Start-ups have expanded their businesses and grown in recent times, fuelled by the pandemic and record inflow of capital from investors. India has been a pioneer in this effort with 21 new unicorns this year. Today, the unicorn club got its latest member in the name of CoinDCX.
The three-year-old Indian crypto exchange is the first of its kind to attain the coveted “unicorn” status. This happened after it closed its latest Series C funding round at $90 million (nearly ₹670 crores) led by Facebook co-founder Eduardo Saverin. Investors such as Coinbase Ventures, Polychain Capital, Block.one, Jump Capital and other veteran investors also participated in the round.
The latest funding round raised CoinDCX’s valuation to $1.1 billion (₹8150 crores). According to the firm, the proceeds from the funding round would be used to spread crypto awareness across the country, “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.” CoinDCX will also hire talent across multiple functions, focus on new business initiatives, and build next-gen products with cutting-edge innovation, by improving its existing product array while strengthening its product team.
The company’s co-founder and CEO Sumit Gupta said that they would be teaming up with key fintech players “to expand 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.”
While cryptocurrency has been accepted globally, it has been slow to gain traction in India. However, the Indian government seems to be warming up to the idea, if the country’s first-ever NFT marketplace and the formation of a new crypto regulations committee are any indications. However, trading in cryptocurrency is not without risks, as skeptics have often accused that it is used for money laundering and funding terrorism.
Recent times have shown the rising demand for cryptocurrencies and digital assets, but few platforms provide the efficiency, security, and compliance that investors have come to expect. CoinDCX is one of the leading crypto exchanges in the country, helping investors trade and exchange various cryptocurrencies, providing simple and safe investment options besides advanced trading features through its extensive suite of products in India and globally.
With more than 3.5 million users, it aims to create a sustainable growth rate by focussing on customer retention campaigns, among other projects, and bringing 50 million Indians into crypto.
“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 to provide the most more secure trading experience with instant liquidity to our users,” it said.