Crypto exchange platform CoinDCX has raised $135 million in an oversubscribed Series D funding round from new and existing investors, with valuation crossing $2 billion. The latest round of funding was led by Pantera and Steadview with strong participation from investors like Kingsway, DraperDragon, Republic, and Kindred, the cryptocurrency exchange said in a release on Tuesday.
“The latest funding round also saw existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza increase their investments in CoinDCX, putting it in a strong position to support the growth of the crypto/web3 industry in India,” a company statement said.
CoinDCX claims that with the latest round of funding, it has become the highest valued crypto company in India. “The latest round of funding 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,” it says.
The crypto exchange also plans to start an innovation centre to further Web3 and blockchain adoption in India. Besides, it is also investing heavily to make its platform more robust and safer for the use of its customers.
To support its vision of building India's crypto/web3 ecosystem, CoinDCX aims to triple its talent pool to over 1,000 employees by the end of 2022. It also plans to nurture local talent through its various outreach programmes, research initiatives, and strategic investments.
The company says that education, innovation and compliance remain key cornerstones of CoinDCX’s strategy, and with this round, they will continue to build on these strengths.
CoinDCX says it remains committed to spreading awareness and educating Indian investors on crypto and blockchain. “It has launched several educational initiatives and campaigns working closely with universities and through their DCX Learn platform, which fosters greater understanding and trust for this emerging asset class.”
On risk management and compliance frameworks, CoinDCX said it remains committed. “Through its 7M principal evaluation framework, all projects are vetted and only then allowed post due diligence,” it says.
CoinDCX recently partnered with 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.
“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,” says Sumit Gupta, co-founder and CEO, 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 Web3.0.”
