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The company intends to double down on its crypto investment to ensure future growth prospects.
One of the leading crypto exchanges in India, CoinDCX has announced the completion of an oversubscribed Series D funding round with over $135 million. The key crypto player is now valued at over $2 billion.
CoinDCX Series D Funding Round
According to the report, CoinDCX intends to triple its talent pool to over 1000 employees by the end of 2022.
Notably, the Funding Round was led by Pantera and in close partnership with Steadview. Other notable investors include Kingsway, DraperDragon, Republic, and Kindred. Existing investors who took part in the just-concluded funding round include B Capital Group, Coinbase, Polychain, and Cadenza.
“The latest round by some of the largest institutional investors only reinforces the belief in India’s immense potential in the crypto ecosystem. With a shared vision of a digital-first economy, we see this round as a strong endorsement of the amazing work that CoinDCX has done for the ecosystem over the years and our plans for the future,” said Sumit Gupta, co-founder, and CEO, of CoinDCX.
“With a wide array of products built for India, and the commitment to building compliant, simple, and safe solutions, we are uniquely positioned to help forge greater understanding and trust between regulators, industry, and our users, ultimately helping accelerate the growth of Crypto adoption in India and further the march of Web3.0.”
The company intends to double down on its crypto investment to ensure future growth prospects. Furthermore, remember India is eyed by leading crypto investors due to its ready market.
CoinDCX and the Crypto Market
The crypto market is a fast-evolving industry that requires companies to have ready liquidity. This would help companies keep up with emerging crypto opportunities. For instance, the play-to-earn industry has risen after the DeFi boom. Companies that were able to tap early enough, including the Ronin blockchain, have attracted notable customer support.
Now companies are looking into the Metaverse market and investing in such startups.
The cryptocurrency exchange platform takes pride in over 10 million Indian customers. Additionally, the platform has enabled a total crypto purchase of over 75 billion in Indian currency.
Nevertheless, competition in the Indian market is high, especially in the crypto and blockchain industry. Binance, the leading crypto exchange in the world by daily traded volume, has directly invested in the Indian market via WazirX. At the height of the Covid crisis, Binance donated to the Indian government and so did the Ethereum ecosystem.
A clear indication the Indian population has adopted the crypto market in a significant way. Nonetheless, the country’s crypto policies are still taking shape as the entire market evolves.