CoinDCX, a cryptocurrency trading platform, has secured $135 million (about Rs 1000 crores) in a Series D round of investment headed by Pantera and Steadview. Kingsway, DraperDragon, Republic, and Kindred, as well as the company’s current investors B Capital Group, Coinbase, Polychain, and Cadenza, all participated in the investment round. CoinDCX is now India’s most valuable cryptocurrency, thanks to a recent cash infusion. According to the press release the new money will be used to increase the company’s talent pool, as well as raise awareness and educate Indian investors about cryptocurrency and blockchain. CoinDCX intends to open an innovation centre in the nation to promote Web3 and Blockchain adoption.
“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,” said Sumit Gupta, co-founder and CEO of CoinDCX, in a statement.
He went on to say that CoinDCX was in a unique position to aid in the creation of a greater understanding and trust between regulators, industry, and users, eventually assisting in the acceleration of Crypto acceptance in India and the advancement of Web3.0. Through different outreach programmes, research projects, and strategic investments, CoinDCX hopes to treble its talent pool to over 1,000 people by the end of 2022. Pantera’s Paul Veradittakit commented on the financing, saying that his business was one of India’s early and active investors and that he believes the country would eventually emerge as the worldwide leader in the Web 3 field.
