CoinDCX is delighted to announce that we have raised $90 million (INR 670 crores) in our Series C funding at a valuation of $1.1 billion. With this, CoinDCX officially becomes the first Indian crypto exchange to reach a ‘Unicorn’ status. As happy and overwhelmed as we are to be the first Indian unicorn startup in the crypto space, we could not have dreamed and achieved so many things without the support of our exceptional community members, supporters, and users! As a fintech startup, this huge milestone is just a vote of confidence for the vision we had when CoinDCX was launched, back in 2018! Being the first crypto unicorn startup in India we cannot wait to share the various projects that we will be bringing to you! They are already in the works! Keep an eye out for our newsletters and blogs to know it first!
The funding company for our Series C funding is led by B Capital Group (founded by former Facebook co-founder Eduardo Saverin) and returning investors; Coinbase Ventures, Polychain, Block.one, and Jump Capital. This is a giant leap forward in our continuous efforts to create more advanced crypto-based products, simplify investing in cryptos, globalize our services, and keep expanding our team with the top talents in the industry.
Double the reason to celebrate – not just a unicorn but India’s FIRST crypto unicorn
— Neeraj, CoinDCX (@nrjkhandelwal) August 10, 2021
Since its inception in 2018, CoinDCX has been committed to making cryptocurrency accessible to the Indian audience with simpler, secure, and compliant solutions. We have onboarded more than 3.5 million users and we are only going to increase our velocity to reach our goal of onboarding 50 million Indians. Throughout our journey, we have witnessed multiple disruptions within the Indian crypto ecosystem and have been quick to imbibe the changes we needed. The Series C funding only solidifies our promise to bring forth the most secure and seamless experiences to our traders and investors.
The Journey so far…
- Due to low liquidity in crypto markets and restricted INR access in 2018, crypto asset trading was difficult. We made it simple by developing a Liquidity Aggregation Model.
- With RBI’s banking ban on cryptocurrency exchanges in India in 2018, peer-to-peer trading was made easy by launching Insta, the fastest way to buy and sell crypto with INR.
- We are still 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.
- Our audience found staking, proof of work, smart contracts, Lending, etc. difficult to decrypt. We launched DCX Learn, the largest platform for easy learning of crypto and blockchain concepts with many free courses and certifications.
- We made your first step into cryptocurrency easy by introducing CoinDCX, India’s Simplest Bitcoin App, since its launch in January 2021.
- We are an ISO Certified cryptocurrency platform in India, meaning all internal processes match the international standards of doing business.
- We are also the first cryptocurrency platform to enable an automated KYC process by partnering with Onfido, which helps us securely verify all applications without compromising on safety, speed, and user experience.
From a simple dream of bringing the future of finance to India and increasing accessibility of digital assets across the world, we are grateful to everyone for their continued support!@EconomicTimes https://t.co/6TEDozLKna
— Sumit Gupta (CoinDCX) (@smtgpt) August 10, 2021
We will continue to accelerate our efforts to bring you simpler trading and investment dedicated products. Along with focuses on newer initiatives; starting with CoinDCX Prime; a product focusing on the HNI & Enterprise space which will be providing legally vetted and safe investment insights. That is not all! We are also working on CoinDCX’s global trading product; Cosmex. Coming to you soon!
A quote from our co-founder and CEO, Sumit Gupta, ‘The funds raised will be allocated to expand (bring more Indians to crypto / make crypto a popular investment asset class in India) and strengthen our workforce that will cater to our growth story. We will hire talent across multiple functions, and focus on new business initiatives.
Apart from this, we will be joining hands or enter into partnerships with key fintech players to expand the crypto investor base, set up a Research & Development (R&D) facility, strengthening the policy conversations through public discourse, working with the government to introduce favorable regulations, education, and amping up the hiring initiatives.’
— Sumit Gupta (CoinDCX) (@smtgpt) August 10, 2021
Neeraj Khandelwal, Co-Founder of CoinDCX said, “This achievement belongs to each and every DCX team member. I can guarantee this decade is going to be the DCX Decade where we will disrupt the FinTech sector with innovative cutting edge technologies. I wish more strength to the CoinDCX team towards onboarding 50 million Indians on the platform.”
What to expect?
As the adage goes “With great power comes great responsibility.” being one of the first Indian unicorn startups in the crypto space, CoinDCX will be utilizing the fund to build an array of next-generation products with cutting-edge innovations. Additionally, CoinDCX will be strengthening its product team and improve the user interface along with exploring more certifications and collaborations to bring its users the safest measures in investment! With investors showcasing positive sentiments about CoinDCX’s growth as a fintech startup, the company will also be working on creating a sustainable growth rate by focusing on customer retention campaigns, among various other projects.
While new investors jumped on the bandwagon for this round of funding, some of the funding companies who have been CoinDCX’s returning investors expressed their trust and confidence in the firms’ sturdy performance over the period of three years since its inception in 2018.
This is only the tip of the iceberg of what we have in the pipeline for you! CoinDCX has always been dedicated to providing the best in the crypto space, be it industry-best safety measures or simple and compliant products! We are dreaming big, we are planning big, all thanks to all our ever-enthusiastic employees, our amazing community members, and our amazing customers. We are building the path for CoinDCX, together! To know more, please visit https://coindcx.com/