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CoinDCX valued at $2B following a new funding round worth $135M

Updated: Jul 25, 2024
Published: Apr 19, 2022
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CoinDCX, an Indian cryptocurrency exchange, has now achieved a new milestone following fresh funding of over $135 million, as per a report from TechCrunch. The company is now valued at $2 billion and now aims to expand aggressively in the Indian market where nearly 41% of the population has access to the internet. 

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CoinDCX doubles its valuation

CoinDCX has doubled its valuation to $2.15 billion after the new funding round which was co-led by Steadview, a leading investment manager, and Pantera. The Series D financing also included funding from Coinbase Ventures, Kingsway, DraperDragon, Republic, and Kindred and to date, the cryptocurrency has raised more than $235 million via various funding rounds. 

CoinDCX was the first Indian crypto firm to achieve the status of unicorn last year and already has more than over 10 million users. The platform is known for providing access to cryptocurrencies for as low as 100 Indian rupees ($1.3) and also allows margin trading and options trading as well. 

"What is interesting about this round is the quality of investors who’re coming in and the kind of strong confidence they have shown on the market,” said Sumit Gupta, co-founder, and chief executive of CoinDCX, in an interview with TechCrunch. “It gives a good boost to the overall industry.”

The trading volume took a dump

Indian authorities welcomed the crypto tax law from April 1st, 2022, which included 1% TDS and 30% tax on crypto gains As per the authorities, the TDS indicates a policy commitment to trace the monetary trail in a sector that has previously been excluded from regulatory oversight. On the other hand, the onset of the law caused a decline in the trading volume for crypto exchange and even CoinDCX experienced the same. "We continue to see new users come to the platform, but the growth is not as high as it used to be, say, two months ago,” said the CEO of the crypto exchange.

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