CoinDCX, a popular Indian crypto exchange has joined the Unicorn club after their latest funding round. Coingape reported earlier that the exchange was in talks with several investors to raise $120 million. It has raised $90 million in its Series C funding round giving it a valuation of $1.1 billion, making it the first Indian crypto exchange to attain Unicorn Status.
1/7 I am thrilled to announce @CoinDCX has become a #Unicorn—the first Indian crypto exchange to achieve this stature! Onwards & Upwards濾
— Sumit Gupta (CoinDCX) (@smtgpt) August 10, 2021
The funding round was led by Facebook co-founder Eduardo Saverin’s B Capital along with some of the existing investors including Coinbase Ventures, Polygon Capital, Block.One and Jump Capital. The crypto exchange aims to use the latest funds for the expansion of business and infrastructure.
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CoinDCX plans to partner with key Fintech firms to increase the crypto investor base and set up an R&D facility. The crypto exchange also plans to initiate dialogue with the government to introduce favorable regulations.
Sumit Gupta, co-founder & CEO of CoinDCX said:
” we will be joining hands or enter into partnerships with key fintech players to expand crypto investor base, set up an R&D facility, strengthening the policy conversations through public discourse, working with the government to introduce favorable regulations, education, and amping up the hiring initiatives,”
CoinDCX Joins Matic to Become Second Crypto Unicorn
The state of crypto regulations in India is still not very clear so it becomes even more special for crypto businesses from the country to do well. CoinDCX has become the second Indian crypto business to attain unicorn status after Polygon (formerly known as Matic). Polygon is a second layer scaling solution for Ethereum blockchain and its popularity and adoption have skyrocketed over the past year along with its token price.
The success of Indian crypto businesses shows the growing demand for crypto services in India because of which foreign firms are investing heavily in the Indian crypto ecosystem. Despite the regulatory uncertainty, Coinbase recently announced its plans of expanding its business in the country as well. Apart from crypto businesses, Indian blockchain developers are also in high demand, working on some of the most prolific projects in the decentralized world.