CoinDCX, a crypto exchange, has raised $135 million in support of different Web3 and crypto activities in India, making it India’s first crypto company to complete a Series D funding round.
The Crypto exchange’s newest investment round, which was headed by Pantera and Steadview and included notable investors such as Kingsway, DraperDragon, and Republic, resulted in the company’s valuation doubling to $2.15 billion.
Existing investors such as B Capital Group, a venture capital firm founded by Facebook co-founder Eduardo Saverin, Coinbase, Polychain, and Cadenza increased their stakes in the crypto exchange as part of the oversubscribed funding round.
“Education, innovation, and compliance,” as well as raising crypto and blockchain knowledge among Indian investors, are among CoinDCX’s main priorities, according to the release.
Furthermore, the crypto exchange has invested in risk management and compliance frameworks in order to better comply with the Financial Action Task Force’s guidelines.
After obtaining $90 million in a Series C investment round in August 2021, the Mumbai-based crypto exchange became India’s first crypto unicorn, with a valuation of $1.1 billion.
CoinDCX became India’s second crypto unicorn
The crypto exchange CEO Sumit Gupta revealed plans to repurpose the assets at the time, including plans to increase the crypto investor base and establish a research and development facility.
CoinDCX is India’s most valuable cryptocurrency, with a market capitalization of nearly $2 billion. In October 2021, CoinSwitch Kuber, a rival crypto exchange, became India’s second crypto unicorn, with a valuation around half that of its predecessor.
Coinbase Ventures, the investment arm of the US crypto exchange Coinbase, revealed a proposal to invest $1 million in the region in early April, which coincides with CoinDCX’s efforts to enhance India’s developing Web3 industry.
Over 100 crypto entrepreneurs attended an in-person pitch day hosted by Coinbase and Builders Tribe to raise funds for their various crypto and Web3 projects.