In a new report gathered earlier this week, India’s leading digital cryptocurrency company, CoinDCX, has reportedly raised about $14million from prominent crypto firms worldwide, a move led by popular blockchain technology company Block.one. According to reports, this new series B round of funding of $14million is now the third this year the cryptocurrency has raised funds, and cumulatively have now raised about $20million in total.
Analysts at large expect that with the new capital at the organization’s disposal, its primary intention should be to expand and cater to more crypto-related products and services to Indians and the Asian continent at large, with plans to increase its workforce a primary target for CoinDCX.
Coinbase and a few other companies partnered with Block.one in the funding
The report of Block.one leading the funding process is exciting, but it is worthy to note that Coinbase and a few other ventures partnered with Block.one in the latest Series B funding. The investment round featured participation from leading companies like Temasek, Uncorrelated Ventures, Jump Capital, Polychain Capital, and crypto giants like Coinbase and Block.one. The success of the investment round would not have been possible had the others not stepped up to match Block.one.
CoinDCX can now expand beyond its horizon
The Indian company currently boasts about 200,000 customers and has always made it known that it intends to reach 50million users in the next decade. Their statement on their official website has made it known that they do not care about how much investment customers make into the system, as their main focus is for them to invest and allow the company to serve them by ensuring that they get value for their investment.
In a statement by the CEO of the Exchange, Sumit Gupta, he says the plans the exchange have towards expansion can now be fulfilled with the new funding as it expects to skyrockets his organization’s chances of being the leading cryptocurrency organization in Asia. Gupta also noted that the company would increase its workforce by 100% to cope with the intended expansion in the next year. He believes that the new funding will ensure that his exchange will continue to become the most compliant and regulated crypto platform.
Crypto companies continue to depend on Investment funding
Investment funding is necessary for every business to thrive on, as it is expected to help businesses smoothen the hurdles of effectively managing their firms. Earlier this month, it was reported that Binance Venture Capital firm, Binance Labs, partnered with NGC Ventures, C6E (Capital6 Eagle), and Amber Group to raise a $12 million investment fund for MathWallet.
The multi-platform universal crypto wallet with over one million users, that enables storage of about 60 tokens inclusive of Bitcoin, Ethereumm, and Polkadot amongst others. This funding implication will further improve the status quo of cryptocurrency, which is gaining wide stream acceptance in the world.