The cryptocurrency exchange, which is currently valued at $2.15 billion, plans to use the new capital to expand its workforce and launch Web3 innovation centres.
CoinDCX, a cryptocurrency exchange, has raised over $135 million in an oversubscribed Series D financing round, giving it India's leading crypto startup at a worth of $2.15 billion. Pantera and Steadview dominated the Series D round. In addition, notable investors including as Kingsway, DraperDragon, Republic, and Kindred took part in the round. Existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza increased their investments in CoinDCX as part of the new funding round.
Learning, innovation, and compliance remain major aspects of the crypto company's strategy, according to a statement, and they will continue to build on these capabilities with this round.
CoinDCX has been determined to make cryptocurrencies accessible to the Indian audience with simplified, reliable, and compliant solutions since its beginning in 2018. They have onboarded over 3.5 million members and will continue to do so at a rapid pace in order to meet their objective of enrolling 50 million Indians. They've seen many changes in the Indian crypto environment along this road and have been fast to adopt the necessary modifications. The Series C funding only strengthens their commitment to providing traders and investors with the safest and most seamless experiences possible.
CoinDCX intends to open an Innovation Center after this round to promote Web3 and Blockchain adoption in India. It's worth noting that CoinDCX's DCXLearn platform has so far launched various educational initiatives and campaigns in collaboration with universities.
CoinDCX also plans to expand its workforce to over 1,000 employees by the end of 2022. "The latest financing by some of the largest investment firms just strengthens the trust in India's great potential in the crypto industry," said Sumit Gupta, co-founder and CEO of CoinDCX. We regard this round as a significant validation of the outstanding work that CoinDCX has done for the industry over the years and our ambitions for the future, since we share a vision of a digital-first economy."
On the other hand, CoinDCX raises Rs 1000 Cr, cementing bullish sentiment for India's crypto industry.
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