The investment which is part of the firm’s series C financial round has also been backed by a clutch of existing investors including Coinbase Ventures, Polychain Capital, Block.one and Jump Capital.
Cryptocurrency exchange CoinDCX has raised a fresh $90 million in funding led by Facebook co-founder Eduardo Saverin’s B Capital Group at a post-money valuation of $1.1 billion, joining the ranks of unicorns. The investment which is part of the firm’s series C financial round has also been backed by a clutch of existing investors including Coinbase Ventures, Polychain Capital, Block.one and Jump Capital.
CoinDCX is the first local cryptocurrency exchange to attain the status of a unicorn.
The fresh capital will be primarily used to step up hiring across multiple functions, support new business initiatives and ink partnerships with fintech players to help expand the crypto investor base, the company said in a statement on Tuesday. Portions of the funds will also be deployed to build next-generation products and back a range of projects including customer retention campaigns. Co-founder & CEO Sumit Gupta said the funds raised will be allocated to “expand (bring more Indians to crypto / make crypto a popular investment asset class in India)….that will cater to our growth story.”
“India is experiencing a dramatic growth in demand for cryptocurrencies and digital assets, yet only a few platforms provide the efficiency, security and compliance that investors have come to expect,” the firm said.
Founded in 2018, CoinDCX claims to have already onboarded more than 3.5 million users and aims to bring 50 million Indians into crypto. The company said that it will continue to scale its products on the investments and trading side.
The firm plans to launch the CoinDCX Prime initiative, its offering in the HNI and enterprise space and global trading product Cosmex in the coming months.