CoinDCX raises ₹1,000 cr, cementing bullish sentiments in India’s crypto space

  • CoinDCX, India's leading crypto exchange, said the focus is on nurturing and growing the crypto and Web3 Industry

Livemint
First Published19 Apr 2022, 09:36 AM IST
The funding round places CoinDCX in a strong position to support the growth of the crypto/web3 industry in India.
The funding round places CoinDCX in a strong position to support the growth of the crypto/web3 industry in India.(REUTERS)

India’s leading crypto exchange CoinDCX has raised over $135 million in Series D funding round, led by Pantera and Steadview.

The funding round also saw strong participation from prominent investors like Kingsway, DraperDragon, Republic, and Kindred, along with existing investors B Capital Group, Coinbase, Polychain, and Cadenza.

The funding round places CoinDCX in a strong position to support the growth of the crypto/web3 industry in India.

With the latest round, CoinDCX said it has reaffirmed the global investor sentiment on the potential for India in the industry. The size of the round and varied investors is a testament to the continuous support that CoinDCX has earned over the years. With this round, CoinDCX becomes the highest valued crypto company in India, it said.

“The latest round by some of the largest institutional investors only reinforces the belief in India's immense potential in the crypto ecosystem. With a shared vision of a digital-first economy, we see this round as a strong endorsement of the amazing work that CoinDCX has done for the ecosystem over the years and our plans for the future,” said Sumit Gupta, Co-Founder, and CEO, of CoinDCX.

“ With a wide array of products built for India, and the commitment to building compliant, simple, and safe solutions, we are uniquely positioned to help

forge greater understanding and trust between regulators, industry, and our users, ultimately helping accelerate the growth of Crypto adoption in India and further the march of Web 3.0.”

CoinDCX said it aims to triple its talent pool to over 1000 employees by the end of 2022. "CoinDCX aims to nurture local talent through its various outreach programs, research initiatives, and strategic investments."

Education, innovation and compliance remain key cornerstones of CoinDCX’s strategy, and with this round, they said will continue to build on these strengths.

CoinDCX further said it remains committed to spreading awareness and educating Indian investors on crypto and blockchain. The exchange has launched several educational initiatives and campaigns working closely with universities and through their DCXLearn platform, which fosters greater understanding and trust for this emerging asset class.

It also plans to start an innovation center to further Web3 and blockchain adoption in India.

On risk management and compliance frameworks, CoinDCX said it has time and again shown rigorous commitment in this regard. Through its 7M Principal evaluation framework, all projects are vetted and only then allowed post due diligence.

CoinDCX recently partnered wit crypto-native trade surveillance and market integrity leaders such as Solidus Labs and Coinfirm, to strengthen its anti-money laundering protection, and to provide precise and holistic detection and reporting into suspicious activities.

"These partnerships enhance CoinDCX’s compliance with the Financial Action Task Force’s (FATF) recommendations, reinforcing its existing position to counter money laundering and combat the financing of terrorism," the company said.

“We are thrilled to see CoinDCX scale to become one of the leading crypto platforms in the country. They have added new retail and institutional products critical to the crypto infrastructure in India. In the process CoinDCX has become the gateway to the Web3 space for new to crypto users. We are excited to deepen our partnership with Sumit, Neeraj and the exceptional team at CoinDCX on their journey to shape India’s crypto landscape,” said Kabir Narang, Founding General Partner of B Capital Group.

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News in Numbers

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1.4%

₹773 Cr

₹2,705 Cr

₹1 Cr

₹14,370 Cr

₹5.74 T

First Published:19 Apr 2022, 09:36 AM IST
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