Crypto is taking over the world, and India is no behind. Already plethora of companies have joined the bandwagon of ever-increasing crypto marathon in the nation. Now Mumbai-based CoinDCX made it to the unicorn club officially after raising $90 million in a Series C funding at a valuation of $1.1 billion. With this, CoinDCX officially becomes the first Indian crypto exchange to reach a ‘Unicorn’ status.
The latest funding was led by B Capital Group (founded by former Facebook co-founder Eduardo Saverin) and returning investors; Coinbase Ventures, Polychain, Block.one, and Jump Capital. With this the startup aims to create more advanced crypto-based products, simplify investing in cryptos, globalize our services, and keep expanding team with the top talents in the industry.
Founded in 2018, CoinDCX aims to make cryptocurrency accessible to the Indian audience and now they have onboarded more than 3.5 million users with a goal to reach 50 million Indian users.
Co-founder and CEO, Sumit Gupta says, ‘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 Apart from this, we will be joining hands or enter into 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
Neeraj Khandelwal, Co-Founder of CoinDCX said, “This achievement belongs to each and every DCX team member. I can guarantee this decade is going to be the DCX Decade where we will disrupt the FinTech sector with innovative cutting edge technologies. I wish more strength to the CoinDCX team towards onboarding 50 million Indians on the platform.”