CoinDCX raises $135 million at a valuation of $2.15 billion, doubling its value.
The cryptocurrency trading platform CoinDCX has received $135.9 million (about 1,000 crore rupees) from investors who are led by Pantera Capital and Steadview Capital and Steadview Capital, which has doubled its valuation to $2.15 billion in just an year to become the most valuable trading platform for crypto in India.
The funds are amidst the context of cryptocurrency exchanges being subject to taxation regulations in India. CoinDCX and its counterparts like WazirX along with CoinSwitch Kuber, have seen their numbers plummet to record lows in the last month due to a restriction to deposit methods to users.
As per the firm, Pantera Capital and Steadview Capital comprised about half the capital in the most recent round. The round also saw involvement from Kingsway Capital, DraperDragon, Republic, and Kindred Ventures
In July 2021 CoinDCX had raised money through Coinbase Ventures and B Capital with an $1.1 billion valuation. This led to its entry into the unicorn club of privately-held companies valued at $1 billion or more.
CoinDCX was founded in the year 2018 , by Sumit Gupta as well as Neeraj Khandelwal, assists people buy and sell crypto-based tokens. Additionally, it offers various other financial services based on crypto like lending.