Crypto exchange CoinDCX raises $135 mn in funding as valuation tops $2 bn

business-standard.com:

Indian crypto exchange CoinDCX has raised $135 million in its Series D funding round, with a valuation of over $2 billion. The round was led by Pantera and Steadview and saw participation from prominent investors like Kingsway, DraperDragon, Republic, and Kindred.

The latest funding round also saw existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza increase their investments in CoinDCX.

CoinDCX said it remains committed to spreading awareness and educating Indian investors on crypto and blockchain. It has launched several educational initiatives and campaigns working closely with universities and through its DCX Learn platform, which fosters greater understanding and trust for this emerging asset class. CoinDCX also plans to start an innovation centre to further Web3 and blockchain adoption in India.

The company also aims to triple its staff to over 1,000 employees by the end of 2022.

“The latest round by some of the largest institutional investors only reinforces the belief in India's immense potential in the crypto ecosystem. With a shared vision of a digital-first economy, we see this round as a strong endorsement of the amazing work that CoinDCX has done for the ecosystem over the years and our plans for the future,” said Sumit Gupta, co-founder, and CEO, of CoinDCX.

“With a wide array of products built for India, and the commitment to building compliant, simple, and safe solutions, we are uniquely positioned to help forge greater understanding and trust between regulators, industry, and our users, ultimately helping accelerate the growth of Crypto adoption in India and further the march of Web3.0.”

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