Cryptocurrency exchange platform CoinDCX has raised INR 100 crore (13.9 million) in series B round of funding. According to a company statement the round saw participation from DG, Jump Capital, Block.one, Uncorrelated Ventures, Mehta Ventures and Alex Pack. Additionally, CoinDCX’s existing investors Coinbase Ventures and Polychain Capital also participated in this funding round. With the firm’s third round of funding in 2020 came to a close, it has so far raised a total of 19.4 million.

Founded in 2017, CoinDCXspecializes in crypto-enabled financial services meted out through a set of products that let traders trade using liquidity from exchanges. Founded by NeerajKhandelwal and Sumit Gupta, the Mumbai based firm’s motto is to remove each and every impediment which stops people from investing and trading cryptocurrencies.

To this effect, the firm is looking to strengthen its #TryCrypto movement which is a community-driven initiative aimed at bring the next 50 Million Indians to adopt cryptocurrency and blockchain in India. Coin DCX is also gearing up towards launching a new Bitcoin app, which will enable Indians to invest in top cryptocurrencies legally, easily and safely with zero fee.

Speaking about the investment, Sumit Gupta, CEO & co-founder, CoinDCX said, “While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so. Our team tripled in number from 30 in March to 90 in December, and we are continuing to hire aggressively. The funds raised in the past as well as the current round, will help us develop our newly launched crypto to INR app, CoinDCX Go and make it the easiest and the safest way to onboard the everyday Indian into cryptocurrencies. The new app, is a flagship product from our #TryCrypto movement which aims to onboard 50 million Indians into the cryptocurrency market.”

CoinDCX experienced 3x growth in the overall volume traded and saw 4X quarter-over-quarter growth in daily active users, in the Apr-Jun quarter and 21 percent Month on Month (MoM) growth in trade volume and 25 percentMoM growth in the number of users, in October.

The firm intends to utilize the fresh infusion of funds to build on this growth momentum and will focus towards creating more advanced crypto-based products, simplify investing into cryptos, modernizing the financial space and hiring some of the top talents in the industry.