CoinDCX enters unicorn club with B Capital-led $90 million fundraise

CIOReviewIndia Team | Tuesday, 10 August 2021, 03:52 IST

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CoinDCX enters unicorn club with B Capital-led $90 million fundraiseThe funding values the corporate at $1.1 billion, making it the newest entrant to the Union Club, or these startups with a valuation of $1 billion or extra. India has added 21 startups to the coveted checklist to this point this 12 months.

This additionally makes CoinDCX the primary crypto firm in India to achieve unicorn standing.

Existing buyers Coinbase Ventures, Polychain Capital, Block.one, Jump Capital, and different angel buyers additionally participated within the spherical, a senior firm government stated.

The funds will likely be used for advertising and marketing, strengthening the workforce and on new enterprise initiatives, Sumit Gupta, cofounder and CEO of CoinDCX said; the firm has earmarked Rs 10 crore for its instructional initiatives throughout platforms. It will double its workforce from the prevailing 180 over the following six months.

Founded in 2018 by Gupta and Neeraj Khandelwal, CoinDCX helps individuals purchase and promote crypto tokens. It additionally provides different crypto-based monetary merchandise equivalent to lending.
“In the coming months, CoinDCX will also be launching the CoinDCX Prime initiative, its latest offering in the HNI and Enterprise space, providing legally vetted and safe investments, as well as Cosmex, CoinDCX’s global trading product,” Gupta added.

The change has 3.5 million customers and has greater than doubled its person base within the final two months.
CoinDCX competes with Binance-owned WazirX, which has over 7 million customers, in addition to a handful of different crypto exchanges together with ZebPay.

Mainstream curiosity in crypto platforms has been on the rise in India this 12 months.

CoinDCX’s announcement comes on the heels of crypto platform Vauld raising money from Peter Thiel’s Valar Ventures and CoinSwitch Kuber from Tiger Global earlier this year.

Crypto exchanges are a profitable funding given the extremely worthwhile nature of the enterprise, buyers stated.

International buyers with expertise in dealing with an unsure regulatory setting in different international locations and industries are not shying from investing in the cryptocurrency business in India, whilst most Indian funds undertake a cautious strategy.

“Most new markets have regulatory uncertainty,” a senior government at a blue-chip VC fund stated.

“GPS was a regulated industry a few decades ago. Taxis and hotels were as well (and still are) in many parts of the world. Health and space tech are other examples. Investors that have seen the journeys of previously regulated industries that were opened up by resilient and thoughtful founders are willing to back best-in-class teams they feel will find a path. Because if you do, the upside is immense,” the individual stated on situation of anonymity.

The hyper-growth and investor curiosity within the nascent trade comes regardless of talks of a proposed ban and main banks chopping entry to Indian crypto exchanges.

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