Crypto Exchange CoinDCX Hits Unicorn Status in India First: Report

Indian crypto exchange CoinDCX has raised 6.70 billion rupees (US$90 million) from investors in a funding round that values the exchange above $1 billion.

• The unicorn status is a crypto industry first in the country with a population of 1.33 billion, Bloomberg reported Monday.
• Led by Facebook co-founder Eduardo Saverin’s B Capital Group, the funding round came in $10 million to $20 million less than initial targets, as reported by CoinDesk in July.
• Other investors included Coinbase, Polychain Capital, Block.one and Jump Capital.
• Funding will go toward doubling the exchange's staff in the next six months to about 400 employees.
• The move marks a major achievement in the face of regulatory uncertainty relating to Indian officials' stance toward cryptocurrencies.
• CoinDCX said it hopes to bolster its user numbers from 3 million to 50 million over the next few years, according to the report.

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