoins is in circulation.
Stats and Image from Coin Desk
Gupta also added that the company is beefing up its labour force across functions from 90 people to about 180 in the next one year.
CoinDCX plans to expand its customer base by onboarding 50 million customers into crypto.
“We don’t want customers to put a very large amount of capital. They should invest based on whatever their comfort zone is — INR 100 [$1.35], INR 1,000 [$15], 0.1% of their portfolio, or 1% of their portfolio. The important thing is to invest first, and then eventually, manage the portfolio,” Gupta told The Block.