[Funding alert] CoinDCX is first crypto startup to enter unicorn club after $90M fundraise led by B Capital
, the crypto exchange, has closed a $90 million Series C funding round, led by Facebook Co-founder Eduardo Saverin’s B Capital Group.
The Series C funding round raises CoinDCX’s valuation to $1.1 billion, making it the first Indian cryptocurrency exchange to reach 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.
The newly injected funds will be used predominantly to further the crypto startup's ambition of ensuring that "crypto awareness is spread to the length and breadth of India".
Sumit Gupta, Co-founder and CEO, CoinDCX, stated, ‘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. We will hire talent across multiple functions, and focus on new business initiatives.’
Focusing on growth
CoinDCX will also use the fund to build next-generation products, by improving its existing product array while strengthening its product team.
Apart from this, we will be joining hands with key fintech players to expand the crypto investor base, set up a R&D facility, strengthen policy conversations through public discourse, work with the government to introduce favourable regulations, and amp up hiring initiatives, Sumit said.
Founded in 2018, CoinDCX claims to have onboarded more than 3.5 million users. It will now carry forward the vision of making crypto accessible in India and accelerating its efforts towards bringing 50 million Indians into crypto.
In the coming months, CoinDCX will also launch the CoinDCX Prime initiative, its latest offering in the HNI and enterprise space, providing legally vetted and safe investments, as well as Cosmex, CoinDCX's global trading product.
The company said it will also be working on creating a sustainable growth rate by focussing on customer retention campaigns, among other projects.