In an official statement on Tuesday, cryptocurrency exchange platform CoinDCX announced that it raised $90 million in its Series C funding at a valuation of $1.1 billion, becoming the first Indian crypto exchange platform to reach a ‘Unicorn’ status.
Unicorn status is given to privately owned startups that are valued at more than $1 billion. The Series C funding was led by former co-founder of Facebook, Eduardo Saverin’s B Capital. Other cryptocurrency exchange platforms like Coinbase Ventures, Polychain, Block. one, and Jump Capital also invested in the funding.
“The funds raised will be allocated to expand (bring more Indians to crypto / make crypto a popular investment asset class in India) and strengthen our workforce that will cater to our growth story. We will hire talent across multiple functions, and focus on new business initiatives,” said Sumit Gupta, co-founder, and CEO of CoinDCX.
“Apart from this, 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 favourable regulations, education, and amping up the hiring initiatives,” he further added.
CoinDCX was founded in 2018. In 2021, the company introduced CoinDCX Go, a bitcoin app. Currently, the company has more than 3.5 million users.