Cryptocurrency Exchange CoinDCX Raises $135 Million In Funding With Valuation Of Over $2 Billion

The funding round was led by Pantera and Steadview, with participation from prominent investors such as Kingsway, DraperDragon, Republic, and Kindred

CoinDCX, which was launched three years ago, is a cryptocurrency exchange and liquidity aggregator having operations across the world. Image: Getty

New Delhi: CoinDCX, Indian cryptocurrency exchange, has raised $135 million in its Series D funding round, with a valuation of over $2 billion, according to news reports.

The funding round was led by Pantera and Steadview, with participation from prominent investors such as Kingsway, DraperDragon, Republic, and Kindred. Existing investors, including B Capital Group, Coinbase, Polychain, and Cadenza have also invested in this round.

To date, CoinDCX, which counts WazirX, ZebPay, and CoinSwitch Kuber as its direct competitors, has raised close to $245 million.

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According to reports, the company in August last year had raised $90 million in Series C funding at a valuation of $1.1 billion and became the first Indian company to become from the crypto space.

CoinDCX said it remains committed to spreading awareness and educating Indian investors on crypto and blockchain. The company has launched several educational initiatives and campaigns working closely with universities and through its DCX Learn platform. It also plans to start an innovation centre to further Web3 and blockchain adoption in the country.

The crypto firm also eyes to triple its talent pool to over 1,000 employees by the end of this year.

CoinDCX, which was launched three years ago, is a cryptocurrency exchange and liquidity aggregator having operations across the world. The firm has instant deposit and withdrawal facilities with a suite of crypto-based financial products and services.

It claims that its user base has grown to 1.2 crore from 35 lakh in August last year.

The fresh round of funding for CoinDCX has come amidst ongoing uncertainty over the regulation of crypto platforms in India. While cryptocurrencies are taxed at 30 per cent in the country, the government is yet to frame a legal framework to regulate digital currencies.

Recently, Finance Minister Nirmala Sitharaman has issued an alert over cryptos saying the biggest risk of digital currencies could be money laundering and its use for financing terror.

In March, the government had penalised 11 cryptocurrency trading exchanges for evading GST dues amounting to a total of over Rs 81 crore.