{"id":7548,"date":"2021-08-10T08:30:44","date_gmt":"2021-08-10T07:30:44","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=7548"},"modified":"2021-08-10T08:30:48","modified_gmt":"2021-08-10T07:30:48","slug":"coindcx-becomes-indias-first-crypto-unicorn-after-the-latest-funding-round","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/coindcx-becomes-indias-first-crypto-unicorn-after-the-latest-funding-round\/","title":{"rendered":"CoinDCX becomes India’s first crypto unicorn after the latest funding round"},"content":{"rendered":"\n
The latest funding round of CoinDCX<\/a> at an amount of $90 million has made the firm valued at over $1.1 billion, now the firm stands as India's first crypto unicorn.<\/h5>\n\n\n\n
\"CoinDCX<\/figure>\n\n\n\n

CoinDCX, a private cryptocurrency exchange platform, announced a $90 million funding round on Tuesday, valuing the company at over $1.1 billion, despite the RBI's continued worries\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> about private cryptocurrencies.<\/p>\n\n\n\n

The company's Series C fundraising was led by B Capital Group, which was founded by Eduardo Saverin, a former co-founder of Facebook. Existing investors included Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital, according to an official release.<\/p>\n\n\n\n

It stated that the investment increased CoinDCX's valuation to $1.1 billion (about Rs 8,150 crore), making it the first Indian cryptocurrency exchange to achieve unicorn status (businesses valued at more than $1 billion).<\/p>\n\n\n\n

Even if a Supreme Court judgement in 2020 found in favour of such virtual currencies, the RBI has expressed worries about cryptos like Bitcoins due to their unregulated nature.<\/p>\n\n\n\n

The newly invested cash,<\/a> according to the corporate statement, will be used primarily to promote “crypto awareness” across India.<\/p>\n\n\n\n

“The funds raised will be used to expand (bring more Indians to cryptocurrency\/make cryptocurrency a popular investment asset class in India) and strengthen our workforce to support our growth story; we will hire talent across multiple functions and focus on new business initiatives,” said Sumit Gupta, the company's co-founder and CEO.<\/p><\/blockquote>\n\n\n\n

He also stated that the company plans to cooperate with key fintech companies to develop the crypto investor base, establish an R&D facility, improve “policy dialogues through public discourse,” and work with the “government to implement favourable rules.”<\/p>\n\n\n\n

He claims that demand for cryptocurrencies and digital assets in India is growing<\/a> “dramatically,” but that only a few platforms deliver the efficiency, security, and compliance that investors have grown to expect.<\/p>\n\n\n\n

As it doubles down on product development, it will seek funding from the largest institutional backers in both the traditional and digital asset areas, he noted.<\/p>\n\n\n\n

It also intends to enhance its product team in order to develop next-generation goods and launch client retention campaigns as it strives for a long-term growth rate, according to the statement.<\/p>\n\n\n\n

The startup, which was formed in 2018, currently has 35 lakh customers and hopes to convert 5 crore Indians into cryptocurrency investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

The latest funding round of CoinDCX at an amount of $90 million has made the firm valued at over $1.1 billion, now the firm stands as India’s first crypto unicorn. CoinDCX, a private cryptocurrency exchange platform, announced a $90 million funding round on Tuesday, valuing the company at over $1.1 billion, despite the RBI’s continued […]<\/p>\n","protected":false},"author":12,"featured_media":7553,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[2082,1975,320,1675],"class_list":["post-7548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-coindcx","tag-funding-round","tag-india","tag-unicorn"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/CoinDCX-becomes-Indias-first-crypto-unicorn-after-the-latest-funding-round-scaled.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/7548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=7548"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/7548\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/7553"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=7548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=7548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=7548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}