Crypto trading platform CoinDCX has raised $135 million in its Series D funding round led by Pantera and Steadview. The funding round saw strong participation from Kingsway, DraperDragon, Republic, and Kindred, in addition to the company’s existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza. The latest capital injection makes CoinDCX the highest valued crypto firm in India.
The company will use the new funds to expand its talent pool as well as raise awareness and educate Indian investors about Crypto and blockchain. CoinDCX plans to start an innovation hub to promote the adoption of Web3 and Blockchain in the country.
“The latest round from some of the biggest institutional investors only reinforces the belief in the immense potential of India in the crypto ecosystem. With a shared vision of a digital economy first, we see this round as a strong endorsement of the incredible work that CoinDCX has done. made by the ecosystem over the years and our plans for the future,” said Sumit Gupta, co-founder and CEO of CoinDCX, in a statement.
He added that CoinDCX was in a unique position to help create better understanding and trust between regulators, industry and users, which ultimately helped accelerate the growth of Crypto adoption in India and further the march of Web3.0. .
CoinDCX aims to triple its talent pool to over 1,000 employees by the end of 2022 through its various outreach programs, research initiatives, and strategic investments.
Speaking about the funding, Pantera’s Paul Veradittakit said his company has been among the early and active backers in India and believes it will eventually emerge as the world leader in the Web 3 space.
In its previous funding round in August last year, CoinDCX had raised $90 million at a $1 billion valuation. The funding round led by B Capital Group, founded by former Facebook co-founder Eduardo Saverin, made CoinDCX the first Indian unicorn startup in the cryptocurrency space.
In February this year, CoinDCX became the first crypto trading platform in India to cross the 1 crore user base mark. Launched in 2018, CoinDCX was one of the first such platforms to enter the Indian market. While the company’s growth remained slow in the first two years of business, it posted stellar growth in 2021 by acquiring over 98 lakh users in the year.