Indian cryptocurrency exchange CoinDCX raised $135 million in a Series D financing round, valuing the company at $2.15 billion.
Indian crypto exchange CoinDCX has doubled its valuation to $2.15 billion in eight months following a fresh $135 million funding. CoinDCX said it has amassed over 10 million users. https://t.co/xx2L6d4xne
— Wu Blockchain (@WuBlockchain) April 19, 2022
The round was led by Steadview and Pantera Capital.
The funding also came from Coinbase Ventures, Kingsway, DraperDragon, Republic, Kindred, B Capital Group, Polychain and Cadenza.
Investors’ appetite was not affected by the introduction of a 30% tax on profits from cryptocurrency transactions and the controversial 1% levy under TDS. The changes dampened activity among local traders.
The funds will be used to expand the product suite and hire staff, with a focus on compliance professionals.
Earlier the company formed partnerships with Solidus Labs and Coinfirm to enhance compliance with FATF recommendations.
CoinDCX plans to expand educational content in the app and create a venture arm. Previously the company introduced the option of periodic investments in digital assets.
According to the platform, more than 10 million users rely on its services.
In August 2021 CoinDCX became India’s first crypto unicorn with a valuation of $1.1 billion.
In November, its co-founders signaled a potential IPO after regulatory clarity emerged.
In April 2022, Coinbase opened access to its services for users in India.
Earlier, exchanges Kraken, Bitfinex and KuCoin began exploring operations in the country.
Binance has been present in this market since 2019 after acquiring the local exchange WazirX.
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