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Cryptocurrency exchange CoinDCX has raised $135 million in its Series D funding round led by Pantera and Steadview. The funding round saw strong participation from Kingsway, DraperDragon, Republic and Kindred, as well as the company’s existing investors such as B Capital Group, Coinbase, Polychain and Cadenza. The latest injection of capital makes CoinDCX the most valuable crypto company in India.
The company will use the new funds to expand its talent pool apart from creating awareness and educating Indian investors about Crypto and blockchain. CoinDCX plans to start an innovation center to promote Web3 and Blockchain adoption in the country.
“The latest round by some of the biggest institutional investors only reinforces belief in India’s huge potential in the cryptocurrency ecosystem. With a shared vision of the digital economy first, we see this round as a strong endorsement of the incredible work that CoinDCX has done,” said Sumit Gupta, Co-Founder and CEO. ecosystem over the years and our plans for the future.” from CoinDCX, in a statement.
He added that CoinDCX was uniquely positioned to help create better understanding and trust between regulators, the industry and users, ultimately helping to accelerate the growth of Crypto adoption in India and to continue the Web3.0 march.
CoinDCX aims to triple its talent pool to over 1,000 employees by the end of 2022 through various outreach programs, research initiatives and strategic investments.
Speaking about the financing, Paul Viraditakit of Pantera said his company was among the early and active supporters of India and believed it would eventually emerge as a global leader in the Web 3 space.
In its previous funding round in August last year, CoinDCX raised $90 million at a valuation of $1 billion. The funding round led by B Capital Group, founded by former Facebook co-founder Eduardo Saverin, made CoinDCX the first Indian unicorn in the cryptocurrency space.
In February of this year, CoinDCX became the first cryptocurrency exchange in India to cross the Rs 1 crore user base mark. CoinDCX was launched in 2018, and it was among the first platforms to enter the Indian market. While the company’s growth remained slow in the first two years of operation, it recorded excellent growth in 2021 and gained more than 98 lakh users per year.
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