Thu. Mar 28th, 2024
CoinDCX

Despite, cryptocurrency holding a contentious position in India, CoinDCX has become the country’s first cryptocurrency unicorn after it raised ₹ 6.70 billion ($90 million) from investors led by Facebook Inc. co-founder Eduardo Saverin’s B Capital Group, valuating the company at $1.1 billion. The existing partners like Coinbase Ventures, Polychain Capital, Block. one, and Jump Capital also participated in the investment round. 

CoinDCX currently has 3.5 million users and the proceeds raised will be used for customer awareness campaigns and increasing its reach.

“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, strengthen policy conversations through public discourse, work with the government to introduce favourable regulations, education, and amp up hiring initiatives,” Sumit Gupta, co-founder and CEO, said.

CoinDCX offers trading and financing services for enterprise clients, traders, a global trading platform, and a blockchain academy for education, in addition to its main exchange providing service to retail investors.

“India is experiencing a dramatic growth in demand for cryptocurrencies and digital assets, yet only a few platforms provide the efficiency, security and compliance that investors have come to expect,” the company said.

Crypto exchanges generally run a profitable business, which attracts investors, however, CoinDCX does not reveal its income or profit figures.

The 30-year-old engineer alumnus of the Indian Institute of Technology dedicated several hours to reading and researching about blockchain and cryptocurrencies before seeding CoinDCX in 2018. The company is registered in Singapore as Primestack Pte.,  and aims to gain 50 million users from 3.5 million in the coming few years and educating users about the domain of crypto and blockchain.

By Harshita Sharma

I bring to you updates from business, policy and economy spectrum.

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