After raising $90 million in a Series C fundraising round, cryptocurrency exchange CoinDCX became India’s first crypto unicorn with a valuation of $1.1 billion.
The series C funding is led by B Capital Group (founded by former Facebook co-founder Eduardo Saverin) and returning investors; Coinbase Ventures, Polychain, Block.one, and Jump Capital. The fresh funding will be used in creating crypto-based products, simplify investing in cryptos, globalizing services, and keep expanding the team with the top talents in the industry.
Sumit Gupta,co-founder and CEO, CoinDCX Said ‘The funds raised will be allocated to expand (bring more Indians to crypto / make crypto a popular investment asset class in India) and strengthen our workforce that will cater to our growth story. We will hire talent across multiple functions, and focus on new business initiatives.
Apart from this, we will be joining hands or enter into partnerships with key fintech players to expand the crypto investor base, set up a Research & Development (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.’
Neeraj Khandelwal, Co-Founder of CoinDCX said, “This achievement belongs to each and every DCX team member. I can guarantee this decade is going to be the DCX Decade where we will disrupt the FinTech sector with innovative cutting edge technologies. I wish more strength to the CoinDCX team towards onboarding 50 million Indians on the platform.”