CoinDCX, an Indian crypto exchange, has announced that it has raised $135.9 million from investors in a new round of funding. The investment was led by Pantera Capital and Steadview Capital, and it doubled the company’s valuation to $2.15 billion. This makes CoinDCX the most valuable crypto startup in India. In addition to the new investment, CoinDCX also saw participation from Kingsway Capital, DraperDragon, Republic, and Kindred Ventures. Existing investors such as B Capital, Coinbase Ventures, Polychain Capital, and Cadenza Capital Management also participated in the round.
CoinDCX plans to use the new funding to expand its team, build out its product offerings, and grow its user base. The company is currently the largest crypto exchange in India by trading volume.
“We are excited to welcome Pantera Capital and Steadview Capital as our newest partners,” said CoinDCX CEO Sumit Gupta. “Their support is a validation of our vision to build the most trusted and user-friendly crypto exchange in India.”
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Gupta added that the new investment will help CoinDCX “accelerate our mission of making crypto accessible to everyone.”
The Indian crypto market has been growing rapidly in recent months, with more than $13 billion worth of crypto traded on exchanges in the country so far this year. CoinDCX is well-positioned to capitalize on this growth, and with its new round of funding, it is poised to become the leading crypto exchange in India.
What do you think about CoinDCX’s new round of funding? Let us know in the comments!