Business Economy : CoinDCX raises $90 million, becomes India’s first crypto unicorn

Insight Online News

Bengaluru, Aug 10 : CoinDCX has raised $90 million, Rs 670 crores, in its Series C funding at a valuation of $1.1 billion.

With this, CoinDCX officially became the first Indian crypto exchange to reach a unicorn status.

The firm will utilise the fund to build an array of next-generation products with cutting-edge innovations.

It will also strengthen its product team and improve the user interface along with exploring more certifications and collaborations to bring its users the safest measures in investment.

“The funds raised will be allocated to expand and strengthen the firm’s workforce and focus on new business initiatives. Apart from this, we will be joining hands or entering into partnerships with key fintech players to expand the crypto investor base, set up a Research and & Development facility, among other things,” CoinDCX co-founder and CEO Sumit Gupta said in a statement.

The funding company for the Series-C funding is led by B Capital Group, which is founded by former Facebook co-founder Eduardo Saverin and returning investors, Coinbase, Polychain, Block.one, and Jump Capital.

Since its inception in 2018, CoinDCX has been committed to making cryptocurrency accessible to the Indian audience with simpler, secure, and compliant solutions.

The firm has onboarded more than 3.5 million users and aims to onboard 50 million Indians.

CoinDCX is the first and only Indian cryptocurrency exchange to introduce margin trading with up to 10x leverage across more than 500 markets and Futures with up to 20x leverage trades.

UNIINDIA

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