India’s largest cryptocurrency exchange, CoinDCX, has raised the equivalent of $ 13.9 million in a Series B financing round led by Block.one, the creator of the software that runs EOS.
This follows the May 2020 round for $ 2.5 million from Polychain Capital and Coinbase Ventures, which returned to participate in this new round of funding. Other participants included Uncorrelated Ventures, Jump Capital and Mehta Ventures.
“This was the most exciting year for CoinDCX. While the pandemic forced everyone indoors, CoinDCX increased exponentially and continues to do so, ”Sumit Gupta, CEO and co-founder of CoinDCX, said in a statement.
Gupta specifically referred to the further development of the company’s mobile app, CoinDCX Go, as a priority for the new funding.
CoinDCX provides its users with a fiat ramp and trades, but provides other basic services as well. It enables borrowing, margin trading and the ability to contribute to award-winning cryptocurrencies for doing so.
Block.one CEO Brendan Blumer said interest in crypto had already been growing into 2020 but was accelerating through the pandemic.
“With the growing interest in digital currencies, CoinDCX’s role in making cryptocurrencies accessible to everyone in the world’s second most populous country is even more vital,” Blumer said in a press release.
A recent Bitcoin rally over $ 20,000 has benefited Block.one. Blumer recently published on Twitter his company has “built up well beyond our previously announced 140,000 #BTC position.”