CoinDCX – an India-headquartered crypto exchange platform – is reportedly putting in extensive efforts to strengthen its operations, via the most recent, massive fund raise.
Specifically, CoinDCX has reportedly managed to secure $13.9 million from big names in the sector, nominally Coinbase and Polychain, via its Series B funding round.
Spearheaded by top-tier blockchain software company Block.one, the new raise reportedly also received participation from Singapore-based investment company Temasek, Jump Capital, Uncorrelated Ventures, Mehta Ventures, and Alex Pack.
This reportedly marked the third time CoinCDX ran funding rounds like this throughout 2020, bringing the overall raised amounts to $19.4 million. In March this year, CoinDCX raised $3 million in a Series A round from different companies, nominally Polychain and BitMEX.
The exchange platform later on secured $2.5 million extra via Serie A funding from investors such as Coinbase and Bain Capital in May.
CoinDCX reportedly has a goal to direct those newly secured funds towards amping up adoption rate of crypto across India, via investing in new solutions, nominally a crypto investment app dubbed CoinDCX Go.
The beta phase for the application was reportedly released on December 10th, as included in what is referred to as “Try Crypto” program of CoinDCX, which looks to onboard 50 million Indians to their crypto services.
CoinDCX’s recorded 20% surge in trading volume and a 12% rise in regarding new clients throughout the last two quarters. The exchange reportedly further experienced 21% increase, regarding its monthly growth in trading volume in October this year.