CoinDCX, an Indian cryptocurrency exchange, has become the country’s first crypto unicorn with a US$90 million Series C fundraise, the company announced today. The funding was led by Facebook co-founder Eduardo Saverin’s B Capital. The fresh funding pegs CoinDCX’s valuation at US$ 1.1 billion.
Fast facts
- Founded in 2018, CoinDCX offers a range of crypto investment platforms like CoinDCX Go and CoinDCX Pro as well as DCX Learn, a free online crypto and blockchain education platform. It also offers a decentralized lending service as well as leveraged trades on digital assets futures.
- CoinDCX plans to use the new funding to pursue new business initiatives, enhance its product offerings and expand its team. In the coming months, the company is also looking to introduce an assisted crypto investment platform for high-net-worth investors and enterprises.
- Existing investors Coinbase, Polychain, Block.one and Jump Capital among others, also participated in the round. With the latest funding, the startup has raised a total of US$110 million. The startup has 3.5 million users and has more than doubled its user base in the last two months, according to the Economic Times.
- CoinDCX CEO and co-founder Sumit Gupta said, “India is experiencing a dramatic growth in demand for cryptocurrencies and digital assets, yet only few (sic) platforms provide the efficiency, security and compliance that investors have come to expect.” According to Venture Intelligence, CoinDCX is the first crypto exchange in India to attain unicorn status — or a valuation exceeding US$1 billion.