Sunday, September 25, 2022
HomeInsightFunding Alert Crypto exchange CoinDCX raises $135 million

[Funding alert] Crypto exchange CoinDCX raises $135 million

Crypto exchange CoinDCX
Crypto exchange CoinDCX

Crypto trading exchange CoinDCX has raised $135.9 million (about Rs 1,000 crore) from investors led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion.

Other investing firms also participated in the funding round including Coinbase Ventures, Kingsway, DraperDragon, Republic and Kindred. To date, CoinDCX has raised more than $245 million.

CoinDCX is India’s safest crypto exchange, with a dedicated focus on making crypto accessible. Established in 2018 by Neeraj Khandelwal and Sumit Gupta, CoinDCX has solved numerous problems faced by the Indian crypto community with investing and trading solutions for crypto-based financial products for retail, HNI, and enterprise customers.

The round also saw existing investors B Capital, Coinbase Ventures, Polychain Capital, and Cadenza Capital Management increase their investments in the crypto exchange, according to The Economic Times.

“These investors have been pretty much deep into the crypto space and they have seen it grow in other geographies, High-quality investors don’t think of volume to judge how fast the business is growing, they take a bet on who is building the industry in the right direction, Even though the volumes are at lower levels than in the past, in the long term, it doesn’t really matter. What matters is how we are making crypto mainstream…” said, Sumit Gupta, according to The Economic Times.

Sumit Gupta said the company will invest in education and build an innovation centre to develop products in the web3 space. The company also has a corporate venture arm, DCX Venture, which has backed multiple startups in the web3 space, including Ethereum Push Notification Service most recently.

“Unified Payments Interface (UPI) is not available… but it is the easiest way for people to deposit money to make crypto transactions… We are trying hard to bring back UPI access,” Gupta said. “ We are engaged in discussions with the NPCI and relevant stakeholders on understanding the challenges and how we can solve them,” Sumit Gupta, co-founder and CEO of CoinDCX said.

About CoinDCX

CoinDCX is India’s largest and safest cryptocurrency exchange. Their exchange is built with user experience and security in mind. The KYC and Bank Account verification are done within a few minutes and give users a smooth onboarding experience. They provide users single-point access to a diverse suite of crypto-based financial products and services that are backed by security processes and insurance.

They have the highest number of cryptos listed in India and give instant fiat to crypto conversions free of charge. They also give instant deposit and withdrawal facilities. They charge the lowest trading and crypto withdrawal fees. The wallet structure is versatile and provides the best fee structure in the industry.

Their proprietary aggregation model provides the highest liquidity from leading global crypto exchanges. They are an ISO certified company backed by reputed investors like Polychain Capital, Coinbase Ventures, Bain Capital Ventures, and HDR Group, operator of BitMEX.



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