Home Business Cryptocurrency Exchange CoinDCX Raises $135 Mn In Funding With Valuation Of Over $2 Bn

Cryptocurrency Exchange CoinDCX Raises $135 Mn In Funding With Valuation Of Over $2 Bn

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New Delhi: CoinDCX, Indian cryptocurrency alternate, has raised $135 million in its Collection D funding spherical, with a valuation of over $2 billion, in line with information reviews.

The funding spherical was led by Pantera and Steadview, with participation from distinguished traders equivalent to Kingsway, DraperDragon, Republic, and Kindred. Present traders, together with B Capital Group, Coinbase, Polychain, and Cadenza have additionally invested on this spherical.

Up to now, CoinDCX, which counts WazirX, ZebPay, and CoinSwitch Kuber as its direct rivals, has raised near $245 million.

ALSO READ | Money Laundering, Terror Financing Are Major Risks Posed By Cryptocurrency: Nirmala Sitharaman

In accordance with reviews, the corporate in August final 12 months had raised $90 million in Collection C funding at a valuation of $1.1 billion and have become the primary Indian firm to change into from the crypto house.

CoinDCX stated it stays dedicated to spreading consciousness and educating Indian traders on crypto and blockchain. The corporate has launched a number of academic initiatives and campaigns working intently with universities and thru its DCX Study platform. It additionally plans to begin an innovation centre to additional Web3 and blockchain adoption within the nation.

The crypto agency additionally eyes to triple its expertise pool to over 1,000 staff by the tip of this 12 months.

CoinDCX, which was launched three years in the past, is a cryptocurrency alternate and liquidity aggregator having operations internationally. The agency has immediate deposit and withdrawal services with a collection of crypto-based monetary services.

It claims that its person base has grown to 1.2 crore from 35 lakh in August final 12 months.

The contemporary spherical of funding for CoinDCX has come amidst ongoing uncertainty over the regulation of crypto platforms in India. Whereas cryptocurrencies are taxed at 30 per cent within the nation, the federal government is but to border a authorized framework to manage digital currencies.

Just lately, Finance Minister Nirmala Sitharaman has issued an alert over cryptos saying the most important threat of digital currencies could possibly be cash laundering and its use for financing terror.

In March, the federal government had penalised 11 cryptocurrency buying and selling exchanges for evading GST dues amounting to a complete of over Rs 81 crore.

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