Despite the fall in crypto volume after the introduction of crypto tax and other regulatory challenges, including suspension of UPI for crypto buying, CoinDCX has raised Rs 1,000 from a clutch of existing and new investors.
Crypto exchange platform CoinDCX has recently closed an oversubscribed round of Rs 1,000 crore Series D funding from new and existing investors. This further highlights the fact that investors’ sentiments are bullish on the crypto sector, despite increased government scrutiny and other factors.
“The round was led by Pantera and Steadview with strong participation from prominent investors like Kingsway, DraperDragon, Republic, and Kindred. In addition, the latest funding round also saw existing investors, such as B Capital Group, Coinbase, Polychain, and Cadenza increase their investments in CoinDCX,” CoinDCX announced in a press release.
CoinDCX will use these funds to further its goals in the crypto and web 3.0 arena, and will focus its strategy upon education, innovation and compliance in the sector.
The press release added: “CoinDCX has launched several educational initiatives and campaigns working closely with universities, and through their DCX Learn platform, which fosters greater understanding and trust for this emerging asset class. CoinDCX also plans to start an Innovation Centre to further Web3 and Blockchain adoption in India. Innovation has been the key mainstay of the company.”
Sumit Gupta, co-founder, and CEO, of CoinDCX said that “the latest round by some of the largest institutional investors only reinforced the belief in India’s immense potential in the crypto ecosystem”.
“With a shared vision of a digital-first economy, we see this round as a strong endorsement of the amazing work that CoinDCX has done for the ecosystem over the years and our plans for the future,” he says.
CoinDCX is investing heavily to build a scalable web 3.0 product ecosystem and has also stated its intention to triple its talent pool to over 1,000 employees by the end of 2022. In addition, CoinDCX hopes to double down on local hiring through its various outreach programs, research initiatives, and strategic investments.
“We have long been impressed by CoinDCX’s vision to build a thriving Web3 ecosystem in India, and it has been our pleasure to support the team’s execution in building the most customer-centric and feature-rich crypto exchange in India following our initial investment in 2021. We are excited to now deepen our investment to fuel the growth of one of the most-loved Web3 companies in India,” says Ravi Mehta, managing director, Steadview.