Exchanges

CoinDCX exchange becomes the first crypto unicorn in India

  • Crypto exchange CoinDCX has become the first crypto unicorn in India
  • The exchange raised $90 million recently to reach a $1.1 billion valuation
  • India’s crypto market is growing despite regulatory uncertainty

The cryptocurrency market in India is growing, and it has just produced its first unicorn after crypto exchange CoinDCX raised $90 million in its latest funding round.

CoinDCX is India’s first crypto unicorn

CoinDCX, a leading crypto exchange in India, has become the first cryptocurrency unicorn in the Asian country. The exchange achieved this status after raising 6.70 billion rupees ($90 million) from investors.

According to a Bloomberg report, the company is now valued at $1.1 billion. Bloomberg wrote that “CoinDCX became India’s first cryptocurrency unicorn after the exchange raised 6.70 billion rupees ($90 million) from investors led by Facebook Inc. co-founder Eduardo Saverin’s B Capital Group, even as local authorities push back against crypto assets.”

In addition to Facebook, other leading investors include Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital. CoinDCX will use the funds will be diverted toward hiring efforts, including doubling its business’s team in the next six months to roughly 400 people.

India’s crypto market is growing despite regulatory uncertainty

The growth in the Indian cryptocurrency market has been remarkable despite the regulatory uncertainty. There are no clear laws regarding cryptocurrencies in India. However, the Reserve Bank of India (RBA) has cautioned Indians to desist from cryptocurrency trading and investment.

CoinDCX said it intends to increase its user numbers from 3 million to 50 million in the next few years.

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