India-based cryptocurrency trading exchange CoinDCX has secured $13.9m in a series B round led by blockchain software producer Block.One.
The deal was also backed by digital currency exchange Coinbase’s corporate venturing fund, Coinbase Ventures, as well as internet company Digital Garage, Jump Capital, Uncorrelated Ventures, Polychain Capital, Mehta Ventures and private investor Alex Pack.
CoinDCX runs an India-facing cryptocurrency exchange it claims has better security features than competitors, including verification software for checking a user’s bank and personal details. It will deploy the series B capital to bring forward new products and to protect and enhance its talent pool.
Coinbase Ventures and Polychain Capital co-led a $2.5m round for the company in May this year, following a $3m series A two months earlier that was co-led by HDR Group, the owner of peer-to-peer cryptocurrency exchange BitMex, with Polychain Capital and Bain Capital Ventures.
CoinDCX had already raised an undisclosed amount in a March 2019 seed round led by Bain Capital Ventures thatc included assorted angel investors.