Cryptocurrency exchange CoinDCX raises ₹100 crore in Series B funding round : REPORT

Synopsis

The crypto exchange is likely to hit $1 billion valuation post the round led by B Capital

BY ;

      ANAND SINGH 

Cryptocurrency exchange platform CoinDCX is in discussions to close a new financing round of $100-120 million (Rs 743-892 crore) from investors led by Facebook cofounder Eduardo Saverin’s B Capital Group, three people in the know of the matter said.

Facebook cofounder Eduardo Saverin's B Capital Group is likely to lead the investment in CoinDCX.

• CoinDCX's latest funding round was led by Block.one and included DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack

• The cryptocurrency exchange will utilise the funds towards developing its app named CoinDCX Go.

  The company was founded in 2018 by Sumit Gupta and Neeraj Khandelwal. In December 2020, CoinDCX raised $13.9 million in a Series B funding round led by Block.one and included DG, Jump Capital, Uncorrelated Ventures, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack.

CoinDCX had 1.5 million registered users in June, with the user base growing 700 percent since March, the report 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.

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