The news: CoinDCX scored a $90 million Series C funding round led by investment firm B Capital amid surging cryptocurrency interest among consumers in India this year, per The Economic Times.
What’s driving its growth? CoinDCX boasts more than 4.5 million users and said it doubled its user base over the last two months, according to The Economic Times. Consumers in India can’t seem to get enough crypto: Investments jumped 612% year over year in April 2021 to $6.6 billion, up from $923 million.
India has the 11th-highest crypto adoption rate globally, according to Chainalysis. High consumer interest is fueled by a young, tech-savvy population seeking high returns from their investments. And people who have been excluded from mainstream financial institutions can easily access crypto platforms, which is likely why other developing countries like Vietnam and Nigeria were also among the top 10 adopters.
Where’s the Indian crypto space headed? In spite of an uncertain regulatory environment, investors are still piling into crypto fintechs.