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Cryptocurrency start-up, CoinDCX bags INR 100Cr funding in Series B round led by Block.one

CoinDCX

Source: hrnxt.com

CoinDCX is an Indian start-up that specialises in crypto-currency-based financial services and most recently it has announced to raise INR 100 crore worth funding in its latest Series B funding round. The financing round was led by Block.one, a blockchain software company.

The funding round also witnessed participation from existing investors of the company Uncorrelated, DG, Jump Capital, Polychain Capital, Coinbase Ventures, Alex Pack and Mehta Ventures, according to LiveMint.

Founded back in 2017 by Neeraj Khandelwal and Sumit Gupta, CoinDCX focuses on enabling a borderless product for smooth and seamless financial services for an uninterrupted flow of capital. Trading has become an essential part of the ecosystem in many markets and CoinDCX enhances that experience for traders by providing efficient liquidity, impenetrable security and wallet services that make trading fast, reliable and absolutely effortless.

When asked about the funding, the company mentioned utilising these freshly infused funds to lead the cryptocurrency adoption in India with its unique cutting-edge financial platform. CoinCDX has also planned to lead this adoption drive with its newly launched Bitcoin/Cryptocurrency investment application called ‘CoinDCX Go’. The company aims to attract new talents to their platform and continue its growth spike for the year to come, 2021.

As we are all aware of the unfortunate scenarios that COVID-19 has imposed upon all of us, many businesses pulled down their shutters permanently, while others were at tremendous losses and unemployment was surging through the roof. But, some businesses pulled through the situation and the COVID-imposed lockdowns due to the nature of their business and CoinDCX was one of such companies.

As claimed by the company spokesperson, the crypto-financial platform scaled up exponentially and is continuing to do so. Besides, they have claimed to almost triple their workforce from 30 employees in March to 90 in December, according to a report by Live Mint.

Sumit Gupta, CEO and co-founder, CoinDCX mentioned in a statement that the company is hiring new talents aggressively to meet the needs of their operations. Furthermore, he adds that the company is currently focusing to scale up its crypto investment app, the CoinDCX Go which is a part of their #TryCrypto movement which aims to onboard over 50 million Indian into the digital currency market as they ultimately aim to lead the crypto adoption in India.

India is continuously advancing on all digital platforms with the boost in the on-going digitisation wave that resulted during the nation-wide lockdowns and making cryptocurrencies accessible to everyone in a country like India- world’s second-most populous country can turn out to be very profitable and CoinDCX is capitalising on this opportunity.

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