Cryptocurrency exchange Coin DCX has managed to put away roughly $20 million since the start of the pandemic. The company recently completed a Series B funding round in which it garnered as much as $13.9 million, though this was the third funding round it engaged in during 2020. Companies such as Block.one, Coinbase, DG and Jump Capital were all happy to take part.
Coin DCX Is Growing Like Mad
Initially, the company sought to raise roughly $3 million back in March when the coronavirus pandemic first began striking the world’s financial markets. From there, another funding round of roughly $2.5 million occurred about two months later, bringing its total for the year to a whopping $19.4 million.
The company is now using this money to expand its team. Sumit Gupta – the CEO and co-founder of the trading platform – says he is looking vigorously for crypto and blockchain talent. In a statement, he says:
While the pandemic forced everyone indoors, Coin DCX 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 bitcoin and crypto investment app Coin DCX Go and make it the easiest and the safest way to onboard the everyday Indian into cryptocurrencies.
The company has begun a new Twitter craze by using the hashtag #TryCrypto. The goal is to get as many as 50 million of India’s residents on board and start trading and utilizing cryptocurrencies. This should be interesting considering what an up and down history the country has had with crypto in the past. Initially, India established a ban that would prevent traditional banks from ever doing business with crypto and blockchain firms.
This ban was in place for about two years before the Supreme Court of the nation deemed it unconstitutional. From there, trading activity rose to new highs in India and the country looked like it would soon become one of the world’s biggest cryptocurrency hubs, though as of late, it appears that regulators are seeking to instill another ban within India’s borders that would make all crypto activity and respective trading illegal. The ban has not yet been fully enforced and is still in consideration.
The Virus Has Paved the Way
This year, the reputations of both bitcoin and the cryptocurrency space have skyrocketed to new levels. Following the rise of the COVID pandemic, many began to see crypto assets as “safe havens” or hedge tools that could potentially keep their wealth safe and secure during times of economic strife.
Coin DCX says that it has seen a huge surge in trading over the past few months, with activity growing by about three times its size since the beginning of the year.