CoinDCX CoinDCX raises $90 million, becomes India's first crypto unicorn
Bengaluru/UNI: CoinDCX has raised $90 million, Rs 670 crores, in its Series C funding at a valuation of $1.1 billion, with this, it officially became the first Indian crypto exchange to reach unicorn status.
The crypto exchange platform will utilise the fund to build an array of next-generation products with an emphasis on innovations and strengthen its product team and improve the user interface along with exploring more certifications and collaborations, the firm said.
"The funds raised will be allocated to expand and strengthen the firm's workforce and focus on new business initiatives. Apart from this, we will be joining hands or entering into partnerships with key fintech players to expand the crypto investor base, set up a Research and & Development facility, among other things," CoinDCX co-founder and CEO Sumit Gupta said in a statement.
The funding company for the Series-C funding is led by B Capital Group, which is founded by former Facebook co-founder Eduardo Saverin and returning investors, Coinbase, Polychain, Block.one, and Jump Capital.
Since its inception in 2018, the firm has onboarded more than 3.5 million users and aims to onboard 50 million Indians.
CoinDCX said it's the first and only Indian cryptocurrency exchange to introduce margin trading with up to 10x leverage across more than 500 markets and Futures with up to 20x leverage trades.
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