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Crypto Exchange CoinDCX Hits Unicorn Status in India First: Report
Funding will be used to double the exchange's staff to 400 employees.
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.
STORY CONTINUES BELOW
- 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.
Read more: India’s Central Bank Considering Pilot Programs for CBDC: Report
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
