$14 Million Raised by an Indian Crypto-Exchange in its Third Round

$14 Million Raised by an Indian Crypto-Exchange in its Third Round

Now that the cryptocurrency industry has started gaining mainstream adoption, even third world companies are making full use of the situation. When it comes to information, technology, computing, algorithms, there is one third world country that is currently on the frontlines.

Over the past couple of years, the government of India has displayed a very non-serious kind of attitude towards the cryptocurrency industry. Even after so many obstacles and problems, the cryptocurrency industry has still managed to thrive and increase its user-base in the country.

There are many India-based cryptocurrency exchanges that have claimed that they are catering a very decent amount of users. It has been claimed by the crypto-exchanges from India that the majority of the investors they have are from the retail sectors. Based on the data, it is obvious that the retailer sector in the country is ready to adopt the crypto-industry.

Just recently one of the prominent cryptocurrency exchanges from India boasted about its growth and user-base. The exchange claimed that it is constantly making improvements to its products and services that is bringing in more user-base for the exchange.

At the beginning of the year 2020, the major crypto-exchange from India ‘CoinDCX’ announced that it was going to hold a fundraiser. It confirmed that the funds raised will be invested in the improvement and advancement of the exchange systems and services.

The CoinDCX just made an announcement on December 21, 2020, that the fundraiser that it conducted has gone really well. The exchange confirmed that through the fundraiser, it has managed to raise a very decent amount of funds that it will use to introduce more products for its users.

The exchange has confirmed that since the commencement of the fundraisers until now, it has managed to raise $13.9 million. It confirmed that the firms/investors that contributed towards the fundraiser were Polychain and Coinbase. It was the Series B funding round that brought in such a decent amount of funds for technological advancements in the crypto-sector.

The exchange also revealed that the fundraiser was led by Block.one, which is a major blockchain software firm. The exchange confirmed that apart from Polychain&Coinbase, it also had the contribution of other investors. Some of the prominent investors included Mehta Ventures, Alex Pack, Jump Capital, Temasek, and Uncorrelated Ventures.

Talking about the successful completion of the Series B Funding, CoinDCX confirmed that it was the exchange’s third round in 2020 that was held for funding. The exchange has also revealed that the total amount of funds that it has managed to generate from all three rounds is $19.4 million. In the first round, the exchange had managed to secure $3 million and from the second round, it managed to secure $2.5 million.

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