Cryptocurrency Exchange CoinDCX Raises $135 Million In Fresh Funding
CoinDCX, a crypto trading exchange, has raised $135.9 million (about Rs 1,000 crore) in a fresh funding round led by Pantera Capital and Steadview Capital.
Pantera Capital and Steadview Capital invested about half of the funds in the latest round. The funding round also saw participation from Kingsway Capital, DraperDragon, Republic, Kindred Ventures and existing investors Coinbase Ventures, Polychain Capital, B Capital, and Cadenza Capital Management.
CoinDCX will use the funds to increase its headcount to over 1,000 by the end of next year from 400 now. The startup plans to hire across functions, including engineering, product and compliance.
CoinDCX | Cryptocurrency Exchange
Founded by Sumit Gupta and Neeraj Khandelwal in 2018, CoinDCX is an Indian cryptocurrency exchange that offers a diverse suite of crypto-based financial products and services. The crypto trading exchange also has a corporate venture arm, DCX Venture, which has backed multiple startups in the web3 space, including EPNS most recently.
According to Sumit Gupta, CoinDCX will also invest in education and build an innovation centre to develop products in the web3 space. It includes investment in education initiatives, including building more vernacular content and scaling the DCXLearn platform.
In July last year, CoinDCX had raised funds from Coinbase Ventures and B Capital at a $1.1 billion valuation, making its entry into the unicorn club. Now, with this fresh round, the crypto trading exchange has doubled its valuation to $2.15 billion in less than a year, becoming the most valued crypto trading platform in India.
Recently, CoinDCX has partnered with crypto-native trade surveillance and market integrity companies such as Solidus Labs and Coinfirm to strengthen its anti-money laundering protection. Additionally, the partnership aims to provide precise and holistic detection and reporting of suspicious activities.
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