CoinDCX announced in a blog post that it has become India’s first cryptocurrency exchange to be valued at over $1 billion. The crypto startup has raised $90 million during its Series C round of funding, led by Facebook co-founder Eduardo Saverin. Existing investors such as Coinbase Ventures, Polychain Capital, Block.one, Jump Capital, among others, also participated in the funding round.
CoinDCX is the first Indian crypto exchange to reach a ‘Unicorn’ status.
With a $1.1 billion valuation, CoinDCX officially became the first Indian crypto exchange to reach a ‘Unicorn’ status. CoinDCX has joined the league of Binance, which backs the crypto exchange WazirX in India, Bitpanda, BlockFi, Chainalysis, Ripple, and Robinhood. Interestingly, the development comes when there is high regulatory uncertainty in India over the status of cryptocurrencies. While the country’s central bank, the Reserve Bank of India (RBI), still seems to be on the fence about private cryptocurrencies, the central government is reportedly softening its stance on the issue.
Crypto exchange will work with fintech players to expand the crypto investor base.
Sumit Gupta, co-founder and CEO of CoinDCX said, “The funds raised will be allocated to expand by bringing more Indians to crypto and make crypto a popular investment asset class in India and strengthen our workforce that will cater to our growth story. We will hire talent across multiple functions and focus on new business initiatives.” “Apart from this, we will be joining hands or enter into partnerships with key fintech players to expand crypto investor base, set up a research & development (R&D) facility, strengthening the policy conversations through public discourse, working with the government to introduce favorable regulations, education, and ramping up the hiring initiatives,” the CEO added.