Tuesday, February 27, 2024

CoinDCX Exchange Raised $135M Funding To Support Indian Web3

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The CoinDCX exchange raised $135 million in funding whcih doubled its valuation to $2.15 billion and made it the most-valued company in India as w can see more today in our cryptocurrency news.

The CoinDCX exchange became India’s biggest crypto business to complete a Series D funding round and raised $135 million in support of different Web3 and crypto initiatives in the country. The latest funding round resulted in the exchange doubling its valuation to $2.15 billion which was led by Steadview and Pantera but also saw participation from investors like Kingsway and Republic. The existing investors like B Capital Group a venture capitalist company from Facebook co-founder Eduardo Saverin, Polychain, and Coinbase, also joined the funding round and increased their investments in the crypto exchange.

According to the announcement, innovation, education, and compliance are the key areas of focus for the exchange in addition to spreading crypto and blockcahin awareness among the investors in India. Moreover, the exchange invested in risk management and compliance frameworks in the effort to enhance compliance with Financial Task Force Recommendations. Back in 2021, the Mumbai-based exchange became the first crypto unicorn from India when it hit a valuation of $1.1 billion after raising $90 million in C funding.

CoinDCX CEO Sumit Gupta shared plans to repurpose the funds and expand the crypto investor base and set up a new research facility. With more than $2 billion in valuation, CoinDCX became the most-valued crypto company in India and the rival exchange CoinSwitch Kuber became the second crypto unicorn in 2021 which holds a valuation close to half of the forerunner. Running parallel to coinDCX attempt to enhance India’s budding Web3 space, Coinbase Ventures also announced a plan to invest $1 million in the region. Coinbase also partnered with Builders Tribe to host a pitch day with over 100 crypto entrepreneurs attending to get funding for different crypto initiatives.

Binance’s Zhao calls India the natural frontrunner in the Web3 startup’s space and it seems that the metaverse along the Web3 will create even more financial freedom, unique experiences, and transparency according to the founder of the exchange. According to Zhao, the extent of decentralization of web3 will depend on various elements. Dismissing the concerns about binance’s issues with regulators, Zhao said that the crypto exchange license in Dubai and Bahrain only shows that the company is committed to regulatory compliance.

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