Crypto Exchange CoinDCX Hits Unicorn Status in India First: Report

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Prominent Indian crypto exchange CoinDCX has raised 6.70 billion rupees (US$90 million) from investors in a funding round that achieved a valuation above $1 billion.

  • The unicorn status is a crypto industry first for the country with a population of 1.33 billion, Bloomberg reported Monday.
  • Led by Facebook co-founder Eduardo Saverin’s B Capital Group, the funding round came in $10-$20 million less than initial targets, as reported by CoinDesk in July.
  • Other investors included Coinbase, Polychain, Block.one, and Jump Capital.
  • Funding will go toward hiring efforts including doubling the exchange business’s team in the next six months to around 400 people.
  • The move marks a major achievement in the face of regulatory uncertainty relating to Indian officials’ stance toward cryptocurrencies.
  • CoinDCX said it hopes to bolster its user numbers from 3 million to 50 million over the next few years, according to the report.

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Author: CoinDesk


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