Crypto-enables financial service providing firm CoinDCX becomes India’s first crypto unicorn company soon after raising $90 million in its series C funding round led by B Capital Group. This new funding had increased CoinDCX’s market valuation to $1.1 billion.
Other investors like Coinbase Ventures, Block.one, Jump Capital, and Polychain also participated in the funding round. The company spoke about the plans for its future projects that it says would be revealed soon through its newsletters and blog.
CoinDCX will also use this fund to expand its workforce to 400 by the end of this year. The co-founder and CEO of CoinDCX, Sumit Gupta, said, “I am pretty sure the industry will be regulated at the right time. We have chosen to put at stake our money and career as we feel this is going to be a very good wealth generation opportunity for people.”
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CoinDCX is a Mumbai-based crypto-financial startup founded by Neeraj Khandelwal and Sumit Gupta in the year 2017. The firm specializes in developing cryptocurrency trading applications. The company provides a secure platform with a powerful wallet to enable its users to trade in a seamless, reliable, and effortless manner.
According to the officials, CoinDCX has more than 3.5 million users, and it plans to increase its user base to 50 million in the coming years. Gupta said that India has a technology-savvy population and can produce more than 100 crypto unicorn startups in a few years, leveraging the Indian talent pool of engineers to drive innovations in the blockchain technology sector.
CoinDCX also has plans for collaborating with other fintech startups to expand the crypto investor base and work closely with the government of India to introduce regulatory guidelines for crypto investments.