Mumbai: CoinDCX, an exchange platform of private cryptocurrency, announced a USD 90 million fundraising on Tuesday, valuing the company at over USD 1.1 billion, even as RBI concerns over the private cryptocurrency continue to mount. The B Capital Group, founded by former Facebook co-founder Eduardo Saverin, led the Series C funding in the company, with participation from existing investors such as Coinbase Ventures, Polychain Capital, Block.One, Jump Capital, an official statement said. Viewed.
The round raised the valuation of CoinDCX to USD 1.1 billion (approximately Rs 8,150 crore), making it the first Indian cryptocurrency exchange to reach unicorn status (companies with a valuation of over USD 1 billion). RBI has been expressing concern about crypto like bitcoins Due to its unregulated nature, even a Supreme Court ruling in 2020 had ruled in favor of such virtual currencies.
The newly injected funds will primarily be used to ensure “crypto awareness” across the length and breadth of India, the company statement said. “The funds raised will be allocated to expand (bringing more Indians into crypto/making crypto a popular investment asset class in India) and strengthen our workforce which will complement our growth story. Will hire talent in the works, and focus on new business initiatives,” said its co-founder and CEO Sumit Gupta.
The company also intends to partner with major fintech players to expand the crypto investor base, establish a research and development (R&D) facility, strengthen “policy dialogue through public discourse” and Works with the “government to introduce favorable regulations”. . He added that India is experiencing a “dramatic growth” in demand for cryptocurrencies and digital assets, yet only a few platforms provide the efficiency, security and compliance that investors have come to expect.
He added that it will seek the support of the largest institutional backers in both the traditional and digital asset sectors as it doubles down on efforts to build products. It also plans to strengthen the product team and launch customer retention campaigns to build the next generation of products as it works towards sustainable growth, the statement said.
Founded in 2018, the company currently has 3.5 million users and aims to make 50 million Indians investors in crypto.
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