Crypto Exchange CoinDCX Hits Unicorn Status in India First: Report

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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Sebastian Sinclair

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