India has a huge potential when it comes to cryptocurrencies, thanks to various factors. Several weeks ago, the largest cryptocurrency exchange in India made an important announcement. The cryptocurrency exchange raised $13.9 million from industry investors like Coinbase and Polychain in its Series B funding round.
It is worth mentioning that the new raise included Singaporean investment firm Temasek, Jump Capital, Uncorrelated Ventures, Mehta Ventures as well as Alex Pack.
Importantly, this was CoinDCX’s third round of funding in 2020, bringing the company’s total amounts to $19.4 million. As a reminder, in March 2020 the country’s largest cryptocurrency exchange raised $3 million in a Series A round from firms like Polychain and BitMEX. Notably, CoinDCX afterwards secured $2.5 million in additional Series A funding from investors like Coinbase and Bain Capital in May.
Cryptocurrency exchange and plans for the future
The country’s largest cryptocurrency exchange plans to use the newly raised funds to continue driving crypto adoption in India, with products like a crypto investment app called CoinDCX Go. The application was launched in public beta on December 10 as part of CoinDCX’s so-called “Try Crypto ” program. The aim of this program is to convince Indians to use their crypto services.
It is worth mentioning that the cryptocurrency exchange recorded a 20% growth in trading volumes. It had an additional 12% increase in new customers over the past two quarters. Moreover, the exchange saw 21% month on month growth in trading volume in October 2020.
Importantly, CoinDCX’s solid growth in 2020 further demonstrates that crypto adoption is rising in the country. The world’s second-most-populous country has huge potential and the government should work with companies, and experts to make cryptocurrencies more popular in India. This way, it will be easier to reach this goal in several years.