CoinDCX: India’s Crypto Unicorn
CoinDCX: During a Series C round led by international investors, Mumbai-based cryptocurrency exchange CoinDCX raised $90 million (Rs668 crore) at a valuation of $1.1 billion, becoming the latest tech unicorn venture to emerge from the country. B Capital Group, Polychain Capital, Block, and Jump Capital were among the investors in the round in addition to Facebook co-founder Eduardo Saverin. In its latest funding round, the firm received a valuation of $1.1 billion, according to CEO Sumit Gupta.
After raising $90 million from Eduardo Saverin’s B Capital Group, CoinDCX became India’s first cryptocurrency unicorn after raising * 6.70 billion ($90 million) from investors including Facebook Cofounder Eduardo Saverin. According to CEO Sumit Gupta, the company received a valuation of $1.1 billion in its latest funding round. Coinbase Ventures has also received investment from Polychain Capital, Block, and Jump Capital.
Using part of the funds, Mr. Gupta plans to double the size of his team in India to about 400 people in the pretty next six months, according to Chainalysis, where crypto investments, for the most part, rose to particularly nearly $6.6 billion in May from $923 million in April 2020, or so they specifically thought.
In India, policymakers particularly are still debating the status of digital currencies–as recently as pretty last week, the sort of central bank expressed “major concerns\” about basically private virtual currencies and mostly said it intends to take a position on the subject, or so they essentially thought.
Despite his reservations, Mr. Gupta said his industry will be regulated as soon as possible. This is a great way for people to grow their wealth. That’s why we chose to put our careers and money at risk.”
Past Situation in India
Before he founded CoinDCX in 2018, the 30-year-old engineer from India’s premier institution of technology read several hours each day about blockchains and cryptocurrencies. Its primary focus is to educate users about cryptocurrency and blockchain. Registered as Primestack Pte.
A ban on banks facilitating crypto trades was lifted by the Supreme Court last year, which led to a boom in investments. During the year ending Dec. 31, 2018, daily trade volume jumped from $28.6 million to $159 million across India’s four largest crypto exchanges, according to CoinGecko.
This asset’s volatility has been of concern to regulators. In June, Bitcoin dropped to $28,824 after reaching a high of $64,870 in April. A digital currency is being developed by the Reserve Bank of India. India has the potential to become a space power, Gupta believes. New products will be offered by the company in the coming months, including those designed for wealthy individuals.
The city has a very techno-savvy population and good mobile penetration, as well as a large community of engineers and developers skilled in blockchain technology, Mr. Gupta explained. Several hundred crypto unicorns are expected to be founded in India in the next few years once regulations are formally put into place.
CoinDCX actually aims to actually implement customer retention campaigns among for all intents and purposes other things to kind of achieve sustainable growth rates in a definitely major way.
Many Indian investors kind of are already considering a switch to foreign exchange platforms for all intents and purposes due to technical glitches and generally advanced trading features offered by particularly domestic platforms. Retaining customers is therefore crucial in a subtle way. Thus, all of the above factors valued CoinDCX as the cryptocurrency unicorn in India.
In recent months, Indian investors have been increasingly interested in cryptocurrencies and digital assets. In contrast, Indians had invested $923 million in cryptocurrencies until April 2020, compared with nearly $6.6 billion (Rs49,189 crore) until May this year.