Homegrown cryptocurrency exchange CoinDCX has now attained the unicorn startup status after raising $90 million (about Rs 670 crore) in a Series C funding round at a valuation of $1.1 billion, making it India’s first crypto startup to achieve unicorn status.
The funding round was led by B Capital Group (founded by former Facebook co-founder Eduardo Saverin) with participation from existing investors, including Coinbase Ventures, Polychain, Block.one, and Jump Capital.
According to Sumit Gupta, co-founder & CEO of CoinDCX, The raised capital will be used in hiring talent, launching new products, strengthening the product team, and expanding the crypto user base across the country.
Apart from this, The startup will also look forward to partnership opportunities with other fintech players to expand the crypto investors base, setting up R&D centres, bolstering the policy conversations through public discourse, working with the government to introduce favorable regulations, education, and amping up the hiring initiatives, he adds.
Since its inception, CoinDCX has onboarded more than 3.5 million users and aiming to reach a 50 million user base, the release said. So far, It has raised around $110 million in its funding rounds.
Launched in 2018 by Sumit Gupta and Neeraj Khandelwal. CoinDCX is an online crypto exchange platform that simplifies buying cryptocurrencies online. The platform competes with other cryptocurrencies platforms such as CoinSwitch Kuber, ZebPay, UnoCoin, and WazirX.
The startup will also be launching the CoinDCX Prime initiative, a new offering in the HNI and enterprise space, providing legally vetted and safe investments, as well as Cosmex, CoinDCX’s global trading product, the executive said in a series of tweets.