Indian cryptocurrency exchange CoinDCX announced Tuesday that it has raised $135 million in Series D funding. The company’s value has almost doubled to $2.15 Billion, from $1.1 Billion in August 2021.
Sumit Gupta, the co-founder and CEO of CoinDCX, announced the news via Twitter. He said he was “excited” to share that CoinDCX had raised more than USD 135 millions in the latest Series D round of funding.
According to the company, it intends to use the money to expand its product range, increase its talent base, and focus on compliance issues. CoinDCX employs approximately 400 people at the moment, and plans to grow that number to 1,000 by the end.
Steadview Ventures and Pantera led the new round, which attracted nearly half the funds. DraperDragon and Kingsway were major participants, as was Kindred Ventures. B Capital, Coinbase Ventures and Polychaincap increased their CoinDCX allocations.
Sumit Gupta stated, “With a shared vision for a digital-first economic system, we see this round to be a strong endorsement for the incredible work CoinDCX has done over the years and our future plans,”
Most Valued India Crypto Firm
CoinDCX was named the most valuable crypto company in India with this round, according to a blog posted by the exchange.
CoinDCX, which was founded by B Capital in August 2013, raised $90 million in Series C funding. It was valued at $1.1billion, making it the first unicorn within the Indian crypto market. CoinDCX has over 10 million users and offers digital asset buying, margin trading and staking.
Neeraj Khandelwal (co-founder, CTO) revealed in November 2021 that the startup plans to go public as soon possible. CoinDCX was also praised for its listing of Shiba Inu (SHIB), a meme coin. This was in the wake of ShibaInu briefly topping charts as the most traded coin and setting a new record.
Concentrate on Regulatory Compliance
Gupta attempted to resolve the impasse in the Indian cryptocurrency market by posting a series tweets after the announcement of the latest funding.
“We have a mission to increase trust and understanding between regulators, the industry and our users. The latest funding round will allow us to accelerate the growth and adoption of Crypto in India, as well as the march towards Web3.0.
CoinDCX was funded at a moment when Indian crypto exchanges are experiencing a sharp drop in transaction volume. This is due to UPI denial of instant electronic retail payment.
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