Crypto and Web3 growth, CoinDCX raises $135m
Cryptocurrency exchange CoinDCX raises $135 million in a Series D funding round.
Pantera Capital and Steadview Capital led the funding round; which also included Kingsway, Draper Dragon, Kindred, and Republic.
The CoinDCX Series D financing also attracts further investment from existing investors; like B Capital Group, Coinbase, Polychain Capital, and Cadenza.
The latest financing round valued at $2.15 billion, making it India’s first crypto unicorn with a valuation of more than $1 billion.
When the firm was worth $1.1 billion during its Series C funding in August.
It became India’s first crypto unicorn, over $245 million has been raised since then.
On Tuesday, Narendra Gupta, the CEO of CoinDCX tells his followers.
That he is ecstatic to announce that the company is able to raise over $135 million in its most recent Series D round.
We’re getting closer to our goal of making crypto available to everyone in India.
“Excited to share that CoinDCX has secured over $135 million in its latest Series D funding round,” tweets Gupta.
Speaking to TechCrunch, co-founder and CEO Gupta says:
“The new funding will go into expanding the team, building new products and scale operations.”
India and Web3 development
The crypto firm’s funding round for cryptocurrency adoption and Web3 came just a few weeks after India’s tax legislation went into effect.
The 30 percent capital gains tax took effect on April 1, with several elements of the taxation being seen as potential roadblocks to the growth.
But Gupta says that the new funding and plans are not in reaction to the tax.
“The new regulations are a very small part of the overall opportunity that exists in India.”
Adding that the company is more focused on expanding its user base and services.
CoinDCX aims to be a home for all types of decentralized applications. The mission is also to support the growth of the cryptocurrency and Web3 sectors.
“We’re on a quest to create greater understanding and trust between regulators, the industry, and our users.
This latest round of financing will enable us to accelerate Crypto adoption in India while also extending the advance of Web 3.0,” he adds.
To help attain these objectives, CoinDCX has plans to conduct even more outreach and education initiatives for Indian investors.
User expansion, our focus
“What we are trying to do is grow the ecosystem and get more people involved in this space.
Because we feel that once people understand crypto, they will eventually come around to using it,” he says.
It will also spend the money on risk management, in an effort to provide a secure environment for its customers to trade.
“When you are talking about an emerging technology like cryptocurrency, there is always going to be some level of risk involved.
So, we want to make sure that we have the best possible security measures in place to protect our users,” he says.
CoinDCX has seen tremendous growth since it starts operation in 2018.
The exchange is processing more than $1 billion worth of transactions and currently has over 2 million registered users.
It is one of the few exchanges in the world that offers both spot and derivative trading products.
The company has also been working on expanding its services to other countries in Southeast Asia.