After raising a whopping $90 million in its Series C funding, with a total valuation of $1.1 billion, CoinDCX has officially become the first Indian crypto-based startup to reach the ‘unicorn’ status.
Co-Founders Planning To Disrupt Indian Fintech Sector
Led by B Capital Group, the Series C funding round saw the return of CoinDCX investors like Coinbase Ventures, Polychain, Block.one, and Jump Capital. In an announcement earlier today, Team CoinDCX claimed that the capital raised would be used to create more advanced crypto-based products, simplify investing in cryptos, globalize their services, and expand their team.
Co-founder and CEO, Sumit Gupta tweeted this momentous news, saying,
“From a simple dream of bringing the future of finance to India and increasing accessibility of digital assets across the world, we are grateful to everyone for their continued support!”
He has also stated that funds will be allocated to strengthen the CoinDCX team by bringing in new talent and focusing on new business initiatives.
CoinDCX’s other co-founder, Neeraj Khandelwal, has said,
“This achievement belongs to each and every DCX team member. I can guarantee this decade is going to be the DCX Decade where we will disrupt the FinTech sector with innovative cutting edge technologies. I wish more strength to the CoinDCX team towards onboarding 50 million Indians on the platform.”
CoinDCX - The Journey Till Now
Established in 2018, CoinDCX started by developing a Liquidity Aggregation Model which simplified crypto asset trading in India. Since then, the company has expanded to a 3.5 million strong user base and is targeting a 50 million user base count. It is still the first and only Indian cryptocurrency exchange to introduce margin trading with up to 10 times leverage across more than 500 markets and Futures with up to 20 times leverage trades. In addition, its learning platform DCX Learn was launched to offer free courses and certifications on blockchain and crypto concepts, like staking, PoW, smart contracts, etc. to the user base.
Then in January 2021, the company launched CoinDCX Go, which is being touted as India’s most straightforward app to invest in Bitcoin, to enable wider adoption of crypto trading among the country’s populace.
Future Projects On The Horizon
The company is planning to continue providing simple trading solutions and investment dedicated products to its user base. Its newer initiatives include CoinDCX Prime, which will be providing legally vetted and safe investment insights, focusing on the HNI and Enterprise space. Additionally, a global trading product is also in the works.
According to Sumit Gupta,
“We will be joining hands or enter into partnerships with key fintech players to expand the crypto investor base, set up a Research & Development (R&D) facility, strengthening the policy conversations through public discourse, working with the government to introduce favorable regulations, education, and amping up the hiring initiatives.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.