Despite growing speculation over the future of crypto in India, the local crypto exchanges are blooming with massive investment inflow. India’s largest crypto exchange CoinDCX has raised $135 million in series D funding. Existing investor Pantera Capital and Steadview capital has led this new funding round. Along with these 2 firms, new investors Kingsway, Republic, DarperDrago, and Kindred have also participated in this funding round.
CoinDCX successfully raised $135 million in this Series D funding round.
CoinDCX’s other existing investors, including B Capital Group, Polychain, Coinbase, and Cadenza, were also part of this funding round.
With the latest funding of $135 million, CoinDCX has become the most valued cryptocurrency exchange in India, with a current valuation (Post-money) of $2.15 billion.
CoinDCX is among the fastest-growing crypto exchanges in India. Founded in 2018 by Sumit Gupta, the crypto firm continued to grow with its innovative, safe, and user-friendly interface. CoinDCX’s commitment to the growth of crypto in India has led it towards success and quickly getting over the significant obstacles such as India’s central bank RBI’s ban on crypto payment through banks in 2018.
With a massive 10 million userbase, CoinDCX is India’s Largest crypto exchange. The company has doubled its users in 2021 despite fierce competition from the rapidly growing Coinswitch Kuber and trusted WazirX.
Along with current funding of $135, this crypto startup has raised $244 million funding so far. As per Sumit Gupta, CEO of CoinDCX, the current round of funding ‘reinforces‘ and restores the beliefs of India’s potential and contribution to the evolution of the crypto ecosystem.
The Indian government has recently tagged crypto trading as ‘Gambling and Betting’ and imposed a massive 30% tax on crypto earnings without offset on losses. Indian crypto leaders have heavily criticized this unfair move by the Indian finance ministry. The new crypto taxation is expected to negatively impact the growth of the crypto ecosystem within the country.