CoinDCX, India's safest crypto exchange, has onboarded a $90 million (Rs 670 crore) Series C funding round, led by B Capital Group (founded by former Facebook co-founder Eduardo Saverin) and returning investors some eminent returning investors such as Coinbase Ventures, Polychain Capital, Block.one, Jump Capital among others, along with other veteran investors.
The Series C funding round increases CoinDCX’s valuation to $1.1 (Rs 8,150 crores) billion, making it the first Indian cryptocurrency exchange to reach unicorn status.
The newly injected funds would be used predominantly to further our ambition of ensuring that crypto awareness is spread to the length and breadth of India.
Sumit Gupta, Co-founder & CEO, CoinDCX stated, "The funds raised will be allocated 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. We will hire talent across multiple functions, and focus on new business initiatives.
"Apart from this, we will be joining hands or enter into partnerships 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.” he added.
CoinDCX would utilize the fund to build the next generation products with cutting edge innovation, by enchancing its existing product array while strengthening its product team. With investors showcasing positive sentiments about its growth, the firm would also be working on creating a sustainable growth rate by focussing on customer retention campaigns, among other projects, it said in a press release.
Set up in 2018, CoinDCX has already onboarded more than 3.5 million users. It will now carry forward the vision of making crypto accessible in India and accelerate its efforts towards bringing 50 million Indians into crypto.
In the coming months, CoinDCX will also be launching the CoinDCX Prime initiative, its latest biding in the HNI and Enterprise space, providing legally vetted and safe investments, and Cosmex, CoinDCX's global trading product.