CoinDCX, the biggest cryptocurrency trade in India, continues to aggressively develop its enterprise with an enormous new fundraise.

In line with a Dec. 21 announcement, CoinDCX has raised $13.9 million from trade buyers like Coinbase and Polychain in its Sequence B funding spherical. Led by main blockchain software program agency Block.one, the brand new increase additionally included Singaporean funding agency Temasek, Leap Capital, Uncorrelated Ventures, Mehta Ventures, and Alex Pack.

This was CoinDCX’s third spherical of funding in 2020, bringing the corporate’s complete raised quantities to $19.4 million. In March 2020, CoinDCX raised $3 million in a Sequence A spherical from companies like Polychain and BitMEX. The trade subsequently secured $2.5 million in extra Sequence A funding from buyers like Coinbase and Bain Capital in Might.

CoinDCX plans to make use of the newly raised funds to proceed driving crypto adoption in India with merchandise like a crypto funding app referred to as CoinDCX Go. The appliance was launched in public beta on Dec. 10 as a part of CoinDCX’s so-called “Attempt Crypto” program, which goals to onboard 50 million Indians to their crypto providers.

CoinDCX’s recorded 20% development in buying and selling volumes and a 12% enhance in new prospects over the previous two quarters. The trade additionally noticed 21% month on month development in buying and selling quantity in October 2020.

Sumit Gupta, CEO and co-founder of CoinDCX, stated that CoinDCX tripled its workers from 30 workers in March 2020 to 90 workers in December. “This has been essentially the most thrilling yr for CoinDCX. Whereas the pandemic pressured everybody indoors, CoinDCX scaled up exponentially and continues to take action,” Gupta stated.

CoinDCX’s stable development in 2020 additional demonstrates that crypto adoption is rising in India after the nation’s Supreme Courtroom struck down the Reserve Financial institution of India’s ban on banks offering providers to crypto corporations. In line with a survey by CoinDCX, the vast majority of Indian buyers don’t see an “simple method” to entry publicity to crypto belongings although.