CoinDCX, India’s leading crypto exchange, said that it has raised $90 Million in the Series C funding round led by Eduardo Saverin. The company’s valuation, after the funding, reached $1.1 billion making CoinDCX India’s first-ever Crypto Unicorn.
CoinDCX says it has 3.5 million users currently, and will use the money raised for customer awareness campaigns and increasing its reach. The company’s list of existing investors includes Coinbase Ventures, Polychain Capital, Block.one, Jump Capital, etc.
Sumit Gupta, CEO of CoinDcx said: “The funds raised will be allocated to expand (bring more Indians to crypto / 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.”
“I am pretty sure the industry will be regulated at the right time,” Mr. Gupta said. “We have chosen to put at stake our money and career as we feel this is going to be a very good wealth generation opportunity for people.”
CoinDCX aims to enter into partnerships with key fintech players to expand the crypto-investor base and set up R&D facilities. It will also strengthen policy conversations through public discourse, work with the government to introduce favorable regulations, and education.
CoinDCX is registered in Singapore as Primestack Pte. The company aims to expand its user base to 50 million over the next few years. The investment comes as policymakers continue to debate the status of digital currencies in India. Last week the central bank said it has “major concerns” about private virtual currencies and the government will take a final stance on the matter.
Also Read: CoinDCX Plans to Raise More Funds From new Investors
The development comes in the middle of regulatory uncertainty in India over cryptocurrencies. The country’s apex bank, the RBI still seems to be on the fence about private cryptocurrencies. But the Indian government is reportedly softening its stance on the issue.
