Indian cryptocurrency exchange CoinDCX has raised $13.9 million in Series B funding.
The round was led by Block.one, with participation from Temasek, Coinbase Ventures, Jump Capital, Uncorrelated Ventures, Polychain Capital, Mehta Ventures, and Alex Pack. (Pack is a former managing partner of Dragonfly Capital who joined Huobi’s investment unit last month).
With fresh capital in hand, CoinDCX plans to improve the functionality of its product and technology, grow its team, and improve the compliance and security sections of its platform, co-founder and CEO Sumit Gupta told The Block.
On the product side, in particular, CoinDCX plans to enhance the recently launched investment app CoinDCX Go. “Many features” will be added to the app “in the coming months,” Gupta said. He added that the overall goal is to get “millions of new people into crypto.”
To that end, CoinDCX is “actively hiring” people across various functions and wants to double its team from 90 people today to around 180 people in the next year, Gupta said. Regarding compliance and security plans, Gupta did not reveal specific details but said, “we want to be the most compliant exchange in India.”
CoinDCX also wants to measure transaction monitoring and crypto storage capabilities, Gupta said. The exchange recently partnered with Onfido to strengthen know-your-customer and anti-money-laundering processes, as well as with BitGo to deposit customer funds with $100 million in insurance.
Looking to the future, CoinDCX’s specific goal is to get 50 million customers into crypto. Volume seems to be second to the exchange. “We do not want customers to invest a very large capital. They should invest based on whatever their comfort zone – INR 100 [$ 1,35], INR 1,000 [$ 15], 0.1% of their portfolio, or 1% of their portfolio. portfolio. The most important thing is to invest first, then manage the portfolio. “
CoinDCX currently has around 200,000 subscribers, and its trading volume this year has grown 200% compared to last year, Gupta told The Block, without disclosing specific figures.
Series B brings CoinDCX’s total funding to date to $19.4 million. Previously, the exchange had raised $3 million in Series A and $2.5 million in a strategic funding round.