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.

By Eliza Gkritsi

Nov 29, 2021 at 7:42 a.m. UTC

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

The Taj Mahal in Agra, India. (Sylwia Bartyzel/Unsplash)

Eliza Gkritsi

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

Follow @egreechee on Twitter

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.

Read more about

India CoinDCX Regulation

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.