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CoinDCX Achieves Unicorn Status For The First Time In India: Report

CoinDCX, an Indian cryptocurrency exchange, raises 100 million Rupees (about $13.9 million) in just seven months. Expectations are now to raise another $100 million to $120 million in a fresh investment round. 

The Unicorn Status

CoinDCX will now have a $1 billion value, according to the Economic Times, making it the newest crypto exchange to enter the unicorn club. According to Bloomberg, this India’s first achieved unicorn status in the crypto sector.

More significantly, this will give enough funding for the business to meet its objective of adding 50 million new members to its platform. According to ET sources, they will utilize the extra funds to increase client acquisition.

The Round of Investment

Eduardo Saverin’s B Capital Group will lead the round. Polychain Capital and Coinbase Ventures, both headquartered in the United States, would also participate. While crypto companies are an essential element of India’s developing startup ecosystem, they are an anomaly due to governmental approvals. Over the last two years, the country has generated over 50 billion-dollar firms, but crypto startups haven’t received much attention.

To Hire More Workers

CoinDCX will use the money to hire more workers to expand the exchange business’s staff to about 400 people in the next six months. This is a significant achievement amid regulatory ambiguity over Indian officials’ attitudes on cryptocurrencies.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.