Indian Crypto Unicorn CoinDCX Plans to IPO Once Regulations Permit: Report

The Indian government has reportedly proposed a bill that will ban private crypto tokens.

Nov 29, 2021 at 7:42 a.m. UTC
Updated Nov 29, 2021 at 5:31 p.m. UTC

CoinDCX, India’s first crypto unicorn, plans to go for a public listing, once regulations permit it do so, co-founder Neeraj Khandelwal said in an interview with Bloomberg Television on Monday.

  • India’s crypto industry is facing serious regulatory uncertainty, thanks to a proposed bill that plans to ban most forms of private cryptocurrencies.
  • The proposed bill damped expectations that the government’s legislative proposal would support a more friendly stance towards crypto, in light of growing adoption in the country.
  • However, CoinDCX remains hopeful about its initial public offering (IPO) plans and thinks such a move would grant legitimacy to the industry. “As soon as the government or the situations allow us, we will try for an IPO,” Khandelwal said.
  • The exchange wants to instill confidence in the industry through its IPO, the same way Coinbase did with its listing, Khandelwal added.
  • The timeline of the IPO will be determined based on incoming government regulation, the co-founder said.
  • CoinDCX said in a statement that, like many other growing companies, it has IPO aspirations but has no specific timescale for doing so. “We would like to reiterate that there is no immediate plan in the foreseeable future to announce an IPO,” CoinDCX added in an email to CoinDesk.
  • The crypto exchange became a unicorn , a privately held company with over $1 billion valuation, after a $90 million funding round in August this year. The company received funding from Facebook co-founder Eduardo Saverin’s B Capital Group, Coinbase, Polychain Capital, Block.one and Jump Capital.

UPDATE (Nov. 29, 11:00 UTC): Adds CoinDCX’s statement in seventh paragraph.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.