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Crypto trading platform CoinDCX has raised $135.9 million from investors, catapulting its valuation to $2.15 billion, doubling in less than a year after becoming India's most valuable crypto exchange, leaving competitors like WazirX, Coinbase, and Sun Crypto behind.
CoinDCX is heralded as one of the safest, if not the safest, crypto exchanges in India. It was established in 2018 by Sumit Gupta and Neeraj Khandelwal to bring crypto trading to India. CoinDCX is the first Indian crypto exchange to become a unicorn (a startup whose valuation has reached $1 billion).
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They have more than 1 crore users and trade in over 80 different cryptocurrencies. It offers several types of crypto trading services, catering to different types of individuals: normal everyday people, HNIs, and traders. It also runs DCX Learn which gives its users free & credible information about the crypto market.
Existing investors Pantera Capital & Steadview Capital co-led CoinDCX's Series D financing, investing around half the funds, alongside Coinbase Ventures, Kingsway, DraperDragon, Republic, and Kindred.
To date, CoinDCX has raised more than $245 million.
The company plans to use the funds to increase its manpower to 1000 from the existing 400, invest in education initiatives, build more vernacular content, add more products, and scale up the DCX platform.
Furthermore, It recently partnered with Solidus Labs, a crypto native trade surveillance firm, and Coinfirm, a market integrity company, to prevent money laundering and provide better detection and reporting of suspicious activities.
Article by Aman Agarwal.
This news piece is brought to in association with jobaaj.com
