India’s First Crypto Unicorn CoinDCX reveals its intention to launch an IPO after regulatory issues by the government gets resolved. The exchanges’ co-founder stated that the move will create legitimacy and confidence in CoinDCX.
Despite regulatory uncertainty, the Indian crypto ecosystem has prospered, as evidenced by the number of crypto companies that have achieved unicorn status in the last year.
CoinDCX, one of India’s most popular crypto exchanges and the country’s first unicorn, has announced plans to go public through an initial public offering (IPO).
The crypto exchange’s co-founder, Neeraj Khandelwal, claimed that the company is eagerly awaiting government laws that would allow crypto platforms to go public.
“As soon as the government or the situations allow us, we will try for an IPO,” he said. “An IPO gives a legitimacy to the industry, just like the Coinbase IPO gave a lot of confidence in the crypto markets. Similarly we want to instill a similar level of confidence with an IPO of CoinDCX.
After a $90 million Series C investment in August, CoinDCX became Unicron, India’s first crypto exchange, with a $1.1 billion valuation.
Major venture capital firms have made significant investments in the Indian crypto ecosystem, with plans to continue doing so in light of the market’s enormous potential.
India and the crypto-web 3.0 race
Despite regulatory uncertainties, India’s crypto ecosystem has grown into a multibillion-dollar sector. CoinDCX, CoinSwitch Kuber, and Polygon (MATIC) are just a few examples of India’s crypto potential.
Positive legislation would pave the way for India to become a global force to be reckoned with in a decentralized environment, and it may be a significant player in the Web 3.0 race.
“The bill coming up at this juncture signals progress and really acknowledgment from the government side of the growing investor base for crypto,” Khandelwal said.