Indian cryptocurrency exchange CoinDCX raises US$90 million (Rs 668 crore) in a Series C funding round. The funding round is led by Facebook co-founder Eduardo Saverin’s B Capital Group. The fresh funding boosts CoinDCX’s valuation to US$1.1 billion, bringing its status as a crypto unicorn.
The latest funding round also witnessed participation from existing investors, including Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital among others.
CoinDCX To Expand Team, Promote Crypto, and Engage With Government For Favourable Regulation
The company plans to use the capital primarily to increase its manpower and to raise crypto awareness throughout India.
CoinDCX Co-founder and CEO Sumit Gupta, commented:
“The funds raised will be allocated to expand (bring more Indians to crypto / make crypto a popular investment asset class in India) and strengthen our workforce that will cater to our growth story. We will hire talent across multiple functions and focus on new business initiatives.”
“We will be joining hands or enter into partnerships with key fintech players to expand crypto investor base; set up a Research & Development (R&D) facility; strengthen the policy conversations; through public discourse, work with the government to introduce favourable regulations, and ramp up the hiring initiatives,” Sumit added.
Crypto Investment In India Growing Exponentially
India is experiencing exponential growth in cryptocurrency investment and trading. According to Chainalysis, the total investments in digital assets in India is currently valued at over US$ 6.6 billion. The crypto market intelligence firm said that it was just US$923 million in April 2020.
The huge jump in investment is a testament to the growing demand for crypto investment in India. Indians are investing in cryptocurrency despite continuous disapproval from the Reserve Bank of India (RBI).
There were also reports that banks were sending warnings to customers dealing in cryptocurrency.
Recently, many cryptocurrency exchanges also reported that banks discontinued their services citing RBI old circular.
CoinDCX To Build Infrastructure To Bring 50 Million Indians Into Crypto
Founded in 2018, CoinDCX now has around 4 million users. It now wants to make crypto accessible in India, and accelerate its efforts towards bringing 50 million Indians into crypto.
“we will double down on our efforts to build the next generation of products with cutting edge innovation,” stated CoinDCX.
CoinDCX said it will continue to scale its dedicated products on the investments and trading side.
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