Indian cryptocurrency exchange CoinDCX’s latest funding comes as investors double down on the country’s potential to emerge as the world’s top market despite government apathy.
See related story: CoinDCX’s Sumit Gupta on CBDCs, regulation and India’s potential for crypto in 2021
- Series D funding was led by Pantera and Steadview Capital, the company said.
- Existing investors such as former Facebook cofounder Eduardo Saverin’s B Capital Group, as well as Coinbase, Polychain and Cadenza joined the fund raise.
- CoinDCX became India’s first crypto unicorn last year after raising US$90 million in series C funding led by B Capital Group.
- With this round, CoinDCX becomes the highest valued crypto company in India.
- The Mumbai-based firm says it will use the funds to build on “education, innovation and compliance.”
- CoinDCX aims to triple its headcount to over 1,000 employees by the end of 2022.
- “The latest round by some of the largest institutional investors only reinforces the belief in India’s immense potential in the crypto ecosystem,” said Sumit Gupta, cofounder and CEO of CoinDCX.
See related story: Is an IPO in the cards for India’s first crypto unicorn CoinDCX?