CoinDCX, India’s crypto exchange has raised $90 million (INR 670 crores) in Series C funding at a valuation of $1.1 billion, becoming the first Indian crypto exchange to reach a ‘Unicorn’ status.
CoinDCX Series C 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.
According to CoinDCX co-founder and CEO, Sumit Gupta, ‘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.”
The exchange sees this as a giant leap forward in its continuous efforts to create more advanced crypto-based products, simplify investing in cryptos, globalize its services, and keep expanding its team with the top talents in the industry.
Since its inception in 2018, CoinDCX has been committed to making cryptocurrency accessible to the Indian audience with simpler, secure, and compliant solutions.
The exchange has onboarded more than 3.5 million users and is only going to increase its velocity to reach its goal of onboarding 50 million Indians. The Series C funding solidifies its promise to bring forth the most secure and seamless experiences to its traders and investors.
Due to low liquidity in crypto markets and restricted INR access in 2018, crypto asset trading was difficult. The exchange says it made it simple by developing a Liquidity Aggregation Model. Then in 2018, with RBI’s banking ban on cryptocurrency exchanges in India, the firm launched Insta, the fastest way to buy and sell crypto with INR.
It was also the first and only Indian cryptocurrency exchange to introduce Margin trading with up to 10x leverage across more than 500 markets and Futures with up to 20x leverage trades and recently launched DCX Learn, the largest platform for easy learning of crypto and blockchain concepts with many free courses and certifications.
Early this year the firm launched CoinDCX Go, India’s Simplest Bitcoin App.
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.”
As the adage goes “With great power comes great responsibility.” being one of the first Indian unicorn startups in the crypto space, CoinDCX will be utilizing the fund to build an array of next-generation products with cutting-edge innovations. Additionally, CoinDCX will be strengthening its product team and improve the user interface along with exploring more certifications and collaborations to bring its users the safest measures in investment! With investors showcasing positive sentiments about CoinDCX’s growth as a fintech startup, the company will also be working on creating a sustainable growth rate by focusing on customer retention campaigns, among various other projects.