CoinDCX raises $90 million, becomes India’s first Crypto unicorn

By Leandra Monteiro

CoinDCX has closed a USD 90 million Series C funding round, led by B Capital Group and returning investors some eminent returning investors such as Coinbase Ventures, Polychain Capital, Block.one, Jump Capital among others, alongside other veteran investors. The Series C funding round raises CoinDCX’s valuation to USD 1.1 (INR 8150 crores) billion, making it the first Indian cryptocurrency exchange to reach unicorn status.

With this funding, CoinDCX will continue to pursue new business initiatives, enhance its product infrastructure and offerings, and expand its workforce with a view to bolstering its growth and advancing its vision to make cryptocurrencies accessible to 50 million users in India.

Other notable developments in the pipeline include partnerships with key FinTech players to expand its crypto investor base, setting up a Research & Development (R&D) facility, strengthening policy conversations through public discourse, and continued collaboration with the government to introduce favourable regulations and education support programmes.

Sumit Gupta, Co-founder & CEO CoinDCX said, “India is experiencing a dramatic growth in demand for cryptocurrencies and digital assets, yet only few platforms provide the efficiency, security and compliance that investors have come to expect. With the support of the largest institutional backers in both the traditional and digital asset spaces, we will double down on our efforts to build the next generation of products with cutting edge innovation, improve our existing product array, and strengthen our exchange infrastructure and product team in order to provide the most more secure trading experience with instant liquidity to our 3.5 million users.”

Established in 2018, CoinDCX is an Indian crypto exchange enabling users in India to make crypto accessible in India. CoinDCX will continue to scale efforts to make investment simpler with CoinDCX Go for newcomers, and with advanced product for crypto traders that offers wide array of products – such as Lend, which provides decentralised lending services, Margin, which offers up to 10X leverage across more than 500 markets, and Futures, which offers up to 20x leverage trades on leading digital assets futures. In the coming months, CoinDCX will also be launching the CoinDCX Prime initiative, its latest offering in the HNI & Enterprise space, providing legally vetted and safe investments, as well as Cosmex, CoinDCX’s global trading product.