Home News Indian CoinDCX crypto exchange announced plans to launch an IPO

Indian CoinDCX crypto exchange announced plans to launch an IPO

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Indian cryptocurrency exchange CoinDCX will launch an initial public offering (IPO) after the emergence of regulatory certainty. Co-founder and CTO of exchange, Neeraj Khandelwal stated this, writes Bloomberg.

According to the co-founder of the first “crypto unicorn” in India; the sale of shares will be a vote of confidence for the digital asset industry in the country. He drew parallels with the listing of Coinbase on Nasdaq. The reference price of the securities, which served as a guide for investors, was set at $ 250. But in the first minutes of trading, the value of the asset rose to $ 428.9, after which it corrected. The closing price was $ 328.28.

According to Khandelwal, the firm will decide on the timing of the IPO depending on government regulations.

Referring to the bill on digital assets under discussion

Furthermore, the representative of the exchange referred to the bill on digital assets under discussion. In his opinion, this signals progress and real recognition by the authorities of the growing base of crypto investors.

Recall that previously in November, the media spread information that the government plans to ban “all private cryptocurrencies”. With the exception of assets, in order to “advance the underlying technology of cryptocurrency and its purposes”.

According to the paper, MPs may vote on legislation that establishes “a facilitative framework for the development of the official digital currency” issued by the Reserve Bank of India.

“Serious concerns” about cryptocurrencies

If the proposed bill passes, India’s lawmakers will still have to figure out how to deal with digital asset projects. Those with permission to function legally in the country, as well as the digital rupee. According to The Times of India, the winter session of the Indian Parliament will open on November 29 and last until December 23.

Also in November, the Reserve Bank of India (RBI) announced “serious concerns” about cryptocurrencies. The governor of RBI, Shaktikanta Das, stated this at the BFSI Insight Summit.

Earlier, CoinDCX was estimated at $ 1.1 billion, following the results of the investment round.

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