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India's Largest Crypto Exchange CoinDCX Raises $2.5 Million in New Growth Capital to Increase User Base

CoinDCX, India’s largest crypto exchange, has announced that it has raised $2.5 million from investors like Polychain Capital and Coinbase Ventures. Polychain Capital led the funding round with support from Coinbase Ventures, the investment arm of the US cryptocurrency exchange Coinbase.

CoinDCX had raised a $3 million Series A round earlier in March, which was also led by Polychain Capital and included HDT Group (operator of BitMEX) and Bain Capital Ventures.

The company’s other main investor, Coinbase Ventures, has also made investments in other crypto businesses like BlockFi, Messari, Compound, Securitize, and Etherscan.

Thriving through tough times

There is a good reason why India has not been having lots of firms around cryptocurrencies or their trading. The key reason is that the Reserve Bank of India (country’s banking regulator) issued a ban on crypto industry in 2018. The ban shut down doors to new crypto companies while almost crippling whatever cryptocurrency firms existed during that time.

In March 2020, India’s Supreme Court made a landmark ruling that overturned the ban issued by the Central Bank. Ever since, things have changed and the more resilient cryptocurrency firms, which survived the ban, are now flourishing. That explains why CoinDCX, the largest crypto exchange in the country, is doing very well because of its resilience. Recently, the Mumbai based startup has secured a capital funding of $2.5 million from Polychain Capital and Coinbase ventures.

CoinDCX stated that it will use the fresh round of funds to handle the growth spurt, which has been initiated by the Central Bank’s recent announcement. The crypto exchange intends to drive cryptocurrency adoption in India by supporting its plans of increasing cryptocurrency traders and investors in India to 50 million. The company plans to divert these funds to assist in achieving that goal. Moreover, the firm seeks to develop a secure and user-focused exchange to support the rising demand for cryptocurrency in the country.

But that is not the only focus of the company. While India’s market is certainly growing, the majority of the population does not understand the concept of cryptocurrency. Based on the number alone, the country has lots of potentials when it comes to the cryptocurrency market. But there is a great need for blockchain and crypto education. CoinDCX aims to address this gap by launching a $1.3 million initiative for educational campaigns, consumer campaigns, community engagements, and meetup events. As part of the initiative, the company intends to create an online academy, which is a cryptocurrency and blockchain learning program aimed toward first-time cryptocurrency traders.

Following the Reserve Bank of India lifting banking ban on the crypto industry, CoinDCX stated that its sign-ups had risen by 10 times in one week. The crypto exchange said that its trading volumes had increased by 47% and it saw a 150% growth in daily active users in March.

The fresh round of funding comes a time when cryptocurrency trade in India is experiencing new highs despite the global economic crisis caused by the coronavirus outbreak. Crypto investments such as Bitcoin have been seeing growth ahead of traditional assets like gold and equity globally. Bitcoin also has been receiving positive endorsements from mainstream investors, including the US billionaire hedge fund manager Paul Tudor Jones who revealed that 1-2% of his assets are held in Bitcoin.

India’s supreme court turned the tables on crypto ban in landmark ruling

In April 2018, India’s Central Bank instructed all banks under the banking regulator not to deal with digital currencies or provide services to organizations and individuals dealing with cryptocurrencies like Bitcoin. The move that the regulator took was directed at a consistent effort to oppose payment systems, which undermine the integrity of the banking system. The directive caused lots of firms to either close down their businesses or shift their operations outside the country.

But when the Supreme Court overturned such a directive in February, crypto firms rejoiced and since then the market has been flourishing. Recently the Reserve Bank of India has also confirmed that there is no banking ban on the cryptocurrency industry. The Central Bank responded to a Right to Information (RIT) inquiry that asked whether the regulator has banned banks from providing bank accounts for crypto traders. The regulator confirmed that there is no such prohibition. With the environment ripe of crypto firms to nurture, lots of more investments, like the one recently funded to CoinDCX, are expected to increase.

Image via Shutterstock

Caitlin Long's Avanti Crypto Bank Raises $5 Million Funding Round, Inches Closer to Banking Charter Approval

Avanti Financial Group, the crypto-focused bank, led by the Caitlin Long University of Wyoming Alumna, has taken another important step towards becoming a chartered crypto bank in the country. Caitlin Long is the founder and CEO of Avanti bank.

Seeking green light from watchdog

The crypto bank has raised an angel round worth $5 million from several popular investors in cryptocurrency. The University of Wyoming Foundation led the funding round with partnerships from Malex Enterprises, Lemniscap, Antony Pompliano, Morgan Creek Digital, Blockchain Capital, Madison Paige Ventures, Gary Gigot, Digital Currency Group, Susan B. Anthony, and many others.

As part of the funding round, the chief investment officer at the University of Wyoming, Phillip Treick, will take a seat on the bank’s board of directors. Treick stated that the University of Wyoming Foundation’s investment committee voted to invest in Avanti because they see significant potential growth for digital assets.

The investment committee sees a critical need for institutional-quality infrastructure to support such a new asset class, and it believes in the capability of Long’s team to deliver it.

Long said that the funding round was oversubscribed just from incoming inquiries alone. She added, “I’m especially proud of the brand support Avanti received from Wyoming-based organizations and individuals.”

Long mentioned that means Avanti is adequately funded to get its way through the process of applying for a charter application. The bank was registered in January and it is still in the process of applying for a bank charter.

The institution submitted the first draft of its application with the regulator last week. She stated that the bank plans to open for business in early 2021.

Long revealed that the bank will still have to raise additional funds if it is granted a charter, and it is still working with regulators to understand what amount of capital would be. She mentioned that for now, the bank has adequate funds to go through the application process with the Wyoming Division of Banking.

First crypto-native bank to be launched in the United States by former Wall Street executive

Caitlin Long has been a strong voice within the crypto community. She is known for her push to bring cryptocurrency legislation as she was one of the prominent members to shape the cryptocurrency regulations within the US state of Wyoming.

Earlier this year, Long first launched Avanti that aims to focus its services only to the institutional client base and will offer securities, custody, payment, and commodities activities. The bank was set up with a $1 million seed funding.

The initial funding was raised when the institution is still in the process of getting a bank charter from the US authorities. The bank has already submitted its first draft of the charter application process last week. With the additional funding currently raised, the bank is set to move even further towards opening its business early next year.

Image via Harvard Law Today

Japan’s SoftBank leads $200 million investment in Brazil’s Mercado Bitcoin

Japan’s SoftBank recently has invested $200 million into the Mercado Bitcoin crypto exchange in Brazil.

Roberto Dagnoni, the CEO and executive chairman of 2TM Group, the parent company of Mercado Bitcoin, revealed that the cryptocurrency exchange plans to utilize the funds to ramp up its business activities, improve its crypto offerings, and make an investment in infrastructure, so that meet the increasing demand for cryptocurrency services in Brazil.

The investment is considered the largest raised through a Series B funding round in Latin America’s history and SoftBank’s largest investment in a crypto firm in Latin America. The 2TM group stated that its valuation hit $2.1 billion as a result of that investment.

Softbank’s investment comes when investors’ interest in crypto assets has increased amid crackdowns imposed by regulators in Japan, Britain, and China. Such crackdowns have resulted in outflows of cryptocurrency investment funds and products in the previous few weeks.

However, Dagnoni was unmoved by the recent crackdown on crypto assets.

In a phone interview with Reuters, Dagnoni stated: “We are strong believers in the fundamentals of crypto.”

Dagnoni further stated: “The platform is quite integrated. So, custody is very important in releasing the power of the institutional market. We’re also looking at regional expansions in Latam and expansions via M&A (mergers and acquisitions) as well.”

Mercado Bitcoin is the largest crypto exchange in Brazil. It established its crypto business operation in 2013. Since then, the firm has experienced significant growth, with customers hitting 2.8 million this year, more than 70% of the entire number of investors in Brazil’s stock exchange.

An estimated 700,000 new clients created accounts to utilize Mercado Bitcoin’s cryptocurrency services between January and May this year. The trade volume at Mercado Bitcoin has risen to $5 billion during the first five months of this year, thus surpassing the entire volume of its first seven years in business operations.

Raining Crypto Funding Rounds

While crypto tokens significantly influence traditional financial and banking systems, such as rising investments in recent months. The entire market value of crypto assets is rising to hit $2 trillion, which could be larger than the market cap of Microsoft, Google, and Amazon.

Despite the recent plunge in Bitcoin prices, big names such as PayPal, Goldman Sachs, JPMorgan, Morgan Stanley, and others have seriously involved themselves and made investments in crypto exchanges. Morgan Stanley and Goldman Sachs became the first leading banks in the US to provide wealthy customers with direct access to Bitcoin services.

Meanwhile, blockchain technology’s popularity has dramatically grown and attracted more cryptocurrency investors and venture funds into the crypto market. Due to the popularity of crypto coins, blockchain technology is seen moving out of the crypto market and being embraced by other industries. Thus, institutions and venture companies are rushing to try their luck in crypto funding. Such funding assists crypto firms in expanding their operations and gives them the edge to try out executing new activities.

CoinList Raises $100M Series A Funding Round, Reaching Unicorn Status With $1.5B Valuation

Cryptocurrency listing platform CoinList has completed a $100 million Series A funding round, a fundraising exercise that gives the firm a total valuation of $1.5 billion and achieves unicorn status.

CoinList, a trading app for new digital assets, which launched in 2017, announced on Tuesday, October 26, that cash fundraising will assist the firm to develop its business operations, support its community of early adopters, and launch new products offerings.

“This represents a major milestone in our mission to accelerate the advancement and adoption of crypto,” adding that it will use the funds to scale up its offerings and better support its community, CoinList stated in its announcement.

The company said that it focused its fundraising in the Middle East, Europe, and Asia; these regions are the fastest-growing.

The fundraising exercise was led by venture funds Accomplice and Agman, with other participants, including Fenbushi Capital, DFG, CMT Digital, FBG Capital and others.

CoinList platform is designed to help investors gain access to new token projects before they are listed on major exchanges like Binance or Coinbase. New crypto projects such as Flow, Algorand, Mina, and Solana have used CoinList to disseminate their tokens.

CoinList has witnessed its clients increase by 42 times over the previous year, a trend that indicates a significant adoption of cryptocurrencies across the world. Its biggest sources of growth over the previous year came from the UK, Japan, Russia, Venezuela, and Turkey. The firm currently has 4.5 million users across more than 170 nations.

The crypto trading on the app has surged this year, with the firm stating that its monthly trading volume has risen to $1 billion in 2021 alone.

Venture Investment Surges in Crypto

Running a cryptocurrency business startup is difficult and achieving success is even more difficult.

CoinList has joined the list of +700 unicorns worldwide that have reached the $1 billion valuations by raising funds from venture capitalists.

Achieving such a status is extremely difficult and means that CoinList has remained resilient and achieved great success in its business operations.

As venture capital firms continue flooding the cryptocurrency and digital asset space with more money, a series of unicorns are emerging, unlike anything the space has ever seen before.

About 18 unicorns – firms with a valuation of $1 billion or more – have been seen this year, and from that total number of unicorns, two-third comes from the crypto space.

Such valuations have been driven up by the more than $12.1 billion in venture dollars invested worldwide in the crypto sector – three times what was seen last year.

As reported by Blockchain.News, other cryptocurrency unicorn startups include Coinbase, Paxos, Kraken, BlockFi, Blockstream, CoinDCX, and others.

Cryptocurrency is experiencing its moment because of the sector’s maturation. Everything that goes along with such evolution makes firms such as BlockFi, Ledger, BitPanda and others hit the unicorn mark.

Meanwhile, this month, investors have flocked to the crypto space, following the approval of the first-ever Bitcoin backed Exchange-Traded Fund.

ConsenSys Completes $200M Funding Round at $3.2B Valuation

ConsenSys, the blockchain startup behind the Metamask wallet, has raised $200 million in new funding round, pushing its valuation up to $3.2 billion.

As is becoming prevalent in the blockchain ecosystem, the funding round was backed by several prominent hedge funds and investors, including Marshall Wace, Third Point, and Think Investments. They contributed alongside existing investors such as Dragonfly Capital, Electric Capital, Spartan Group, Coinbase Ventures, HSBC, DeFiance Capital, and Animoca Brands.

As a major yardstick to measure its current growth, ConsenSys revealed that the Metamask wallet has increased its total number of monthly users to 21 million, a growth of about 38 fold from last year and over four times from the level about four months ago. The push showcases the dominance of the Metamask wallet as a flagship wallet to gain access to the Decentralized Finance (DeFi) and Non-Fungible Token (NFT) ecosystems, respectively.

“ConsenSys’ MetaMask wallet and other tools offer a unique platform for consumers, enterprises, and developers to engage, build, and create on the decentralized web,” said Third Point CEO Daniel Loeb.

Powering a gateway into the Metaverse through the development of Web3.0 remains amongst the top priorities for several blockchain-focused outfits today. In a way to prepare itself for the future to come, ConsenSys restructured itself from its diversification into consulting to focus entirely on its products. It said its current growth is a reflection of the right choices it made.

Using the new funding, the company said it will be hiring a new crop of talents as this is becoming a tug of war amongst blockchain entities today.

“There’s a war for talent going on,” ConsenSys Chief Strategy Officer Simon Morris said in an interview, “and we are going to make sure that we can grow our team, acquire some teams, acqui-hire some teams,” to stay competitive on the Ethereum front.

Image source: ConsenSys.com

Thetanuts Finance Grabs $18M Funding Round to Democratize DeFi Structured Products

Thetanuts Finance, a decentralized finance (DeFi) company, on Monday announced that it has raised US$18 million in a funding round led by prominent investors, including Three Arrows Capital, Deribit, QCP Capital, and Jump Crypto.

Thetanuts disclosed that it plans to use the funding to spearhead the development of its structured products platform and user-friendly products in the crypto derivatives ecosystem. In other words, the firm will inject the investment to boost its efforts towards creating its innovative DeFi structured products.

Thetanuts provides structured products that accept tokens from 11 chains as collaterals. The DeFi platform also provides users with access to risk-adjusted yield opportunities in new options markets across multiple blockchains.

The platform, a relatively new protocol, aims to provide users with access to crypto-structured products on multiple decentralized networks to generate a favourable return. Thetanuts said that its products, as being developed, will assist in creating “new option markets” in DeFi while providing sustainable returns to users through option selling.

Thetanuts further mentioned that its structured products would leverage the expertise of hedge fund managers, financial analysts, and smart contract developers.

Among the company’s major products include the Theta-Index, an option basket offering automated yield generation, and Theta-Wheel, physically settled vaults aiming to help investors “buy low and sell high.”

“With Theta Index and Theta Wheel, we are hoping to empower retail and institutional investors to earn significantly higher yield which is organically generated through options strategies,” Thetanuts spokesperson elaborated.

Transforming Business Financial Services

The move shows that Thetanuts Finance is accelerating various DeFi services, such as exchanging funds, trading, and lending.

Established in August 2021, Thetanuts continues to offer DeFi structured products and its customizable vaults that enable retail traders to earn a yield on their tokens and simplify the process of options trading.

Therefore, the platform makes previously complex instruments easy for any investor to access and empowers users to monetize volatility in a risk-adjusted manner. The DeFi platform enables users to trade tokenized derivatives using smart contracts without third parties.

Image source: Thetanuts Finance

Nested Raises a $7.5M Seed Funding, Expanding DeFi Social Trading Products & Network

On Wednesday, nested, a French DeFi social trading platform, announced that it raised $7.5 million in a Series A funding round led by renowned macro and digital asset investor Alan Howard.

Nested said it plans to use the funding to expand its offering of social-focused trading tools. The French-based DeFi platform also stated that it intends to use the extra funding to hire staff and introduce features like portfolio leaderboards, staking, and social media-like aspects such as integrated messaging and user profiles.

Other investment firms, including Republic Capital, Kenetic Capital, and CMT Digital, among others, also participated in the funding round. Angel investors such as Joseph Eagan, former president of Polychain Capital, Lily Liu, co-founder of Earn, Julien Bouteloup, founder of StakeDAO, REKT, Blackpool, and early contributor of Curve, amongst others, also participated in the fundraising.

Rudy Kadoch, Founder of Nested Finance, said, “The vision of Nested is to hybridize traditional finance, decentralized finance, NFTs, and cryptocurrencies to forge a financial product that is both powerful and unique: the Nested portfolio. This is a tradeable, shareable, and replicable portfolio managed and monetized by advanced and novice crypto investors alike. By offering an easy-to-use, user-oriented trading experience and cultivating a community of investors that share knowledge, we aim to democratize access to decentralized finance and facilitate financial connectivity for all.”

Enabling Faster DeFi Adoption

Social trading is getting its way into the crypto and DeFi world. It allows traders to compare and learn from one another’s techniques. This social aspect is especially beneficial to novice traders who are just getting started in the industry. While many trends, like non-fungible tokens, are based on socialization, DeFi and cryptocurrency platforms lack social elements that match user requests. Furthermore, due to many technical trading capabilities, many exchanges have failed to detect how this negatively affects end-users.

Nested is a social trading platform that enables users to learn how to create and invest in “financial NFTs.” The platform allows users to analyze the techniques of others and change them to meet their preferences, thus making social trading transparent.

The platform enables users to develop portfolios of tokens easily, track their performance, add, sell and swap tokens, and buy or sell an entire portfolio in just a click. Nested allows users to build portfolios of tokens that are themselves minted as non-fungible tokens (NFTs).

For those new to DeFi and crypto, Nested allows them to explore profiles portfolios and replicate favourite strategies that suit their preferences. For DeFi users, influencers, or community leaders, the platform will enable one to showcase portfolios results, share knowledge, and earn royalties each time another user replicates their portfolio.

Image source: Nested

Zignaly Secures $50 Million Funding to Fuel Global Expansion

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Zignaly, a Singapore-based social investment platform, announced on Thursday that it has raised $50 million in investment funding from GEM Global Yield LLC SCS (GGY), a Luxembourg-based alternative investment group focused on emerging markets across the world.

Zignaly said that it plans to use the funding to accelerate its global expansion. The company stated that it will use the capital to expand its presence into Southeast Asia, West Asia, Turkey, India, South America, and Europe. Besides that, Zignaly mentioned that it intends to use part of the funding to hire new staff for its deeptech and product development teams as well as hiring a new chief marketing officer.

Bartolome Bordallo, the CEO of Zignaly, talked about the financing and said: “From the early days of Zignaly, it has been our goal to open up new pathways for regular investors to take better advantage of the crypto economy, by enabling the kinds of managed and high-leverage vehicles that were formerly only reserved for the ultra-wealthy. This financing from GEM will allow the company to propel significant new product development and global adoption of the Zignaly platform, so we can empower the masses with a vastly better way to invest.”

Zignaly has all prerequisites to expand its platform across global scale. The platform is built upon the Binance broker program. This means that Zignaly platform relies on Binance’s technology, liquidity, and market depth. Currently, Binance is the largest crypto exchange in the world by trading volume both in the spot and futures markets.

Zignaly platform also connects its users’ accounts to KuCoin and BitMex, two other popular cryptocurrency exchanges, which operate derivative platforms. Many traders prefer crypto futures – investment products that allow users to speculate on the price fluctuations without owning the underlying assets – because they can maximize potential gains, thanks to a feature popularly known as ‘leverage.’ Apart from embarking on global adoption programs, Zignaly is also working to launch new products to make the cryptocurrency investment experience more accessible to everyone.

Harnessing Digital Investment Opportunities

One of the best places for users to kickstart their crypto investing career is a social trading platform. Trading crypto coins is complex because of volatility. It is also complex because several things do not work the same way they do in traditional finance. So, a social trading platform is the best place for new traders to begin earning quickly without having to spend weeks educating themselves on the ways of the cryptocurrency industry.

Zignaly lowers the barrier to entry for investors who are seeking to trade and add digital assets to their portfolios. The platform enables investors to trade through the learning strategies and the experience of expert traders. The platform allows traders and fund managers to share their track records and expertise. The profits are shared between the expert and the trader.

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Image source: Zignaly

API-Based NFT Startup Rarify Raises $10M Funding Round, Led by Pantera Capital

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Rarify, an application programming interface (API) platform, announced on Thursday that it raised $10 million in a Series A funding round led by crypto investment firm Pantera Capital.

Rarify said that it plans to use the funding to accelerate hiring and product launches with enterprise partners.

Paul Veradittakit, a partner at Pantera, further elaborated how Rarify intends to use the newly raised funds: “Rarify removes the biggest hurdles companies face when introducing NFTs to their existing products. We’re excited to partner with the Rarify team to accelerate their growth trajectory and make NFTs accessible to companies and, by extension, consumers at large.”

Other investors, including Eniac Ventures, Greycroft, Hyper and Slow Ventures, also participated in the funding round. The fresh financing gives Rarify a valuation of $100 million.

Meanwhile, Revas Tsivtsivadze, the co-founder of Rarify, also commented about the financing and stated that the firm aims to simplify the buying and selling of NFTs just the way Block Inc (formerly Square) made it super easy to accept payments. Tsivtsivadze illustrated that while the check-out process of marketplaces like OpenSea is something sort of a 14-step process, Rarify aims to cut down the process as little as three steps.

Making Commercial NFT Adoption a Reality

Launched in 2021, Manhattan-based Rarify is considered a rapidly growing company that continues to provide infrastructure to help firms build non-fungible tokens (NFT) to their platforms. The firm is also one of the major venture capital firms in the cryptocurrency industry.

One of Rarify’s main offerings is an NFT-commerce-focused application programming interface that enables companies to create, manage, integrate, and scale NFT products in their platforms. The API also allows firms to mint and port NFTs between different blockchains.

Rarify currently offers NFT embedding services that enable owners of websites, marketplaces, and merchants’ platforms to integrate simplistic NFT buying and selling features. The firm is working to do a service where minting and selling digital assets can become a non-hassle for industries like entertainment, music, applications, and gaming. Rarify is also developing a data API that can track NFTs across multiple blockchains, verify a user’s NFT profile picture, and evaluate the value of specific NFTs.

Bitcoin Mining Firm Blockmetrix Bags $43 Million Fundraising

Blockmetrix, a Texas-based Bitcoin mining startup, announced on Tuesday that it raised $43 million in a Series B funding round.

The mining company said that investors in its latest capital raise came from the U.S, Australia, and several countries in Asia. In June last year, Blockmetrix raised $7 million in a Series A funding round that helped it to buy and deploy an initial batch of over 1,000 mining rigs.

Blockmetrix mentioned that it will use the latest funding to purchase more than 5,000 mining rigs to be added to the initial 1000 miners as well as to enable investment in product development and go-to-market. The firm also stated that it plans to grow its cryptocurrency business rapidly by using the maximum amount of available funds and debt to purchase mining rigs, while controlling power costs through various joint ventures.

Nevin Bannister, co-founder and CEO of Blockmetrix, talked about the development and said: “Through joint ventures, we will obtain part-ownership of a co-location facility to ensure low power rates and a place to house our Bitcoin miners.”

Bannister further elaborated that the company’s joint venture partners will be responsible for the development and operation of the co-location facility, which will help channel most of the funding towards increasing hashrates rather than building infrastructure.

“Our investors, who consisted mostly of high-net-worth individuals, were attracted to our management’s proven ability to operate and scale at a high level. Our ability to raise a significant amount of funding during market turmoil and geopolitical challenges makes us distinct from our competitors,” Bannister said.

Bannister further mentioned that there is a crypto mining gold rush happening in Texas because of support from the government of Texas state run by Governor Greg Abbott and the Texas Blockchain Council, as well as the state’s historically low energy costs.

“Being in Dallas has been a big selling point for investors because they know that it’s becoming the mining epicentre of the U.S.,” Bannister further explained. He said that the majority of Blockmetrix’s mining rigs are in Oklahoma but the company plans to move them to Texas. He mentioned that currently, Blockmetrix is negotiating a joint venture deal that will secure a 100-megawatt (MW) co-location facility in Texas, with expansion potential to 200MW.

More Than Mining

Founded in 2021, Blockmetrix is a Bitcoin mining company that has built direct relationships with major mining equipment manufacturers. The mining equipment market is highly fluid, but such robust relationships ensure that the firm gets equipment at the best possible times, costs, and quantities.

Blockmetrix is working to maximize the potential of its equipment. This means putting its mining equipment in the right facilities where the firm can get access to strong on-site security and surveillance, remote analytics for monitoring miner condition and performance, low electrical costs, and renewable power.

Mining Bitcoin is only the beginning. Blockmetrix intends to use its Bitcoin mining to take advantage of adjacent opportunities. The firm plans to use the proceeds of its operation to expand its business by acquiring more rigs, researching and developing emerging revenue sources in cryptocurrency, loaning Bitcoin, and pursue large-scale future opportunities like creating a cryptocurrency exchange or mining rig co-hosting facility.