CoinDCX’s Series C funding was led by B Capital Group, a VC firm from Facebook co-founder Eduardo Saverin.
Mumbai-based crypto exchange CoinDCX has raised $90 million in a Series C funding round, coming to be the first crypto organization in India to get to unicorn status.
According to a statement, the funding round was led by B Funding Group and saw engagement from returning financiers consisting of Block.one, Coinbase Ventures, Polychain as well as Jump Capital.
Complying with the financial investment round, CoinDCX reached an evaluation of $1.1 billion, putting the business among crypto giants such as Binance as well as Ripple. CoinDCX CEO Sumit Gupta stated the firm will certainly make use of the new funds on business efforts, adding:
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.
Since 2018, the crypto exchange has managed to onboard more than 3.5 million users, while the company means to make use of the current round of funding in fast-tracking its onboarding process to as many as 50 million customers throughout the country.
The Indian government has stayed unclear about its position on crypto, and CoinDCX’s action on the unicorn list has not yet come under the radar of the regulatory authorities.
While India’s noncommittal stance maintains regional crypto companies careful, an independent technology association, IndiaTech.org, has recommended a regulatory structure for managing crypto assets and also exchanges.
The proposition advised Indian authorities to “define cryptocurrencies as digital assets and not currencies and grant them recognition as digital assets like gold, stocks, or marketable securities.” CoinDCX’s Gupta likewise showed assistance for IndiaTech, mentioning:
It helps bring a fresh perspective to the regulatory discussions that are going on today. The recommendations if accepted will open immense potential for Indians to participate in this new global asset class.
India’s Finance Minister Nirmala Sitharaman just recently showed support for the crypto-economic situation by claiming that regulatory authorities would certainly like to permit particular home windows for crypto usage situations instead of going for an outright ban.