Crypto Exchange CoinDCX Hits Unicorn Status in India First: Report

Funding will be used to double the exchange's staff to 400 employees.

Aug 10, 2021 at 1:47 a.m. UTC
Updated Sep 14, 2021 at 1:37 p.m. UTC

Indian crypto exchange CoinDCX has raised 6.70 billion rupees (US$90 million) from investors in a funding round that values the exchange above $1 billion.

  • The unicorn status is a crypto industry first in the country with a population of 1.33 billion, Bloomberg reported Monday.
  • Led by Facebook co-founder Eduardo Saverin’s B Capital Group, the funding round came in $10 million to $20 million less than initial targets, as reported by CoinDesk in July.
  • Other investors included Coinbase, Polychain Capital, Block.one and Jump Capital.
  • Funding will go toward doubling the exchange's staff in the next six months to about 400 employees.
  • The move marks a major achievement in the face of regulatory uncertainty relating to Indian officials' stance toward cryptocurrencies.
  • CoinDCX said it hopes to bolster its user numbers from 3 million to 50 million over the next few years, according to the report.
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