Indian Crypto Exchange Raises $135 Million in Series D Funding; Market Sentiment Boost?

Paigambar Mohan Raj
Source: Passionate in Marketing

CoinDCX, India’s largest crypto currency exchange, has received over $135 million in a Series D round headed by Pantera and Steadview. Along with current investors B Capital Group, Coinbase, Polychain, and Cadenza, renowned investors like Kingsway, DraperDragon, Republic, and Kindred participated in the investment round.

CoinDCX now has a market capitalization of $2.15 billion as a result of the round. In just seven months, the value of CoinDCX has doubled. In August, the crypto exchange was valued at $1.1 billion when it raised $90 million in a Series C fundraising round.

CoinDCX claims to be India’s most valuable cryptocurrency startup.

Sumit Gupta, Co-Founder, and CEO, of CoinDCX, said,

“The latest round by some of the largest institutional investors only reinforces the belief in India’s immense potential in the crypto ecosystem. With a shared vision of a digital-first economy, we see this round as a strong endorsement of the amazing work that CoinDCX has done for the ecosystem over the years and our plans for the future,”

By the end of 2022, CoinDCX hopes to have tripled its talent pool to over 1000 people. Its varied outreach programs, research efforts, and strategic investments are all aimed at nurturing local talent.

The exchange will also strive to maintain it investment in investor education programs. It presently hosts the DCXLearn platform, which offers free crypto and blockchain classes and publications. CoinDCX’s strategy continues to emphasize education, innovation, and compliance, and the company says it will continue to build on these strengths with this investment.

It also intends to open an innovation center in India to promote Web3 and blockchain adoption.

CoinDCX stated that the crypto company has demonstrated a strong commitment to risk management and compliance procedures on numerous occasions. All initiatives are vetted using the 7M Principal evaluation process, and only after due diligence are they approved.