The latest funding round doubled CoinDCX’s valuation to $2.15 billion, creating it the most-valued crypto company in India.
Crypto exchange CoinDCX became India’s first crypto business to complete a Series D funding round, raising $135 million in support of assorted Web3 and crypto initiatives within the country.
The latest funding spherical resulted in CoinDCX doubling its valuation to $2.15 billion, that was led by Pantera and Steadview and saw participation from outstanding investors including Kingsway, DraperDragon and Republic.
Existing investors like B Capital group — a speculator firm from Facebook co-founder Eduardo Saverin — Coinbase, Polychain and passage conjointly joined in on the sold funding spherical to extend their investments within the crypto exchange.
According to the announcement, “education, innovation and compliance” are the key areas of focus for CoinDCX, in addition to spreading crypto and blockchain awareness among Indian investors.
Moreover, the crypto exchange has endowed in risk management and compliance frameworks in an endeavor to enhance compliance with monetary Action Task Force recommendations.
In August 2021, the Mumbai-based crypto exchange became the primary crypto the first from India once it reached a valuation of $1.1 billion when raising $90 million in a very Series C funding.
At the time, CoinDCX CEO Sumit Gupta had shared plans to repurpose the funds to expand the crypto capitalist base and originated a quest and development facility, among others.
With over $2 billion in valuation, CoinDCX has become the most-valued crypto company in Asian country. Rival crypto exchange CoinSwitch Kuber became India’s second crypto imaginary creature back in Oct 2021, that presently holds a valuation close to half that of its forerunner.
CoinDCX has not undergone Cointelegraph’s request for comment at the time of publication.
( Arijit Sarkar, Cointelegraph, 2022 )