CoinDCX, cryptocurrency exchange has become India’s first-ever exchange to enter the unicorn club. The company has raised US$90 million against a valuation of US$1.1 billion in Series C funding, led by B Capital Group(former co-founder of Facebook, Eduardo Saverin). The round was also joined by existing investors Coinbase Ventures, Polychain Capital, Block.one and Jump Capital, among others.
Sumit Gupta, Co-founder & CEO, CoinDCX stated, ‘The funds raised will be allocated to expand and strengthen our workforce that will cater to our growth story. We will hire talent across multiple functions, and focus on new business initiatives.’
‘Apart from this, we will be joining hands or enter into partnerships with key fintech players to expand 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.’ he added.
As per the official statement, the company will also utilise these funds to build the next generation products with cutting edge innovation, improving the existing products and strengthening the team. With investors showcasing positive sentiments about its growth, the company will also be working on creating a sustainable growth rate by focussing on customer retention campaigns, among other projects.
The statement also reveals the future plans for the company, “In the coming months, CoinDCX will also be launching the CoinDCX Prime initiative, its latest offering in the HNI & Enterprise space, providing legally vetted and safe investments, as well as Cosmex, CoinDCX’s global trading product.”
Launched in 2018, the platform offers a range of products for investing and trading crypto-based financial products for retail, HNI, and enterprise customers. CoinDCX also claims to have onboarded more than 3.5 million users.
