This funding round raises CoinDCX’s valuation to $1.1 billion (Rs 8,150 crore), making it the first Indian cryptocurrency exchange to reach unicorn status.
CoinDCX co-founder & CEO Sumit Gupta said, “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 favourable regulations, education, and ramping up the hiring initiatives.”
“The funds raised will be allocated to expand (bring 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,” he added.
This round of fundraising also includes participation of returning investors such as Coinbase Ventures, Polychain Capital, Block.one, Jump Capital among others, alongside other veteran investors.
Founded in 2018, CoinDCX has onboarded more than 3.5 million users so far.