CoinDCX in Talks With Facebook Co-Founder to Raise Up to $120M: Report
The funding round would accord the Indian company unicorn status, with a valuation of more than $1 billion.
Jul 29, 2021 at 3:28 p.m. UTCUpdated Sep 14, 2021 at 1:32 p.m. UTC
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Leading Indian cryptocurrency exchange CoinDCX is in talks to raise $100 million to $120 million in a funding round led by Facebook co-founder Eduardo Saverin's B Capital Group, India's Economic Times reported Thursday, citing three people with knowledge of the matter.
- The round would value CoinDCX at more than $1 billion, according it so-called unicorn status.
- Polychain Capital and Coinbase Ventures are also set to participate. Both invested in the firm last year as part of a $2.5 million funding round.
- CoinDCX had 1.5 million users as of last month, up 700% since March 2020. It plans to expand by acquiring smaller exchanges in other markets, a spokesperson told the newspaper.
- As many as 15 million Indians are now trading crypto, according to a report last month by blockchain analytics firm Chainalysis. The report also said that investment in crypto in India has surged over 600% in the past year from $923 million to $6.6 billion.
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