Following a $90 million funding round, CoinDCX is now valued at $1.1 billion, even though the threat of a cryptocurrency ban remains real.
Despite the legal uncertainty hanging over India’s cryptocurrency industry, local exchange CoinDCX has achieved unicorn status following its latest funding round.
CoinDCX raised $90 million in a venture round that valued the firm at more than $1 billion, making it the first Indian cryptocurrency exchange to become a unicorn, the company said on August 9.
Led by Facebook co-founder Eduardo Saverin’s B Capital Group, the Series C round included investments from Coinbase Ventures, Polychain, Block.one, and Jump Capital. CoinDCX was valued at $1.1 billion.
With 3.5 million users at present, CoinDCX Co-Founder Neeraj Khandelwal added that the company’s goal is to bring 50 million Indians onto the platform.
Plans for the funds include “an array of next-generation products with cutting-edge innovations,” the company said. These include CoinDCX Prime for wealthy and enterprise clients, and Cosmex, a global trading product.
It will also develop “partnerships with key fintech players to expand the 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 amping up the hiring initiatives,” Gupta said.