CoinDCX lands $90m Series C funding to become India’s first crypto unicorn
Indian cryptocurrency platform CoinDCX has raised $90 million in a Series C funding round led by Facebook co-founder Eduardo Saverin’s B Capital Group.
Returning investors include Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital.
The firm says the new funding makes it the first Indian cryptocurrency exchange to attain unicorn status with a valuation of $1.1 billion.
CoinDCX offers products for investing and trading in crypto-based financial products for retail, high net worth individuals, and enterprise customers.
Founded in 2018 in Mumbai, the start-up claims to have onboarded more than 3.5 million users. It is ISO Certified and insured for up to $100 million through BitGo.
CoinDCX says the new financing will be used to grow the company and “further our ambition of ensuring that crypto awareness is spread to the length and breadth of India”.
It will look to scale its product team to develop new offerings and build out its product portfolio on the investments and trading side.
Sumit Gupta, co-founder and CEO of CoinDCX, adds his company plans to “enter into partnerships with key fintech players” and work with the government “to introduce favourable regulations”.