Following a new $135 million fundraising round, CoinDCX’s valuation has more than doubled to $2.15 billion. CoinDCX’s Series D fundraising was co-led by Steadview and existing backer Pantera. The Mumbai-based business claims to have over 10 million users. The funds will be used to boost the trading exchange’s employees from 400 to over 1,000 by the end of next year. It intends to hire in areas such as engineering and product development.
CoinDCX’s valuation has more than doubled to $2.15 billion
CoinDCX raised $135.9 million from investors led by Pantera Capital and Steadview Capital in just eight months, increasing its valuation to $2.15 billion and becoming India’s most valuable crypto trading platform.
A recent funding round of the company’s Series D round was led by Pantera and Steadview, which included participation from Kingsway Capital, DraperDragon, Republic, and Kindred Ventures. CoinDCX has raised about $245 million to date.
The funds will be used to expand the trading exchange’s employees from 400 to over 1,000 by the end of next year. It intends to hire in areas such as engineering, product development, and compliance, according to the report.
The cryptocurrency exchanges in India are currently facing tougher tax regulations due to the latest funding. CoinDCX and its competitors, such as WazirX and CoinSwitch Kuber, saw their volumes drop to new lows this month due to limited payment options.
“There is no Unified Payments Interface (UPI) available… However, it is the simplest way for consumers to deposit fiat money to conduct crypto transactions, which is currently a challenge… “We are working diligently to restore UPI access,” stated Sumit Gupta, co-founder, and CEO of CoinDCX, according to the report.
CoinDCX has also been impacted by the latest change, stating that the 1% TDS has made it somewhat more difficult for some high-frequency traders to conduct their business. (Such traders account for a sizable amount of trading volume.) “We continue to see new users join the platform, but the rate of growth is not as rapid as it was, say, two months ago,” he added.
According to him, the startup intends to increase its compliance efforts. “We will do all it necessary to offer the regulators additional comfort,” he said.
It was the first Indian crypto start-up to achieve unicorn status last year, and it is said to have accumulated over 10 million users since its debut in 2018. Aside from allowing users to buy various tokens for as little as 100 Indian rupees ($1.3), the exchange also allows for leveraged trading and the staking of digital assets.
If you find this article informative then do not forget to share it with your friends and family! Let us know your thoughts in the comment section below.
Also, read: Bitcoin billion coup: Alleged perpetrator rapped as “Wall Street crocodile.”
