_1614586556676_1614586583624_1628568436858.jpg "Sumit Gupta, founder, CoinDCX")
PremiumBENGALURU: Cryptocurrency exchange CoinDCX became India's first crypto unicorn with a valuation of $1.1 billion, after closing $90 million in a Series C funding round.
The round was led by B Capital Group, founded by former Facebook co-founder Eduardo Saverin. Existing investors such as Coinbase Ventures, Polychain Capital, Block.one, Jump Capital, among others, also participated in the round.
Fresh funds will be used to spread awareness about cryptocurrencies across India, CoinDCX said in a statement.
“The funds raised will be allocated to expand by bringing more Indians to crypto and make crypto a popular investment asset class in India, and strengthen our workforce that will cater to our growth story. We will hire talent across multiple functions, and focus on new business initiatives," said Sumit Gupta, co-founder and CEO, CoinDCX.
“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 ramping up the hiring initiatives," Gupta added.
CoinDCX ranks among the top four crypto exchanges in India, the others being WazirX, CoinSwitch Kuber, and Zebpay.
“India is experiencing a dramatic growth in demand for cryptocurrencies and digital assets, yet only few platforms provide the efficiency, security and compliance that investors have come to expect. With the support of the largest institutional backers in both the traditional and digital asset spaces, we will double down on our efforts to build the next generation of products with cutting edge innovation, improve our existing product array, and strengthen our exchange infrastructure and product team in order to provide the most more secure trading experience with instant liquidity to our users," Gupta said.
CoinDCX said it will also use the funds to build next-generation products with innovation, by improving its existing product array while strengthening its product 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," Gupta said.
Founded in 2018, CoinDCX has onboarded more than 3.5 million users. In the coming months, CoinDCX will launch CoinDCX Prime initiative, its latest offering in the HNI & enterprise space, providing legally vetted and safe investments, as well as Cosmex - a global trading product.
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