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CoinDCX in Talks With Facebook Co-Founder to Raise Up to $120M: Report
The funding round would accord the Indian company unicorn status, with a valuation of more than $1 billion.
Leading Indian cryptocurrency exchange CoinDCX is in talks to raise $100 million to $120 million in a funding round led by Facebook co-founder Eduardo Saverin's B Capital Group, India's Economic Times reported Thursday, citing three people with knowledge of the matter.
STORY CONTINUES BELOW
- The round would value CoinDCX at more than $1 billion, according it so-called unicorn status.
- Polychain Capital and Coinbase Ventures are also set to participate. Both invested in the firm last year as part of a $2.5 million funding round.
- CoinDCX had 1.5 million users as of last month, up 700% since March 2020. It plans to expand by acquiring smaller exchanges in other markets, a spokesperson told the newspaper.
- As many as 15 million Indians are now trading crypto, according to a report last month by blockchain analytics firm Chainalysis. The report also said that investment in crypto in India has surged over 600% in the past year from $923 million to $6.6 billion.
Read more: India’s Largest Crypto Exchange Launches User-Friendly App, Eyes 50M New Users
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
