Indian cryptocurrency platform raises $ 19.4 million
Coin DCX, an India-based cryptocurrency exchange, continues to aggressively expand its business by raising new funds to boost its investments.
According to the Coin Telegraph website, which specializes in the economies of cryptocurrencies, the platform collected about $ 13.9 million from investors, bringing the total sums raised by the company to about $ 19.4 million in December.
The platform said it plans to use the newly raised funds to further boost the adoption of cryptocurrency in India, using products aimed at bringing together about 50 million Indian citizens to invest in cryptocurrency trading and services.
The platform recorded a 20% growth in trading volumes, and a 12% increase in the number of new dealers during the past two quarters.
It also witnessed a 21% monthly growth in trading volume in October 2020.
CEO and co-founder of Coin DCX, Sumit Gupta, said the platform had tripled its employee base from 30 in March 2020 to 90 in December.
He added that this year is the most exciting for the company.
The remarkable growth of the Indian trading platform in 2020 shows that the adoption of the cryptocurrency is on the rise in India, after the country's Supreme Court canceled the Reserve Bank of India ban on banks providing services to crypto companies.
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