CoinDCX’s Series C round valued it at $1.1 billion.

Facebook co-founder Eduardo Saverin’s B Capital led CoinDCX’s $90 million Series C round that catapulted the Indian crypto exchange into the unicorn club with a valuation of $1.1 billion. CoinDCX also became the first Indian crypto company to achieve this status. (Economic Times)

Existing investors Coinbase Ventures, Polychain Capital, Block.one, Jump Capital, and other angel investors are also said to have participated in the funding, which brought the aggregate capital raised to date by CoinDCX to $110 million.

The crypto exchange has 3.5 million users but does not disclose revenue or profit numbers. WazirX, CoinSwitch Kuber, and Zebpay are its crypto exchange rivals.

Cryptos – the Indian scene

According to Chainalysis, crypto investments in India surged from a shade above $900 million in April 2020 to approximately $6.6 billion in May 2021.

However, the crypto industry in India has for years struggled with an uncertain regulatory environment. Currently, policy makers are still debating the status of digital currencies in the country. They are said to view with trepidation the rollercoaster volatility in cryptos, particularly bitcoin, which crashed recently to less than half its all-time high of $64,870 touched in April.

However, the country is all for the blockchain, a technology it considers legitimate and full of potential.

According to Sumit Gupta, co-founder and CEO, CoinDCX, “India is experiencing a dramatic growth in demand for cryptocurrencies and digital assets, yet only few platforms provide the efficiency, security and compliance that investors have come to expect.”

CoinDCX intends to strengthen its exchange infrastructure and product team in order to provide the most more secure trading experience with instant liquidity to its users, Gupta added.

CoinDCX: Use of funds

CoinDCX will use the funds to expand its user base, hire talent and launch newer products. It proposes to double the size of its workforce from the existing 180, and to spend Rs 10 crore (US$ 1.34 million) on educational initiatives.

“In the coming months, CoinDCX will also be launching the CoinDCX Prime initiative, its latest offering in the HNI and Enterprise space, providing legally vetted and safe investments, as well as Cosmex, CoinDCX’s global trading product,” said Gupta.

Related Story:  In India, RBI Confirms No Ban on Crypto; CoinDCX Raises $2.5M; Crypto Volumes Fly