India-based crypto exchange CoinDCX has managed to raise $90 million in a Series C funding round led by B Capital.
India is gradually becoming more accommodating towards the rising cryptocurrency exposure. One of the leading crypto exchanges of India, CoinDCX has successfully managed to become a unicorn by raising $90 million in a Series C funding round led by Eduardo Saverin’s B Capital.
CoinDCX: Successful Series C Funding Round
CoinDCX which is an Indian crypto exchange has successfully acquired the title of being a unicorn by raising a striking amount of $90 million in a Series C funding round. The current valuation of the organization is now estimated to be at $1.1 billion.
The Series C funding round was organized by B Capital, a company founded and operated by Eduardo Saverin. The Series C round also had the backing of other promising investors namely Coinbase Ventures, Jump Capital, Block one, and Polychain Capital.
CoinDCX had recently managed to raise $13.9 million in a Series B round which was held eight months ago. CoinDCX’s Sumit Gupta has further stated that to meet the rising demand of cryptocurrency in India as well as to scale and expand their work operations, the organization has decided to raise funds and has managed to raise $90 million in a Series C round.
CoinDCX at present hosts approximately 4 million users on its platform. According to CoinDCX’s CEO Sumit Gupta, the firm is looking forward to expanding its business and accelerating its work operations by increasing the number of users to approximately 50 million in near future. In a bid to solidify its prominence as one of the leading crypto exchanges, CoinDCX has also been consistently adopting strong digital marketing tactics and social media advertisements to appeal to the masses and attract global attention.
According to Gupta, the company is currently looking forward to hiring service personnel to help assist the firm to strengthen their work and is also considering plans to collaborate with a fintech firm to enhance their client base and set up a successful R&D unit to simplify crypto data and information analysis. CoinDCX is also working on introducing two premium products known as CoinDCX Prime and Cosmex to tend to wealthy clients (Prime) and offer seamless crypto to crypto user trading (Cosmex) in an efficient manner.
Indian cryptocurrency exchanges have been managing to raise significant funds despite facing regulatory pressure from the authorities. CoinDCX’s latest achievement is an important example of how the global crypto market evaluates and recognizes India as one of the promising and encouraging avenues for investment purposes and is hoping that the Indian authorities will sometime soon be able to seamlessly adapt to the growing propensity of cryptocurrency in the region to facilitate transactions on a global scale.
Other news from the crypto world can be found here.
Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.
