Coindcx, a cryptocurrency exchange, on Tuesday announced a Rs 100 crore or USD 13.9 million fund infusion in a funding round led by Block.one.
This is the third funding round for the company, which claims to be the largest cryptocurrency exchange, in the last nine months and comes amidst a strong rally in Bitcoin.
The Supreme Court had in early March allowed trade in cryptocurrency, quashing curbs imposed by the Reserve Bank after a strong rally in the unregulated cryptocurrencies like Bitcoins on exchanges.
Many constituencies have concerns on cryptocurrencies because of their non-fiat character, and the complex or non-transparent way in which its supply is governed, unlike money supply that happens in a regulated way.
"Coindcx plans to use the newly raised funds to drive crypto adoption in India, with cutting-edge innovative products," a statement issued on Tuesday said.
It has raised USD 19.4 million across the three funding rounds since March and the latest round saw participation from DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack, it said, adding Polychain and Coinbase are returning investors.
"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," its co-founder and chief executive Sumit Gupta said.
The funds raised in the past as well as the current round will help develop a newly launched Bitcoin and Crypto Investment App making it the easiest and the safest way to onboard everyday Indian into cryptocurrencies, he added.
He reiterated the company's aim is to onboard 50 million Indians into the cryptocurrency market and it is running a campaign for the same.
"Leading up to 2020, interest in digital assets was growing consistently as more investors explored these new liquidity options. With the global events this year, we're seeing this trend accelerate exponentially, as both institutional and individual investors embrace these new asset classes to diversify their portfolios," Block.one's CEO Brendan Blumer said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU