November 26, 2022

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Cyrpto trade CoinDCX clocks in $135 Mn in Sequence D, crosses $2.1 Bn in valuation

Indian Cryptocurrency trade platform CoinDCX is now evaluated at $2.1 Billion, after the Mumbai based mostly startup secured sequence D funding of $135 Million. Together with present backer Pantera Capital, CoinDCX roped in Steadview Capital as a number one new investor.

Whereas Steadview and Pantera accounted for round 50% of the recent capital infused, the spherical additionally noticed participation from different buyers together with B capital, Kingsway Capital, DraperDragon, Republic, and Kindred Ventures. The corporate’s present US-Based mostly investor CoinBase, who lately launched their very own trade platform in India, have been additionally seen rising their stake.

With the freshly acquired funding, the corporate plans to herald one other 600 staff to its present worker base of 400.

Sumit Gupta, Co-founder and CEO, stated “What’s attention-grabbing about this spherical is the standard of buyers who’re coming in and the sort of sturdy confidence they’ve proven in the marketplace.” Based in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX raised its valuation to $1B in July 2021, making it a member of the extremely unique membership of unicorn startups of India.

In the meantime, most cryptocurrency trade apps have been going through a large drop in consumer base, as, what consultants assume, a direct consequence of the brand new Taxation regulation on cryptocurrency transactions in india. The business has frequently been lobbying with the Indian Authorities for discount of the 1% TDS (utilized on transactions exceeding ₹10,000) to 0.01%.

Lack of handy choices to make funds on cryptocurrency trade apps has additionally been a significant hurdle for the business. Whereas CoinBase, the US based mostly crypto big, did make an try to include UPI transactions on their platform, the plans appear to have fallen by way of

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Sumit Gupta, CEO of CoinDCX, stays optimistic relating to crypto’s adoption by each the federal government and the individuals of India. “Excessive-quality buyers don’t consider quantity to guage how briskly the enterprise is rising, they take a guess on who’s constructing the business in the proper path,” he stated. “Although the volumes are at decrease ranges than previously, in the long run, it doesn’t actually matter. What issues is how we’re making crypto mainstream,” he stated in a press release.

Regardless of the drop in consumer quantity, CoinDCX has a powerful consumer base of 12 million.