Crypto Startup CoinDCX Joins Unicorn Club with $90 Million Series C Round, Valued at $1.1 Billion
Despite a turbulent landscape for cryptocurrencies in India, Mumbai-based CoinDCX has achieved a major milestone by raising $90 million in its Series C funding round. The round, led by Facebook co-founder Eduardo Saverin’s B Capital Group, also saw participation from Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital. This funding elevates CoinDCX to a $1.1 billion valuation, marking it as the first Indian cryptocurrency startup to reach unicorn status.
About CoinDCX
Founded by Sumit Gupta and Neeraj Khandelwal in April 2018, CoinDCX emerged during a time of uncertainty in the Indian crypto market, including the RBI ban and limited awareness of cryptocurrency trading. The startup has introduced several innovative trading models, including the Liquidity Aggregation Model, Insta, and DCX Learn, a platform offering courses and certifications on crypto and blockchain concepts. Notably, CoinDCX is the only Indian crypto exchange to offer margin trading with up to 10x leverage and futures trading with up to 20x leverage. The company’s latest initiative, CoinDCX Go, aims to simplify Bitcoin trading for users.
Future Initiatives
In its short three-year history, CoinDCX has developed multiple products and is now focusing on its newest venture, CoinDCX Prime, which targets high-net-worth individuals and enterprises with legally vetted investment insights. Another global trading product, Cosmex, is also in development.
Sumit Gupta, Co-founder and CEO, stated, “The funds raised will be used to popularize crypto as an investment asset class in India and to strengthen our workforce. We plan to hire talent across various functions, enter strategic partnerships with fintech players, and set up an R&D facility to bolster policy discussions. We also aim to work with the government to promote favorable regulations and expand our user base.”
With over 3.5 million users already onboard, CoinDCX targets reaching 50 million users in India. Co-founder Neeraj Khandelwal expressed his gratitude, saying, “This achievement belongs to every member of the DCX team. I believe this decade will be the ‘DCX Decade,’ where we will revolutionize the fintech sector with cutting-edge technologies and strive towards onboarding 50 million Indians on our platform.”