CoinDCX raises over $135 million in fresh funding round, now worth $2 billion
Existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza increased their investments in CoinDCX
Sumit Gupta, co-founder and CEO, CoinDCX
Image: Nayan Shah for Forbes IndiaÂ
Sumit Gupta, co-founder and CEO of Indian crypto exchange CoinDCX, said in a Twitter post on Tuesday, April 20, that the company has raised over $135 million in Series D funding. Pantera Capital and Steadview Capital led the round, with Kingsway Capital, DraperDragon, Republic, and Kindred Ventures also participating.
Existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza also increased their stakes in the crypto exchange, which became the first Indian crypto company to reach unicorn status last year. With this latest funding, CoinDCX’s valuation has gone from $1.1 billion to $2.15 billion.
The funding comes at an interesting time for crypto exchanges in the country, which are now subject to new regulations that impose a 30 percent tax on crypto income. Due to limited access to ways of depositing money for customers, leading exchanges across the nation have seen their volumes plunge to new lows this month.
CoinDCX, however, is positive that the latest funding round will re-affirm global investor confidence in India's potential in the crypto industry. “With a shared vision of a digital-first economy, we see this round as a strong endorsement of the amazing work that CoinDCX has done for the ecosystem over the years and our plans for the future,†said Sumit Gupta.
