CoinDCX became the first cryptocurrency “unicorn” in India

Indian cryptocurrency exchange CoinDCX raised $ 90 million in a series C funding round, after which the exchange’s valuation exceeded $ 1 billion, making it India’s first crypto unicorn.

Thanks to the funding received, CoinDCX plans to increase its presence in the Indian crypto market, expand the range of services offered, technological infrastructure and staff.

“CoinDCX is pleased to announce that we have raised $ 90 million (Rs 670 crore) in Series C funding and reached a total capitalization of $ 1.1 billion. This makes CoinDCX the first Indian cryptocurrency exchange to become a unicorn,” CoinDCX said in its blog.

The term “unicorns” refers to startups whose value has exceeded $ 1 billion (ed.).

CoinDCX’s plans include expanding its customer base, establishing a research and development center, working with the government to enact favorable regulations, and programs to support digital asset education.

“Supported by the largest institutional sponsors in both traditional and digital assets, we will redouble our efforts to create next-generation products with cutting-edge innovation, enhance our existing portfolio, and strengthen our infrastructure and team,” said Sumit Gupta. , co-founder and CEO of CoinDCX.

The CoinDCX exchange was launched in 2018; during its operation, the project managed to attract the attention of many large participants in the cryptoasset market. Meanwhile, a new generation of Indian cryptocurrency investors has emerged. The industry estimates that this group is about 15 million people, most of whom are under 25. This shows the huge growth potential of the industry, said Nitin Sharma, partner at Antler Global, a venture capital fund.

The developers of the trading platform hope that, against the background of the development of the project, the number of its users will increase to 50 million people over the next five years. The main goal of the project is to open access to crypto-assets to the citizens of India.