India’s most widely used Cryptocurrency exchange CoinDCX has raised $135 million (about Rs.1000 crore) in Series D round led by Pantera and Steadview with participation from other prominent investors like DraperDragon, Kingsway, Republic, and Kindred. Their Existing investors including Coinbase, B Capital Group, Polychain, and Cadenza have also shown interest and invest in this round.
After this round money gurus are expecting its valuation will reach $2 billion however company has not disclosed his valuation yet.
If we combine all previous investments too then company has raised total of $245 million till date which is overwhelming and makes clear picture in our mind that crypto industry is growing like crazy.
Company has other plans to educate people under DCXlearn initiative. They are also planning to start innovation centres to give a push to WEB3.0 & blockchain adoption in the country.
According to companies reports they are experiencing tremendous growth in their user base. As per CoinDCX they have grown from 3.5 million to 12 million in less than a year and now in the neck to neck competition with other Indian crypto exchanges like Wazirx, Coinswitch kuber.
Startupcrow could not verify the reposts this news article as based on news published on the internet regarding coindcx.
According to several reports these funds will be used to hire new talents and human resource and increase the headcount from 400 to 1000 employees.
Crypto exchanges in India were facing issues payments with National Payments Corporation of India (NPCI) as the organisation was not aware that these exchanges were using UPI on thier platforms and now they have distanced themselves from these as of now.