India’s crypto exchange firm, CoinDCX’s valuation has doubled to over $2.15 billion due to the recent fundraising round, which makes it among the most valuable cryptocurrency companies in the country.
CoinDCX Generates $135 million
CoinDCX, a cryptocurrency exchange, has become India’s largest crypto firm to finish a Series D investment round successfully. The fundraising generated $135 million to fund different Web3 and cryptocurrency activities around the nation.
During the most recent investment round, which was headed by Steadview and Pantera and included participation from renowned investors like Republic, Kingsway, and DraperDragon, CoinDCX’s value doubled to over $2.15 billion, which makes it among the most valuable cryptocurrency company in India.
In addition to the new investors, existing ones like B Capital Group (a private capitalist company founded by the co-founder of Facebook, Eduardo Saverin), Polychain, Coinbase, and Cadenza, participated in the oversubscribed financing round to boost their interests in the cryptocurrency company.
Blockchain And Crypto Awareness
As stated in the release, “innovation, education, and compliance” are the three main areas of concentration for the company and raise awareness of cryptocurrencies and blockchain technology among Indian financial institutions.
Furthermore, the cryptocurrency exchange has made investments in compliance frameworks and risk management to improve compliance with changes proposed by the FATF (Financial Action Task Force). Following a Series C fundraising round of $90 million in August last year, the Mumbai-based cryptocurrency firm emerged as the first cryptocurrency giant from India, with a value of $1.1 billion.
Chief Executive Officer of CoinDCX, Sumit Gupta, announced intentions to use funds to expand and innovate the industry recently, including plans to grow the cryptocurrency user base in the country and establish a research center, among other initiatives.
CoinDCX has surpassed over $2 billion in market capitalization to be India’s most valuable cryptocurrency firm. Last year, in October, the rival cryptocurrency firm CoinSwitch Kuber emerged as India’s second crypto giant, with a value that is around fifty percent of CoinDCX.
A proposal to contribute $1 million to India’s burgeoning Web3 sector was revealed earlier in April by Coinbase Ventures, an investment group of the US cryptocurrency firm, Coinbase, which ran concurrently with CoinDCX’s endeavor to enhance the country’s growing Web3 industry.
Earlier this month, Coinbase teamed up with Builders Tribe to conduct a presentation day, which attracted more than 100 cryptocurrency entrepreneurs looking to raise capital for various crypto and Web3-related projects.
Due to its high security and decentralized network, various companies operating on Web2 are upgrading their structures to transition to the latest web3. The money from the fundraising will go a long way to help position India as one of the leading countries in Web3 adoption and development.