Indian crypto platform CoinDCX raises $135m Series D
Indian crypto exchange CoinDCX has raised more than $135 million in an oversubscribed Series D funding round, valuing the company at more than $2 billion.
The round was led by Pantera and Steadview and saw participation from Kingsway, DraperDragon, Republic and Kindred as well as existing investors B Capital Group, Coinbase, Polychain and Cadenza.
Following the Series D, the Mumbai-based company now claims to be the highest-valued crypto company in India.
CoinDCX CEO and co-founder Sumit Gupta says the investment “only reinforces the belief in India’s immense potential in the crypto ecosystem”.
Gupta claims his company is well positioned to “help forge greater understanding and trust between regulators, industry and our users” to help accelerate the growth of crypto adoption in India.
CoinDCX has launched several initiatives and campaigns with universities and through its DCXLearn platform to spread awareness and educate Indian investors on crypto and blockchain.
Its margin and future trading products, market maker programme and crypto investment plan are all designed to open up the opportunities of cryptoassets to ordinary Indians, CoinDCX says.
The firm intends to triple its workforce to more than 1,000 employees by the end of 2022, nurturing local talent through its various outreach programs, research initiatives and strategic investments.
The company is also investing in making its platform safer and more secure for its customers, having recently partnered with crypto-native trade surveillance and market integrity firms Solidus Labs and Confirm.
CoinDCX became India’s first crypto unicorn in August last year after raising $90 million in a Series C round.