Mumbai-based crypto exchange CoinDCX has raised $90 million in Series C funding, changing into the primary crypto enterprise in India to achieve unicorn standing.
According to the announcement, the funding round was led by B Capital Group and noticed participation from returning traders together with Block. one, Coinbase Ventures, Polychain, and Jump Capital.
Following the funding round, CoinDCX reached a valuation of $1.1 billion, putting the corporate with crypto giants such as Binance and Ripple. ConDCX CEO Sumit Gupta mentioned the firm will use the new funds on business initiatives, adding:
“We shall be becoming a member of palms or enter into partnerships with key fintech players to expand the crypto investor base, set up a Research & Development (R&D) facility, strengthening the policy conversations through public discourse, working with the government to introduce favorable regulations, education, and amping up the hiring initiatives.”
Since 2018, the crypto exchange has managed to onboard more than 3.5 million Indians while the company intends to make use of the latest round of funding in fast-tracking its onboarding process to up to 50 million customers throughout the nation.
Governments throughout the globe have begun experimenting with crypto and blockchain implementations at completely different ranges.
The Indian authorities have remained unclear about its stance on crypto and CoinDCX’s transfer onto the unicorn checklist has not but come underneath the radar of the regulators.
While India’s noncommittal stance keeps native crypto companies cautious, an impartial know-how affiliation, IndiaTech.org, has really useful a regulatory framework for handling crypto assets and exchanges.
The proposal really useful Indian authorities to “define cryptocurrencies as digital assets and not currencies and grant them recognition as digital assets like gold, stocks, or marketable securities.” CoinDCX’s Gupta additionally confirmed help for IndiaTech, stating:
“It helps bring a fresh perspective to the regulatory discussions which might be occurring right this moment. The recommendations if accepted will open immense potential for Indians to take part on this new world asset class.”
India’s Finance Minister Nirmala Sitharaman recently showed support for the crypto financial system as she mentioned that the regulators would like to permit sure windows for crypto use cases instead of going for an outright ban.