CoinDCX

CoinDCX, founded in 2018, is India’s leading crypto investment app, focused on simplifying crypto trading, investing, and education, addressing challenges faced by the Indian crypto community and promoting wider accessibility.¹

Overview

CoinDCX is a cryptocurrency exchange that consolidates global liquidity and trading services on a single platform. It is backed by investors including Polychain Capital, Coinbase Ventures, Bain Capital Ventures, and HDR Group, operator of BitMEX.²

In December 2019, Tracxn recognized CoinDCX as one of the "Top Emerging Blockchain Startups" which they considered to be one of the best startup companies in the world. The #TryCrypto campaign which CoinDCX launched in April 2020 aimed to attract Indian users into the cryptocurrency community.³

CoinDCX introduced its educational platform DCX Learn in June 2020 to educate Indian users about virtual digital assets and blockchain technology and the entire web ecosystem.⁴ The cryptocurrency exchange CoinDCX achieved its first unicorn status in August 2021 when it raised $90 million (₹670 crore) through Series C funding to reach a $1.1 billion valuation.⁵

In February 2022, CoinDCX established a partnership with Solidus Labs, which operates as a cryptocurrency risk monitoring company, to develop stronger anti-money laundering measures and improve platform safety while using machine-learning technology to establish India’s most secure and trustworthy cryptocurrency exchange.⁶

In August 2022, CoinDCX launched the Unfold 2022 event to cultivate the Web3 ecosystem, while launching Okto, a gateway into decentralized finance and upcoming use cases (such as NFTs) in Web3. In August 2023, CoinDCX announced that they would host the Unfold 2023 event, which will occur in October 2023.⁷

On November 24, 2022, CoinDCX and Coin Gabbar jointly released their on-chain Proof of Reserves report, promoting transparency, risk management and consumer protection in response to increased scrutiny placed upon India's crypto landscape.⁸

In January 2023, CoinDCX introduced the Namaste Web3 initiative as part of their ongoing efforts to educate individuals on the technology behind Web3. Namaste Web3 featured multi-city roadshow events and educational workshops aimed at increasing adoption of Web3 and positioning India as a leader in the global Web3 ecosystem.⁹

Furthermore, CoinDCX introduced an Affiliate Program on March 7, 2024, to help engage individuals interested in cryptocurrency and the crypto community by providing dedicated links for referrals, as well as performance-based incentives for each successful trade made through those links as a way to increase participation rates within India's growing cryptocurrency marketplace.¹⁰

Funding

On March 20, 2019, CoinDCX was founded by Sumit Gupta and Neeraj Khandelwal as an aggregator of cryptocurrencies. The company has received seed funding from Bain Capital Ventures and other early-stage investors for the purpose of enhancing its infrastructure and increasing its volume and range of offered cryptocurrency trading services.¹¹

The company raised 3 million dollars in March 2020 through its Series A funding round which Polychain Capital, Bain Capital Ventures and HDR Group led to support customer expansion, product development, algorithmic and crypto-to-crypto trading platform development.¹²

CoinDCX became the first Indian cryptocurrency business to reach 'Unicorn' status after securing $90 million in August 2021 which Bain Capital Group led at a valuation of $1.1 billion. CoinDCX raised an additional $135 million in April 2022 which increased CoinDCX's valuation to $2.15 billion, despite the negative effects of new cryptocurrency tax regulation in India and continuing market challenges.¹³

Products

DCX Margin

DCX Margin functions as CoinDCX's margin trading platform which permits users to execute cryptocurrency pair trades without needing to possess the underlying digital assets. The platform provides funding for trades, enabling leverage of up to 5:1 to amplify potential profits and losses.¹⁴

DCX Lend

DCX Lend is an automated lending platform which CoinDCX developed to enable users to generate fixed passive returns from their cryptocurrency holdings. The system secures funds through multi-signature wallets which also receive protection from BitGo's $100 million insurance policy.¹⁵

DCX Futures

DCX Futures operates as a CoinDCX platform which enables users to trade cryptocurrency futures contracts through buying and selling assets at fixed future dates. The platform offers traders permanent trading rights for specific contracts which they can use to trade different cryptocurrency pairs.¹⁶

DCX Insta

DCX Insta is the official fiat-to-crypto trading platform of CoinDCX which launched its services in August 2018. The platform allows users to purchase more than 100 cryptocurrencies through instant INR transactions while providing affordable fees and high-level security and easy access to India.¹⁷

DCX Staking

CoinDCX Staking enables users to earn rewards through cryptocurrency holdings which they keep in their wallets while supporting EOS, Tezos, NEO, Harmony, Qtum, and TRON as supported assets. The system provides users with unrestricted access to their funds because it does not enforce lock-up periods and it does not impose penalties for early fund withdrawal.¹⁸

DCX ETH2 Staking

DCX ETH2 Staking on CoinDCX allows users to stake ETH via LQTH, earning daily rewards with 5–20% APY. LQTH is backed 1:1 by staked ETH, offering liquidity through spot trading until Ethereum 2.0 withdrawal contracts are activated.¹⁹

On 22 December 2020, CoinDCX raised $13.9 million in a Series B funding round led by Coinbase Ventures, Block.one, and Polychain Capital to accelerate cryptocurrency adoption in India. The exchange planned to launch CoinDCX Go, a simplified crypto-to-INR app, expanding its workforce and supporting its #TryCrypto initiative targeting 50 million Indian users.²⁰

CoinDCX Learn

On 17 June 2020, CoinDCX launched DCX Learn which serves as a blockchain and cryptocurrency education platform to deliver educational materials together with online courses and interactive lectures and quizzes which users can access from beginner to advanced market participant levels.

The platform seeks to promote financial inclusion while teaching users about crypto knowledge to help CoinDCX achieve its target of acquiring 50 million crypto users from India.²¹

Awards

CoinDCX has received multiple accolades, including being certified a Great Place to Work (2021–2025), recognized as Tech Start-up of the Year at the Entrepreneur Awards, listed among India’s elite unicorns by Tracxn in 2021, and awarded Next Hottest Product by Amplitude.

CoinDCX Acquired BitOasis

CoinDCX acquired Dubai-based trading platform BitOasis on 3 July 2024 for an undisclosed amount which established its presence in the Middle East and North Africa (MENA) region. The acquisition followed BitOasis obtaining a broker-dealer license in Bahrain and holding a license in the United Arab Emirates.

The acquisition helped BitOasis expand its business operations throughout the region while it provided CoinDCX with a stronger presence in international markets. CoinDCX planned to use its 15 million users and $840 million in quarterly spot trading volumes to access MENA's developed market and increasing demand for cryptocurrency investments.²²

Investor Protection Fund Launch

In August 2024, CoinDCX announced the launch of its Crypto Investors Protection Fund (CIPF), which operates as a fund that will distribute Rs.50 crore to users who experience losses because of uncommon incidents that include cyberattacks and other negative events.

The fund will be financed through 2% of CoinDCX’s brokerage income, with plans to increase the corpus over time. The system offers users asset protection which builds trust in the Indian cryptocurrency market through its security features.

CIPF received its establishment following the industry events which included WazirX suffering a loss of USD 230 million. CoinDCX, an FIU-registered and ISO 27001:2022-certified exchange, seeks to safeguard its 1.5 crore users while reinforcing responsible crypto adoption.²³

The Hack

On 19 July 2025 CoinDCX experienced a security breach which resulted in a loss of 44 million dollars. The attacker obtained access to the internal operational wallet which functions as a liquidity provisioning resource while user wallets maintained complete security through cold storage protection.

Funds were moved across Ethereum and Solana networks using Tornado Cash and cross-chain bridges to obscure transactions. CoinDCX immediately isolated the compromised wallet, paused related services, enhanced infrastructure security, and engaged external cybersecurity partners. No user assets were lost, highlighting robust custody measures.²⁴ In July 2025, CoinDCX launched the Recovery Bounty Program, offering up to 25% of recovered funds to ethical hackers helping trace and retrieve stolen crypto after a treasury cyberattack.²⁵

¹ CoinDXC, “Company Profile: CoinDCX: India’s Most Valued Crypto Company”, Achieved

² The Wealth Mosaic, “Company Profile: CoinDCX”, Achieved

³ CoinDXC, “Media Kit”, Achieved, Retrieved 2024

⁴ IBEF, “CoinDCX launches online learning platform for crypto, blockchain content”, Achieved, Retrieved June 2020

⁵ Fintech Futures, “CoinDCX lands $90m Series C funding to become India’s first crypto unicorn”, Achieved, Retrieved August 2021

⁶ CoinDXC, “CoinDCX partners with Solidus Labs, Crypto-Native Risk Monitoring Firm”, Achieved, Retrieved February 2022

⁷ CoinDXC, “Unlocking the Future of Web3 – Unfold 2023”, Achieved, Retrieved August 2023

⁸ CoinDXC, “Transparency – The currency of trust at CoinDCX”, Achieved, Retrieved November 2022

⁹ Business Today, “CoinDCX launches Namaste Web3, an educational initiative to make India Web3-ready”, Achieved, Retrieved January 2025

¹⁰ Binance, “Empowering Crypto Creators: CoinDCX Launches Affiliate Program”, Achieved, Retrieved March 2024

¹¹ Inc42, “Cryptocurrency Exchange Aggregator CoinDCX Raises Seed Funding From Bain Capital Ventures”, Achieved, Retrieved March 2019

¹² Fintech Global, “CoinDCX said to raise $3m in its Series A round”, Achieved, Retrieved March 2020

¹³ The Economic Times, “CoinDCX raises $135 million in funding as valuation doubles to $2.15 billion”, Achieved, Retrieved April 2022

¹⁴ CoinDCX, “Company Profile: Largest Crypto Margin Trading Platform”, Achieved

¹⁵ CoinDCX, “DCX Lend”, Achieved, Retrieved September 2021

¹⁶ CoinDCX, “What is DCX Futures? What are the pairs available for trading?”, Achieved, Retrieved March 2025

¹⁷ The Fintech Times, “Indian Crypto Exchange CoinDCX Celebrates Two Years of Fiat-Crypto Buy/Sell with 38% MoM Growth On Insta”, Achieved, Retrieved August 2020

¹⁸ CoinDCX, “What Is Liquid Staking in Blockchain and How It Works?”, Achieved, Retrieved November 2025

¹⁹ CoinDCX, “Company Profile: ETH2 Staking”, Achieved

²⁰ Finance Magnates, “Indian Cryptocurrency Exchange CoinDCX Receives $13.9 Million Funding”, Achieved, Retrieved December 2020

²¹ Block Chain, “CoinDCX Launches DCX Learn, A Blockchain Education Platform”, Achieved, Retrieved June 2020

²² Coin Desk, “Indian Crypto Exchange CoinDCX Acquires BitOasis to Enter Middle East”, Achieved, Retrieved July 2024

²³ Entrepreneur, “CoinDCX Launches Crypto Investors Protection Fund”, Achieved, Retrieved August 2024

²⁴ Ampcus Cyber, “CoinDCX Hit by $44M Hack – Internal Wallet Compromised, User Funds Safe”, Achieved, Retrieved July 2025

²⁵ CoinDCX, “Announcing CoinDCX Recovery Bounty Program: Because this is bigger than us”, Achieved, Retrieved July 2025