CRYPTO MAKES NEWS AGAIN- COINDCX TO ENTER THE UNICORN CLUB WITH $90 MILLION IN SERIES C FUNDING.1 week ago Rituka M
Crypto Startup CoinDCX enters Unicorn Club with a $90 Mn Raise at a $1.1 Billion Valuation. It is the first Indian cryptocurrency startup to attain that status!
Although the Indian cryptocurrency environment remains tumultuous, CoinDCX, a Mumbai-based company, raised $90 Million in its Series C funding round. The round was led by Facebook co-founder Eduardo Saverin’s B Capital Group with participation from returning investors Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital. This round valued CoinCDX at $1.1 Billion, elevating the company to the status of a ‘Unicorn’. Becoming the first Indian crypto startup to enter the unicorn club, the company has solid plans to blitz the crypto market in India.
This startup launched on April 8th, 2018, amidst uncertainties like the RBI ban & lack of awareness regarding crypto-trading in India. Founded by Sumit Gupta and Neeraj Khandelwal, the startup introduced trading models such as Liquidity Aggregation Model, Insta, and a learning model DCX Learn. This model allows users to learn crypto & blockchain concepts through various courses & certifications. Distinguishing themselves, CoinDCX is the only Indian crypto exchange to introduce Margin trading. This allows up to 10x leverage across more than 500 markets and Futures with up to 20x leverage trades. Determined to make crypto easy, the company has been relentlessly working towards the launch of its latest offering in January 2021, CoinDCX Go. This intends to be an easy & simple Bitcoin trading app.
Latest Initiatives And The Future
With multiple products in 3 years of the company’s existence, the founders disclosed details about their newest initiative, CoinDCX Prime. This product focuses on the HNI & Enterprise space which provides legally vetted and safe investment insights. Moreover, another global trading product Cosmex is in the pipeline.
Sumit Gupta, co-founder & CEO, CoinDCX, on the funding said, “The funds raised will be allocated to expand (make crypto a popular investment asset class in India) & strengthen our workforce. We will hire talent across multiple functions, and focus on new business initiatives. Apart from this, we will be entering into partnerships with key fintech players to expand the crypto investor base. Strategic Partnerships will work towards setting up an R&D facility, to strengthen the policy conversations through public discourse. The startup also plans to work with the government to introduce favorable regulations, educate, and amp up the hiring initiatives.”
With over 3.5 million users currently onboarded, the fin-tech startup aims to increase its reach to 50 million Indians. Neeraj Khandelwal, Co-Founder of CoinDCX said, “This achievement belongs to each and every DCX team member. I can guarantee this decade is going to be the DCX Decade where we will disrupt the FinTech sector with innovative cutting edge technologies. I wish more strength to the CoinDCX team towards onboarding 50 million Indians on the platform.”