India’s CoinDCX, which happens to be the largest cryptocurrency exchange, has been able to raise $13.9 million or INR100 crore in a Series B funding round led by Block.one.
According to a news report on Coindesk, CoinDCX raised more than $13.8 million or INR100 crore Indian currency, in a Series B funding round. It followed around that was initially held during the month of May, this year in 2020.
The exchange was able to garner $2 million from Polychain Capital and Coinbase Ventures. They were also present during the round of funding. Few other notable participants of the funding include Jump Capital, Uncorrelated Ventures, and Mehta Ventures.
Sumit Gupta, who is the CEO and co-founder of CoinDCX, said in a statement that they are excited about this new development. Though the global pandemic made humans live indoors, they managed to scale exponentially and want to continue the trend.
In March this year, the Indian courts lifted the ban on cryptocurrency transactions in the country. Marsmasters is a leading news outlet on the current cryptocurrency headlines across the world, had this to tweet on CoinDCX being able to raise $13.9 million Coinbase ventures.
A move that can shake India
This is exciting news for Indian users because according to a news publication on Entrackr claimed that the Reserve Bank of India, the country’s financial governing body, had banned the use of cryptocurrency transactions.
The Reserve Bank of India has banned the use of cryptocurrency in India from 2018. The cryptocurrency exchanges in India filed a lawsuit in the Supreme Court in response to that. This was done in the month of September in 2019, and they managed to get respite.
However, the government of India is yet to provide clarity on the regulation. This will help the users and owners of cryptocurrency to develop infrastructure for the virtual currency ecosystem. CoinDCX was founded in 2018 and is a cryptocurrency exchange.
The exchange also provides traders with liquidity aggregator doing operations globally. They offer instant deposit and withdrawal facilities to crypto-based financial products and services.
A few of them include Insta, Spot, Lend, Margin, and Stake. Some crypto-based firms have managed to increase their capital in 2020; the Indian government planned to bring about changes in the law for banning trade using the cryptocurrency.
Gupta was excited about the funding because he felt this is the ideal time for developing a mobile app for the company to help speed things. They want to use CoinDCX Go, the app for new exposure in a field that is entirely new to India.
Besides, the firm also wants to offer a fiat on-ramp for traders. As of now, the firm provides users with minimal services like lending, trading, and stake cryptocurrencies that can make rewards for traders.
Brendan Blumer, who is the CEO of Block.one, felt that 2020 saw a massive interest in cryptocurrency growth. Users are intrigued by Bitcoin, and it has increased significantly is now accessible to everybody and can be used in the second-most populous country in the world.