Coindcx’s valuation has surpassed $2 billion, with investors contributing $135 million.
The Economic Times reported on April 19 that CoinDCX had raised $135.9 million (approximately Rs 1,000 crore) from investors led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion in just eight months to become India’s most valued crypto trading platform.
CoinDCX has raised $135.9 million (roughly Rs 1,000 crore) in funding from investors led by Pantera Capital and Steadview Capital, more than doubling its valuation in eight months. According to the Economic Times, it reached $2.15 billion on April 19, making it the most valuable crypto trading platform in India.
According to the report, Pantera and Steadview contributed roughly half of their latest Series D funding round, which also included participation from Kingsway Capital, DraperDragon, Republic, and Kindred Ventures. So far, CoinDCX has raised over $245 million.
The funds will be used to increase the exchange’s workforce from 400 to more than 1,000 by the end of next year. The company intends to hire across departments, including engineering, product, and compliance, according to the report.
Excited to share that CoinDCX has raised over USD 135 million, in our latest Series D funding round. Another step closer to our dream of making #crypto accessible to every Indian.— Sumit Gupta (CoinDCX) (@smtgpt) April 19, 2022
It was the first Indian crypto startup to achieve unicorn status last year, and it has reportedly amassed more than 10 million users since its inception in 2018. In addition to allowing users to purchase various tokens for as little as 100 Indian rupees ($1.3), the exchange also provides margin trading and staking options for digital assets.
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The latest funding comes as cryptocurrency exchanges in India face new tax rules. Trading volumes on CoinDCX and its peers such as WazirX and CoinSwitch Kuber fell to new lows this month due to restrictions on user deposit methods.
According to the report, the National Payments Corporation of India (NPCI) has distanced itself from cryptocurrency exchanges in recent weeks. In contrast, MobiKwik, a mobile payment wallet, has blocked users’ access.
“The Unified Payments Interface (UPI) is unavailable, but it’s the simplest way for people to deposit fiat currency for crypto transactions, and it’s a challenge at the moment… we’re working on restoring UPI access,” according to the report, citing CoinDCX’s federation. Sumit Gupta, the company’s founder, and CEO.
“We are in discussions with the NPCI and other relevant stakeholders to better understand the challenges and how we can address them and restore normalcy.”
CoinDCX being an Indian cryptocurrency exchange, was reported to have raised more than $135 million in Series D funding, according to Sumit Gupta, who’s the company’s co-founder and CEO, in a Twitter post.
According to Gupta, the funding raises CoinDCX’s valuation to $2.15 billion from $1.1 billion following Series C funding in August 2021.
- “The round was led by Pantera Capital and Steadview Capital Management, with significant participation from prominent investors such as Kingsway, Draper Dragon, Republic, and Kindred,” Gupta explained.
- Existing investors such as B Capital Group, Coinbase (COIN), Polychain, and Cadenza increased their investments in CoinDCX as part of the funding round. Coinbase began trading in India earlier this month as well.
- CoinDCX did not immediately respond to a request for comment about raising funds at a time when India’s trading volumes plummeted as a result of the new tax law and Coinbase’s botched launch, which resulted in some payment processors dropping exchanges.
- The exchange also stated that it has “recently partnered with crypto-native trade surveillance and market integrity leaders such as Solidus Labs and confirm to strengthen its anti-money laundering protection, as well as to provide precise and holistic detection and reporting into suspicious activities.”
- By the end of the year, CoinDCX plans to nearly triple its talent pool. According to a company statement, “we currently have 400 employees and expect to have around 1,000 by the end of the year.”