Cryptocurrency exchange CoinDCX said it has raised $90 million in Series C funding at a valuation of $1.1 billion, making it the 22nd unicorn of 2021 in India in a year.
This also makes CoinDCX the first crypto company in India to attain unicorn status.
The round also saw participation from existing investors such as Coinbase Ventures, Polychain Capital, Block.one, Jump Capital, among others, alongside other veteran investors.
Proceeds
In a statement on Tuesday, the company said it will use the fresh funds to spread awareness about cryptocurrencies in the country, improve its existing product array and strengthen its product team.
The company will also focus on customer retention campaigns.
Similar events in past
Last December, CoinDCX had raised $13.9 million in Series B funding. In March 2020, the company had raised $3 million in its Series A round.
Two months later, it raised $2.5 million in a strategic round. So far, the company has raised close to $100 million.
Comment from CEO
Sumit Gupta, “We will be joining hands or enter into partnerships with key fintech players to expand crypto investor base, set up a Research & Development (R&D) facility, strengthen policy conversations through public discourse, work with the government to introduce favourable regulations, education, and amp up hiring initiatives.
India is experiencing a dramatic growth in demand for cryptocurrencies and digital assets, yet only few platforms provide the efficiency, security and compliance that investors have come to expect.”
About Company
Founded in 2018 by Gupta and Neeraj Khandelwal, CoinDCX helps people buy and sell crypto tokens. It also offers other crypto-based financial products such as lending.
The exchange has 3.5 million users and has more than doubled its user base in the last two months.
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