CoinDCX is now India’s most valuable crypto company after a $135m Series D funding
By Joy Dumasia
CoinDCX, India’s leading player in the crypto space, has closed an oversubscribed round, over USD 135 million, in their Series D funding. Pantera and Steadview led the round with strong participation from prominent investors like Kingsway, DraperDragon, Republic, and Kindred. The latest funding round also saw existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza increase their investments in CoinDCX, putting it in a strong position to support the growth of the crypto/web3 industry in India.
With the latest round, CoinDCX has reaffirmed the global investor sentiment on the potential for India in the industry. The size of the round and varied investors is a testament to the continuous support that CoinDCX has earned over the years. With this round, CoinDCX becomes the highest valued crypto company in India. Education, Innovation and Compliance remain key cornerstones of CoinDCX’s strategy, and with this round, they will continue to build on these strengths.
CoinDCX remains committed to spreading awareness and educating Indian investors on Crypto and blockchain. CoinDCX has launched several educational initiatives and campaigns working closely with universities through their DCXLearn platform, which fosters greater understanding and trust for this emerging asset class. CoinDCX also plans to start an Innovation Center to further Web3 and Blockchain adoption in India.
CoinDCX continues to launch several first-of-its-kind products and features for the Indian Investors that encourage informed and responsible investing. Also, the company is investing heavily to make its platform more robust and safer to use for its customers. To support its vision of building India’s crypto/web3 ecosystem, CoinDCX aims to triple its talent pool to over 1000 employees by the end of 2022. CoinDCX aims to nurture local talent through its various outreach programs, research initiatives, and strategic investments.
On risk management and compliance frameworks, CoinDCX has time and again shown rigorous commitment in this regard. Through its 7M Principal evaluation framework, all projects are vetted and only allowed post due diligence. CoinDCX recently partnered with crypto-native trade surveillance and market integrity leaders such as Solidus Labs and Coinfirm to strengthen its anti-money laundering protection and provide precise and holistic detection and reporting of suspicious activities. These partnerships enhance CoinDCX’s compliance with the Financial Action Task Force’s (FATF) recommendations, reinforcing its existing position to counter money laundering and combat the financing of terrorism.
Sumit Gupta, Co-Founder, and CEO, of CoinDCX, said: “The latest round by some of the largest institutional investors only reinforces 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. With a wide array of products built for India, and the commitment to building compliant, simple, and safe solutions, we are uniquely positioned to help forge greater understanding and trust between regulators, industry, and our users, ultimately helping accelerate the growth of Crypto adoption in India and further the march of Web3.0.”
Kabir Narang, Founding General Partner of B Capital Group, said: “We are thrilled to see CoinDCX scale to become one of the leading crypto platforms in the country. They have added new retail and institutional products critical to the crypto infrastructure in India. In the process, CoinDCX has become the gateway to the Web3 space for new to crypto users. We are excited to deepen our partnership with Sumit, Neeraj and the exceptional team at CoinDCX on their journey to shape India’s crypto landscape.”
Paul Veradittakit of Pantera said: “Pantera has been an early and active backer in India and believes that we are in the early innings of Web3 use cases exploding in the country to potentially making India one of the global leaders in the Web 3 space. We are immensely excited about investing in CoinDCX and have been impressed with their clear strategy, persistence, and execution capabilities. We are confident that CoinDCX’s innovative and compliant suite of products will lead both consumers and institutions into digital assets and web3.”
Ravi Mehta, Managing Director, Steadview, said: “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.”
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