CoinDCX, India’s leading player in the crypto space, has closed an oversubscribed round, over Rs 1,000 crore, in their Series D funding, becoming the highest valued cryptocurrency company in India, CoinDCX also cemented bullish sentiments in India's crypto space.
The funding round witnessed strong participation from Kingsway, DraperDragon, Republic, and Kindred along with existing investors B Capital Group, Coinbase, Polychain, and Cadenza putting it in a strong position to support the growth of the crypto/web3 industry in India.
"The fresh funds will be utilized by the company to expand its talent pool apart from creating awareness and educating Indian investors on Crypto and blockchain. CoinDCX plans to start an innovation center to further Web3 and Blockchain adoption in the country. the company is investing heavily to make its platform more robust and safer to use for its customers", said Sumit Gupta, co-founder, and CEO, of CoinDCX.
CoinDCX further said it remains committed to spreading awareness and educating Indian investors on crypto and blockchain. The exchange has launched several educational initiatives and campaigns working closely with universities and through their DCXLearn platform, which fosters greater understanding and trust for this emerging asset class.
It also plans to start an innovation center to further Web3 and blockchain adoption in India.
CoinDCX recently partnered with crypto-native trade surveillance and market integrity leaders such as Solidus Labs and Coinfirm, to strengthen its anti-money laundering protection, and to provide precise and holistic detection and reporting of suspicious activities. A statement from CoinDCX reads, "These partnerships enhance CoinDCX’s compliance with the Financial Action Task Force’s (FATF) recommendations, reinforcing its existing position to counter money laundering and combat the financing of terrorism.
Speaking on the occasion, Paul Veradittakit of Pantera said, "Pantera has been an early and active backer in India and believes that we are in the early innings of Web3 use cases exploding in the country to potentially making India one of the global leaders in the Web 3 space."
In February this year, CoinDCX became the first crypto trading platform in India to cross the mark of a 1-crore user base. Launched in 2018, CoinDCX was among the first such platform to enter the Indian market. While the company’s growth remained slow in the first two years of business, it recorded a stellar growth in 2021 acquiring more than 98 lakh users in the year.
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