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India’s Leading Bitcoin Exchange Raises $13.9M From Block.One, Coinbase Ventures

CoinDCX, India’s biggest cryptocurrency exchange, has raised the equivalent of $13.9 million in a Series B funding round led by Block.one, the creator of the software that runs EOS.

According to Coindesk, this follows on a May 2020 round for $2.5 million from Polychain Capital and Coinbase Ventures, who returned to participate in this new round of funding. 

Sumit Gupta, CEO and co-founder of CoinDCX said:

“This has been the most exciting year for CoinDCX. While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so.”

The company is building on momentum engendered by courts lifting India’s de facto ban on cryptocurrency trading in March.

Gupta particularly noted further development of the firm’s mobile app, CoinDCX Go, as a priority for the new funding.

Block.one CEO Brendan Blumer stated that interest in crypto had already been growing heading into 2020 but that it accelerated through the pandemic. 

Blumer stated that:

“With the increased 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.”

Bitcoin’s recent rally over $20,000 has been advantageous to Block.one. Recently, Blumer announced on Twitter that his firm has “accumulated well beyond our previously announced 140,000 #BTC position.”

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