One of the largest cryptocurrency exchanges in India, CoinDCX has raised the sum of $135 million in a Series D fundraise, placing the total valuation of the firm at $2.1 billion. Per the announcement, the funding was realized by a cluster of investors, such as Pantera Capital and Steadview Capital, to mention a few.
Amidst the stringent laws and huge taxes placed on cryptocurrency trading in India, the blockchain industry has thrived. CoinDCX is one of such crypto exchanges that have pulled through with its business operations irrespective of the discouraging policies of the government of India.
One of the missions that drive the virtual currency exchange is the determination to ensure that cryptocurrency is adopted by the masses irrespective of the harsh regulatory ecosystem.
In a Series C funding last year, the digital assets exchange realized the sum of $90 million and a total valuation of $1.1 billion, a figure that has now nearly doubled.
According to CoinDCX co-founder and CEO, Sumit Gupta, “this latest round of funding will help us accelerate the growth of Crypto adoption in India and further the march of Web3.0,” by educating the people of India and creating awareness about digital assets.
The firm also will be increasing its manpower capacity with the funding, one that is currently at 400 staff. Sumit noted in a report that, “there’s a lack of talent pool. There are limited number of people who have experience of working in the crypto space.” He however said that the firm is determined to empower its prospective workers to ensure a situation “where more and more gain understanding and contribute to the ecosystem.”
The MD of Steadview, Ravi Mehta, commenting on the funding said, “we have long been impressed by CoinDCX’s vision to build a thriving Web3 ecosystem in India and it has been our pleasure to support the team’s execution in building the most customer-centric and feature rich crypto exchange in India following our initial investment in 2021.”
The total amount raised so far by CoinDCX in funding to date is approximately $245 million, with a total valuation of $2 billion, making the company the highest valued crypto exchange in India at the moment.