Indian Crypto Exchange CoinDCX Raises Over $135M in New Funding Round
The raise brings CoinDCX's valuation to more than $2 billion, said co-founder and Chief Executive Sumit Gupta.
Apr 19, 2022 at 8:19 a.m. UTCUpdated May 11, 2023 at 5:33 p.m. UTC
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Indian crypto exchange CoinDCX raised over $135 million in Series D funding, the co-founder and CEO, Sumit Gupta wrote in a Twitter post. The funding increases CoinDCX's valuation to $2.15 billion from $1.1 billion following Series C funding in August 2021, Gupta said.
- "The round was led by Pantera Capital and Steadview Capital Management with strong participation from prominent investors like Kingsway, Draper Dragon, Republic, and Kindred," Gupta said.
- The funding round also saw existing investors such as B Capital Group, Coinbase (COIN), Polychain and Cadenza increasing their investments in CoinDCX. Coinbase also launched trading in India earlier this month.
- CoinDCX did not immediately comment about raising funds at a time when India's trading volumes have plummeted after the one-two punch of a new tax law and Coinbase's launch gone wrong with some payment processors dropping exchanges.
- The exchange also said it has "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."
- CoinDCX intends to nearly triple its talent pool by the end of the year. "Currently, we stand at 400 employees and we will have about 1,000 by the year-end," according to a company statement.
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UPDATE (April 19, 10:02 UTC): Adds quotes from official spokesperson.
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