Indian crypto exchange CoinDCX has closed a USD 90 million (INR 670 Cr.) Series C funding round, as it becomes the country’s first cryptocurrency exchange to reach unicorn status.
With this funding, CoinDCX outlined it’s seeking to continue to pursue new business initiatives, enhance its product infrastructure and offerings, and expand its workforce.
Sumit Gupta, Co-Founder & CEO CoinDCX, said: “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 3.5 million users.”
Other notable developments in the pipeline include partnerships with key fintech players to expand its crypto investor base, setting up a Research & Development (R&D) facility, strengthening policy conversations through public discourse, and continuing collaboration with the government to introduce favorable regulations and education support programmes.
Established in 2018, CoinDCX enables users in India to increase the accessibility of the crypto space. As a pioneer of the country’s crypto industry, the firm is aiming to continue to scale efforts to make investment simpler with CoinDCX Go for newcomers, and with advanced products for crypto traders that offer a wide array of products.
In the coming months, CoinDCX will also be launching the CoinDCX Prime initiative, its latest offering in the HNI & Enterprise space, providing legally vetted and safe investments, as well as Cosmex, CoinDCX’s global trading product.